SAN CLEMENTE, Calif., March 31, 2006 (PRIMEZONE) -- Advanced Refractive Technologies, Inc. (ART) (OTCBB:ARFR) is pleased to announce that Phase 1 Holdings LLC (PH1), a New York Based Holding Company, has acquired approximately 70% ($4,513,600) of the outstanding convertible debentures issued by ART and currently outstanding. PH1 has agreed to waive all delinquent interest and penalties that ART has incurred to date on the acquired debentures. In addition, all warrants associated with the acquired debentures have been cancelled. PHI has advised ART that it plans to continue to negotiate to purchase the balance of the outstanding debentures.
George Haralampoudis, the managing partner of PH1, said, "Phase 1 Holdings stands prepared to assist ART in its future fund raising efforts in order to raise the necessary capital to retire the acquired debentures, as well as to fund future acquisitions of new technology in the ophthalmic field, and raise all necessary working capital."
Mr. Haralampoudis continued, "Phase 1 Holdings is confident in the potential future success of ART in obtaining and developing new cutting edge technology in the growing ophthalmic medical device and medicinal markets."
Randal Bailey, the CEO of ART, stated, "We at Advanced Refractive Technologies, Inc. are pleased that PH1 has agreed to assist the Company and we look forward to working with them in the future." He emphasized that this represented a significant advance in ART reducing and restructuring its debt and assisting in implementing its business plan.
About Advanced Refractive Technologies, Inc.
Advanced Refractive Technologies, Inc. is a medical device company focused on the development and marketing of innovative ophthalmic applications that will result in faster, safer and more effective procedures in two of the largest surgical markets in the world: corrective refractive surgery and cataract surgery. The Company is also entering the area of drug discovery through strategic licensing opportunities. Advanced Refractive Technologies is also in the process of developing their Accupulse, a next generation cataract emulsifier, which utilizes the company's proprietary waterjet technology. The Accupulse cataract emulsifier, currently under development, is a device that uses pulsed waterjet technology to remove cataracts -- the most frequently performed surgical procedure in the world. For more information on Advanced Refractive Technologies, please visit its website at www.advancedrefractive.com
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