SALT LAKE CITY, May 27, 2005 (PRIMEZONE) -- The following Summary Notice is being issued by Murray, Frank & Sailer LLP regarding Paradigm Medical Industries Inc.:
UNITED STATES DISTRICT COURT DISTRICT OF UTAH --------------------------------- IN RE PARADIGM MEDICAL ) INDUSTRIES SECURITIES LITIGATION ) Master File No. 2:03-CV-00448 (TC) --------------------------------- Judge Tena Campbell This Document Relates to: ) Magistrate Judge Brooke C. Wells All Actions. ) --------------------------------- SUMMARY NOTICE OF PENDENCY OF CLASS ACTION, PROPOSED SETTLEMENT, AND SETTLEMENT HEARING TO: ALL PERSONS WHO PURCHASED OR OTHERWISE ACQUIRED THE SECURITIES OF PARADIGM MEDICAL INDUSTRIES, INC. DURING THE PERIOD BETWEEN APRIL 17, 2000 AND NOVEMBER 4, 2002, INCLUSIVE (THE "CLASS"). YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the Court, that the above-captioned action has been certified as a class action and that a settlement for $1,507,500 has been proposed. A hearing will be held before the Honorable Tena Campbell in the United States Courthouse, 350 South Main Street, Salt Lake City, Utah 84101, at 3:00 p.m., on August 25, 2005 to determine whether the proposed settlement should be approved by the Court as fair, reasonable, and adequate, and to consider the application of Plaintiffs' Counsel for attorneys' fees and reimbursement of expenses. IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. If you have not yet received the full printed Notice of Pendency of Class Action and Proposed Settlement, Motion for Attorneys' Fees and Settlement Fairness Hearing and a Proof of Claim form, you may obtain copies of these documents by contacting: Paradigm Medical Industries Securities Litigation c/o Berdon Claims Administration LLC Claims Administrator Post Office Box 9014 Jericho, NY 11753-8914 www.berdonllp.com/claims Inquiries, other than requests for the forms of Notice and Proof of Claim, may be made to Plaintiffs' Co-Lead Counsel: Lori G. Feldman, Esq. Brian P. Murray, Esq. MILBERG WEISS BERSHAD Murray, Frank & Sailer LLP & SCHULMAN LLP 275 Madison Avenue 1001 Fourth Avenue, Suite 2550 New York, New York 10016 Seattle, Washington 98154 www.murrayfrank.com To participate in the Settlement, you must submit a Proof of Claim postmarked no later than September 26, 2005. If you are a Class Member and do not exclude yourself from the Class, you will be bound by the Order and Final Judgment of the Court. To exclude yourself from the Class, you must submit a request for exclusion postmarked no later than June 24, 2005. Any objections to the Settlement must be filed by June 24, 2005. If you are a Class Member and do not submit a proper Proof of Claim, you will not share in the Settlement but you nevertheless will be bound by the Order and Final Judgment of the Court. Further information may be obtained by contacting the Claims Administrator. By Order of The Court