UPDATE 1-Biolase cuts 20 jobs, says CEO to act as interim CFO

* Sees saving $3 mln annually

* To take charges of $70,000 in Q2

July 13 (BestGrowthStock) – Biolase Technology Inc (BLTI.O: ) said on
Tuesday it cut 20 jobs to save costs and would take related
charges in the second quarter.

The dental laser company, which on Monday said its Chief
Financial Officer Brett Scott had resigned, added its CEO David
Mulder and its corporate controller will take on the CFO’s
responsibilities for an interim period.

Biolase, which employed about 151 people as at December
2009, expects to incur about $70,000 in charges related to the
job cuts in the second quarter, it said in a statement. It
expects to reduce expenses by about $3 million annually.

Shares of Biolase closed at $1.38 Monday on Nasdaq.
(Reporting by Krishnakali Sengupta in Bangalore; Editing by
Aradhana Aravindan)

UPDATE 1-Biolase cuts 20 jobs, says CEO to act as interim CFO