Glass Lewis Recommends Shareholders Support LCA-Vision Board of Directors and Reject All Three Proposals by Dissident Joffe Grou
28 February 2009 - 10:00AM
PR Newswire (US)
Urges LCA-Vision Stockholders to Vote GOLD CINCINNATI, Feb. 27
/PRNewswire-FirstCall/ -- LCA-Vision Inc. (NASDAQ: LCAV) announces
that Glass Lewis & Co., LLC, a leading independent research and
proxy advisory firm, today recommended that LCA-Vision stockholders
vote to retain the Company's current Board of Directors and reject
all of the proposals, including the removal of the current
Directors and election of replacement Directors, in the Joffe
Group's consent solicitation. In short, Glass Lewis recommends that
LCA-Vision stockholders vote the GOLD card on all three proposals.
In its report, Glass Lewis concludes that: -- The incumbent
directors of LCA-Vision are in the best position to guide the
Company during a turnaround period. -- The current management team
has articulated a plan to enhance shareholder value by: 1)
preserving cash through cash and expense management; 2) enhancing
marketing strategies; 3) expanding the Company's marketing presence
into new domestic markets; and 4) expanding the existing business
model into other complementary medical procedures and services
through a new Lifetime Vision model. -- The Joffe Group's
operations plan and business strategy as presented are
"particularly thin." -- Glass Lewis cannot support the appointment
of Stephen Joffe as a Director, in light of accounting
discrepancies at the Company during the tenure of Joffe Group
members Stephen Joffe, Craig Joffe and Alan Buckey as senior
executive officers of the Company. -- The Company, under Stephen
Joffe's leadership (and while Alan Buckey was CFO), "was not
effectively managing its financial reporting practices or lacked
internal accounting expertise." -- Edward VonderBrink, as chairman
of the audit committee at Streamline Health Solutions, "has not
performed that responsibility to the satisfaction of the Streamline
shareholders." -- The remainder of the Joffe Group's nominees do
not "provide any unique or necessary experience" that would benefit
the Company. -- LCA-Vision's performance has been, on balance, in
line with the Company's closest competitor. "We are delighted that
Glass Lewis has recommended that our stockholders reject all three
Joffe Group proposals, as it is consistent with our belief that
current management and the Board of Directors are diligently
working in concert to build stockholder value," said Steven Straus,
LCA-Vision chief executive officer. "We have undertaken a
multi-initiative plan that encompasses all aspects of our business
with the goals of transitioning to a sustainable growth model,
while managing our cash. We are realizing tangible results of our
plan as evidenced by our increase in market share to 11.9% in the
fourth quarter of 2008 from 10.5% in the third quarter. We believe
we are on the right track and urge our stockholders to vote for our
current Board and management team." Due to the nature of the
Consent process, your voting instruction is extremely important and
time sensitive. LCA-Vision urges all stockholders to vote their
GOLD cards to REVOKE CONSENT on all three proposals. Please discard
any proxy card that you receive from the Joffe Group. If you have
already voted to consent and wish to change your vote, you have
every right to revoke your consent and vote the GOLD proxy. Only
the latest dated card counts. LCA-Vision filed its Definitive
Consent Revocation Statement ("Consent Revocation Statement") with
the Securities and Exchange Commission on Monday, February 9, 2009,
and copies of the Consent Revocation Statement with a GOLD Consent
Revocation Card were mailed to stockholders beginning February 10,
2009. The Consent Revocation Statement can be obtained immediately
from the SEC's website at the following link:
http://idea.sec.gov/Archives/edgar/data/1003130/000114420409006021/v139094
_defc14a.htm or from the Investor Relations section of the
Company's website at http://www.lasikplus.com/ and
http://www.lca-vision.com/ . Copies of the Consent Revocation
Statement and consent revocation card may also be obtained from
Georgeson Inc. Additional Information: Georgeson Inc. has been
retained by LCA-Vision as consent revocation solicitation agent.
Stockholders with questions are encouraged to call Georgeson
toll-free 1-800-457-0109. Copies of the Company's Consent
Revocation Statement, and any other documents filed by LCA-Vision
with the SEC in connection with the consent solicitation can be
obtained free of charge from the SEC's website at
http://www.sec.gov/, from the Company's website at
http://www.lasikplus.com/ and http://www.lca-vision.com/ , or from
Georgeson. About LCA-Vision Inc./LasikPlus(R) LCA-Vision Inc., a
leading provider of laser vision correction services under the
LasikPlus(R) brand, operates 75 LasikPlus(R) fixed-site laser
vision correction centers in 32 states and 57 markets in the United
States and a joint venture in Canada. Additional company
information is available at http://www.lca-vision.com/ and
http://www.lasikplus.com/. Earning Trust Every Moment. Transforming
Lives Every Day. For Additional Information Company Contact: Barb
Kise LCA-Vision Inc. 513-792-9292 Investor Relations Contact: Jody
Cain Lippert/Heilshorn & Associates 310-691-7100 DATASOURCE:
LCA-Vision Inc. CONTACT: Barb Kise, LCA-Vision Inc.,
+1-513-792-9292; or Investor Relations, Jody Cain,
Lippert-Heilshorn & Associates, +1-310-691-7100 Web Site:
http://www.lca-vision.com/
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