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BriteSmile Announces $28.2 Million in Financing

WALNUT CREEK, California – BriteSmile, Inc. (Nasdaq: BSML), the leading provider of advanced teeth whitening solutions, announced today that it has completed a private placement of its common stock in the aggregate principal amount of $28.2 million to 17 investors and their affiliated funds. Principal investors include such prestigious names as: Capital Research and Management Company, Federal Partners, RS Investment Management, Putnam Investments and Piper Jaffray Ventures. "This substantial capital investment by such a broad and respected group of investors further illustrates the tremendous confidence the financial community has in BriteSmile's strategic business plan," said John Reed, Chief Executive Officer of BriteSmile. "The additional capital enables BriteSmile to even further accelerate the momentum we're experiencing in both dental office partners and consumer demand. We anticipate that this financing will carry the company to positive operating cash flow and net earnings."

Stonegate Securities Inc. acted as the placement agent for BriteSmile's offering. "The company's story was very well received by the institutional investment community, and we are extremely pleased with the participants in the transaction," said Scott Griffith, managing partner at Stonegate Securities. "Investors are impressed with the company's proven management team and the accelerating business model. This offering should satisfy the company's capital needs in order to complete its exciting business plan."

"With over 100,000 satisfied patients, over 2,000 dentists who have partnered with the company, and the talent of these new investment partners, we're more excited than ever about the months and years to come," said Reed.

The offering consisted of the sale of 5,371,428 shares of the company's restricted common stock at an offering price of $5.25 per share, resulting in gross proceeds to the company of $28,199,997. The investors also received registration rights, which require the company to file and have declared effective in 120 days a registration statement covering the resale of the shares purchased by the investors.

BriteSmile has developed and manufactures the most advanced teeth- whitening technology available, as well as manages state-of-the-art BriteSmile Professional Teeth Whitening Centers. BriteSmile Centers are currently operating in Beverly Hills, Irvine, Palo Alto, Walnut Creek and La Jolla, CA; Honolulu, HI; Houston, TX; Denver, CO; Boston, MA; Boca Raton, FL; Atlanta, GA; New York, NY; Chicago, IL; and, Phoenix, AZ. In addition to BriteSmile Centers, the company has established more than 2,000 Associated Centers. Of the BriteSmile Associated Centers, more than 200 are located outside of the United States, in countries around the world including Argentina, Japan, Singapore, Switzerland, France, Holland, Italy and Belgium. For more information about BriteSmile's procedure, call 1-800-BRITESMILE or visit the Company's Website at www.britesmile.com.

This release, other than historical information, consists of forward- looking statements that involve risks and uncertainties such as the development and introduction of new products, acceptance of those new products in the marketplace and development of new strategic and marketing relationships in the United States and internationally. Readers are referred to the documents filed by BriteSmile with the Securities and Exchange Commission, specifically the Company's most recent reports on Forms 10-KSB and 10-QSB, that identify important risk factors which could cause actual results to differ from those contained in the forward-looking statements. BriteSmile and its affiliates disclaim any intent or obligation to update these forward- looking statements. [ Printer-friendly page Printer-friendly page ]
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