Three Leading Proxy Advisory Firms are Unanimous in Recommending LCA-Vision Stockholders Support the Current Board of Directors
11 March 2009 - 10:00PM
PR Newswire (US)
PROXY Governance Joins RiskMetrics and Glass Lewis in Urging
Stockholders to Vote the GOLD Card CINCINNATI, March 11
/PRNewswire-FirstCall/ -- LCA-Vision Inc. (NASDAQ: LCAV) announces
that the independent proxy advisory firm PROXY Governance, Inc. has
joined RiskMetrics Group's ISS Governance Services and Glass Lewis
& Co., LLC in recommending that LCA-Vision stockholders vote to
retain the Company's current management and Board of Directors and
reject all proposals made by the Joffe Group's consent
solicitation. The PROXY Governance report includes an analysis of
proposals and supporting statements made by the dissident group and
the views of LCA-Vision's Board and management. The report, issued
March 6, recommends that LCA-Vision stockholders vote in support of
the Board and management on all proposals, stating, "We believe
shareholders would be better served by allowing the current board
and its management team to continue executing on their strategic
plan." "We are delighted all three of the advisory firms that
reviewed the situation have unanimously recommended that LCA-Vision
stockholders support our current executive team and Board of
Directors. Each of these firms has conducted an independent and
proprietary analysis of the situation, and each has come to the
same conclusion: LCA-Vision stockholders should vote the GOLD
card," said Steven Straus, LCA-Vision chief executive officer. "The
latest report, from PROXY Governance, gives our management team and
Board high marks for our aggressive response to the precipitous
decline in consumer discretionary spending that has impacted our
business, as well as others in our industry, by implementing
numerous initiatives that position LCA-Vision and our LasikPlus(R)
Vision Centers for growth and a prosperous future, while prudently
managing our appreciable cash," he said. In its report, PROXY
Governance states, among other things: -- LCA-Vision has "not only
laid out a longer-term strategy to transition from a
one-off-transaction business model to an ongoing lifetime care
model - allowing it to both tap more reliable revenue streams and
build a broader, stronger brand - but has also identified numerous
near-term tactical improvements in its operations, quality, and
marketing." -- LCA-Vision's market share improvement is "most
compelling against the backdrop of a continuing macroeconomic
decline - and particularly the ongoing decline in consumer
confidence, to which the business had been so highly correlated."
According to independent researcher Market Scope(R), LLC,
LCA-Vision's share of the laser vision correction services market
increased to 11.9% in the fourth quarter of 2008 from 10.5% in the
third quarter of 2008. -- The dissidents' strategy that optimizing
certain business practices could drive a higher prospect-to-patient
yield, "while heavy on criticisms of the company's declining
performance - is particularly light on details or what, exactly, is
suboptimal about those processes now, and how, specifically, they
would improve the yield." -- The dissidents' "contention that
marketing costs can be 'fixed' - roughly halved to the $250 per
procedure the company spent several years ago - without any
corresponding falloff in procedure volume seems questionable." In
further evaluating marketing costs, PROXY Governance finds that
more useful measures "would include a controlled study of marketing
campaign in test markets - such as the company conducted in Q4
2008, when it demonstrated its revised marketing strategy could
directly drive a 34% increase in procedures." -- The dissident
group's "prescription for righting the company," "seems only to
point back to many of the strategic and tactical improvements the
company has made since removing S. Joffe from office." 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:
Investor Relations Contact: Barb Kise Jody Cain LCA-Vision Inc.
Lippert/Heilshorn & Associates 513-792-9292 310-691-7100
DATASOURCE: LCA-Vision Inc. CONTACT: Barb Kise, LCA-Vision Inc.,
+1-513-792-9292; or Jody Cain, Lippert/Heilshorn & Associates,
+1-310-691-7100 Web Site: http://www.lca-vision.com/
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