TLCVision Receives NASDAQ Delisting Letter
December 17 2009 - 5:00PM
Marketwired
TLCVision Corporation (NASDAQ: TLCV) (TSX: TLC), North America's
premier eye care services company, announced today that it has
received a staff determination letter from the NASDAQ Stock Market
notifying the Company that its common stock will be delisted from
the NASDAQ Global Market.
As previously disclosed in the Company's press release of
September 22, 2009, on September 16, 2009 NASDAQ notified the
Company that the Company's common stock had not maintained a
minimum value of publicly held shares of $15 million as required by
Marketplace Rule 5450(b)(2)(C) or 5450(b)(3)(C) (the "MVPHS Rule")
for the previous 30 consecutive business days. In accordance with
Marketplace Rule 5810(c)(3)(D), the Company was provided a grace
period of 90 calendar days, or until December 15, 2009, to regain
compliance with the MVPHS Rule. The NASDAQ staff determination
letter states that the Company has not regained compliance within
the given grace period and, as a result, unless the Company
requests an appeal of the staff determination, trading of the
Company's common stock will be suspended at the opening of business
on December 28, 2009, and a Form 25-NSE will be filed with the
Securities and Exchange Commission to remove the Company's
securities from listing and registration on NASDAQ.
The staff determination letter further states that the Company
may appeal the delisting determination to a NASDAQ Listing
Qualifications Panel, or the Panel, by submitting a hearing
request. A hearing request will stay the suspension of the
Company's securities and the filing of the Form 25-NSE pending the
Panel's decision, if the NASDAQ Hearings Department receives the
Company's hearing request on or before 4:00pm Eastern Time on
December 23, 2009.
As disclosed in the Company's press release on September 22,
2009, the Company has also failed to comply with the $1 minimum bid
price requirement under Marketplace Rule 5450(a)(1). The Company's
grace period with respect to the minimum bid price requirement
would expire March 15, 2010.
The Company is evaluating whether to request a hearing with the
Panel to appeal the proposed delisting, or to not appeal the NASDAQ
staff decision and allow its common stock to be delisted. If the
common stock is delisted, the Company expects that it will be
eligible to trade on the OTC Bulletin Board.
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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