TLCVision Listing Review Initiated by the Toronto Stock Exchange
November 30 2009 - 9:00AM
Marketwired
TLC Vision Corporation (NASDAQ: TLCV) (TSX: TLC), North America's
premier eye care services company, today announced that it has been
notified by the Toronto Stock Exchange ("TSX") that based on the
Company's financial condition the TSX is reviewing the eligibility
for continued listing on the TSX of the Company's common shares.
The Company is being reviewed under the TSX's Remedial Review
Process and has been granted 30 days to comply with all
requirements for continued listing. If the Company cannot
demonstrate that it meets all TSX requirements for continued
listing on or before December 30, 2009, the Company's common shares
will be delisted 30 days from such date.
The Company continues to be in discussions with its secured
lenders on the terms of a restructuring of the Company's capital
structure and continues to explore potential asset sales. There can
be no assurance, however, that the Company will be able to reach
agreement on the terms of a restructuring with the secured lenders
or that the Company will reach agreement for the sale of any
assets. There can also be no assurance that the Company's senior
lenders will continue to forbear from exercising their rights under
the Company's credit agreement.
The credit agreement, dated June 21, 2007, as amended, provides
for a US$85 million term loan and a US$25 million revolving credit
line. As of October 31, 2009, the amount outstanding under the
credit facility was approximately US$100.1 million. The Company's
Quarterly Report on Form 10-Q, filed on November 16, 2009, and the
Company's Annual Report on Form 10-K disclose additional
information regarding the amendments to its debt agreements and
provide additional disclosure regarding the risks of the Company's
current liquidity situation and its ability to comply with its
financial covenants.
Shareholders will be kept apprised of the status of the
Company's TSX listing, and other developments affecting the
Company, as the process advances.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the U.S. Securities Act of
1933, Section 21E of the U.S. Securities Exchange Act of 1934 and
Canadian Provincial Securities Laws, which statements can be
identified by the use of forward-looking terminology, such as
"may," "will," "expect," "intend," "anticipate," "estimate,"
"predict," "plans" or "continue" or the negative thereof or other
variations thereon or comparable terminology referring to future
events or results. We caution that all forward-looking information
is inherently uncertain and that actual results may differ
materially from the assumptions, estimates or expectations
reflected in the forward-looking information. A number of factors
could cause actual results to differ materially from those in
forward-looking statements, including but not limited to economic
conditions, the level of competitive intensity for laser vision
correction, the market acceptance of laser vision correction,
concerns about potential side effects and long term effects of
laser vision correction, the ability to maintain agreements with
doctors on satisfactory terms, quarterly fluctuation of operating
results that make financial forecasting difficult, the volatility
of the market price of our common shares, profitability of
investments, successful execution of our direct-to-consumer
marketing programs, the ability to open new centers, the reliance
on key personnel, medical malpractice claims and the ability to
maintain adequate insurance therefore, claims for federal, state
and local taxes, compliance with industry regulation, compliance
with U.S. and Canadian healthcare regulations, disputes regarding
intellectual property, many of which are beyond our control.
Therefore, should one or more of these risks materialize, or
should assumptions underlying the forward-looking statements prove
incorrect, actual results may vary significantly from what we
currently foresee. Accordingly, we warn investors to exercise
caution when considering any such forward-looking information
herein and to not place undue reliance on such statements and
assumptions. We are under no obligation (and we expressly disclaim
any such obligation) to update or alter any forward-looking
statements or assumptions whether as a result of new information,
future events or otherwise, except as required by law.
See the Company's reports filed with the Canadian Securities
Regulators and the U.S. Securities and Exchange Commission from
time to time for cautionary statements identifying important
factors with respect to such forward-looking statements, including
certain risks and uncertainties, that could cause actual results to
differ materially from results referred to in forward-looking
statements. TLCVision assumes no obligation to update the
information contained in this press release.
About TLCVision
TLCVision is North America's premier eye care services company,
providing eye doctors with the tools and technologies needed to
deliver high-quality patient care. Through its centers' management,
technology access service models, extensive optometric
relationships, direct to consumer advertising and managed care
contracting strength, TLCVision maintains leading positions in
Refractive, Cataract and Eye Care markets. Information about vision
correction surgery can be found on the TLC Laser Eye Centers'
website at www.tlcvision.com.
Contact: James J. Hyland VP Investor Relations (636) 534-2369
Email: investor.relations@tlcvision.com
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