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BriteSmile Reports Substantial Increase in Equity

WALNUT CREEK, Calif., Dec. 4 /PRNewswire-FirstCall/ -- BriteSmile, Inc. (Nasdaq: BSML), one of the world's leading teeth whitening companies, announced that two of its principal lenders have agreed to convert $10,540,750 of Company debt into restricted shares of BriteSmile common stock at $31.75 per share.

On November 20, 2003, LCO Investments Limited (LCO) agreed to accept 204,725 shares of restricted Common Stock of the Company in full satisfaction of the outstanding loan balance of $6,500,000 under a credit agreement originally entered into in December 2001 between CAP Advisers Limited (CAP) and BriteSmile International Limited, a wholly-owned subsidiary of the Company. The conversion price for the shares was $31.75 per share.

LCO is the Company's principal shareholder. It is a wholly owned subsidiary of the ERSE Trust. The sole trustee of the ERSE Trust is CAP. Mr. Anthony Pilaro, a director of the Company, is Chairman of CAP.

Also on November 20, 2003, Excimer Vision Leasing L.P. (EVL) agreed to accept 127,268 shares of restricted Common Stock of the Company in satisfaction of the Company's $4,040,750 obligation to pay "variable rent" for the year 2002, and for the period from January 1, 2003 through October 31, 2003, under the terms of an equipment lease agreement originally entered into in February 2001. The conversion price for the shares under this second exchange agreement was also $31.75 per share.

EVL has also agreed to defer approximately $3,100,000 due in 2004 of Fixed and Variable Rent under its leasing agreement with the Company.

As a result of the exchange of debt for equity, in addition to the conversion of $3,500,000 of outstanding Convertible Notes on November 12, 2003, and the bridge loan of $2,000,000 from LCO funded on November 20, 2003, Company debt was reduced from $20.9 million to $8.3 million, a 60% decrease

The Company now has 3,656,302 shares of Common Stock issued and outstanding.

BriteSmile (Nasdaq: BSML) 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 contracted with independent dentists to perform whitening procedures at more than 4,900 Associated Centers around the world.

This release, other than historical information, consists of forward- looking statements that involve risks and uncertainties such as the Company's ability to continue to establish Associated Centers and Professional Teeth Whitening Centers, the ability of those Centers to attract clients, the development and introduction of new products, acceptance of those new products in the marketplace, development of new strategic and marketing relationships in the United States and internationally, and the Company's continued ability to secure financing to support its expansion. 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-K and 10-Q, 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.

SOURCE BriteSmile, Inc. -0- 12/04/2003 /CONTACT: Investors: John Dong, CFO of BriteSmile, Inc., +1-925-941-6260; or Media: Kelly Sullivan, +1-212-515-1908, for BriteSmile, Inc./ (BSML) CO: BriteSmile, Inc.; LCO Investments Limited; LCO; Excimer Vision Leasing L.P.; EVL ST: California IN: HEA SU: RJ-MV -- DCTH015 -- 6857 12/04/2003 09:00 EST http://www.prnewswire.com