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ESC Medical Systems Ltd. develops, manufactures and markets medical devices utilizing state-of-the-art lasers and proprietary intense pulsed light technology for non-invasive treatment of varicose veins, hair removal, skin cancer, skin rejuvenation, and other aesthetic applications. The company also markets surgical lasers for a variety of medical applications including ENT, OB/GYN and neurosurgery. ESC's products include the flagship PhotoDerm family of products for treating benign vascular and pigmented lesions, including leg veins. Other successful ESC products serving the growing aesthetic markets are EpiLight, EpiPulse Ruby and EpiTouch Alexandrite for hair removal and SilkLight Therapy for cellulite. Derma K, NovaPulse, FeatherTouch and lasers comprise the most advanced and complete product line for skin rejuvenation and wrinkle removal. ESC Medical was incorporated in Israel in December 1991. In January 1996, it completed an initial public offering (IPO) in the United States. It issued 3,728,653 Ordinary Shares at $10 each (corrected for a split performed in May 1996). In July 1996, ESC Medical completed a second public offering in the United States, issuing 750,000 Ordinary shares at $24.75 a share. In September 1997, the company issued $115,000,000 principal amount of 6% Convertible Subordinated Notes due September 1, 2002, at a conversion price of $46.55 per share. In March 1997, ESC acquired Luxar Corporation, a manufacturer of compact, easy-to-use CO2 lasers. In February 1998, the company acquired Laser Industries Ltd., a worldwide leader in the design, manufacturing, marketing and servicing of a broad range of cosmetic and surgical laser systems. Corporate offices are located in Israel where manufacturing, R&D and international sales are headquartered. Wholly owned subsidiaries in the U.S., ESC Medical Systems Inc., Luxar, and Sharplan Lasers, Inc., serve as the nucleus for direct sales in major North American markets. Other subsidiaries are located in France, Germany, Italy, and UK.