Discus Dental, Inc., a leading direct manufacturer and marketer of professional and consumer dental products, has announced it has signed a definitive agreement to purchase the assets of BriteSmile, Inc.'s "Associated Center" business and substantially all of BriteSmile's intellectual property in exchange for $35,000,000 in cash and the assumption of certain liabilities of the Associated Center business.
In connection with the purchase of these assets, Discus Dental and BriteSmile have also agreed to settle all outstanding litigation between the two companies. The closing of the transaction, targeted for February 2006, is subject to various conditions, including the approval of BriteSmile's shareholders and a customary financing contingency.
BriteSmile's Associated Center business consists of approximately 5,000 independent dental offices in more than 75 countries globally. Each Associated Center utilizes the BriteSmile light-activated teeth whitening system consisting of the whitening light and the procedure kit.
"The acquisition of the 5,000 plus BriteSmile Associated Centers further consolidates our lead as the premier worldwide solution within the one-hour, light-activated whitening category -- the fastest-growing category of the professional global whitening business," stated Robert Hayman, CEO of Discus Dental, Inc.
Following the close of the sale, Discus Dental will manufacture, market and distribute BriteSmile whitening products and accessories to BriteSmile Associated Centers and provide ongoing support for all the BriteSmile Associated Centers.