TLC Vision Receives US Court Order
24 December 2009 - 1:30AM
Marketwired
TLC Vision Corporation (NASDAQ: TLCV) (TSX: TLC), North America's
premier eye care services company, today announced that further to
its press release issued on December 21, 2009, the United States
Bankruptcy Court for the District of Delaware has granted the
relief the Company and two of its wholly-owned subsidiaries, TLC
Vision (USA) Corporation and TLC Management Services Inc.,
requested in its "First Day Motions" filed in conjunction with its
voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code.
The Delaware Court issued a variety of orders on either a final or
interim basis that will support business continuity for the Company
throughout the restructuring process.
These orders include: approval for the use of $7.5 million of a
$15 million debtor-in-possession financing facility; continued
payment of wages, salaries and other employee benefits; and
authority to use the Company's cash collateral. Additionally, the
Company obtained the necessary relief from the Court to pay certain
critical vendors in full.
The Company is seeking a recognition of the orders of the
Delaware Court in a case commenced in the Ontario Superior Court of
Justice under the Canadian Companies' Creditors Arrangement
Act.
As a result of these developments, the Company has been notified
by the Toronto Stock Exchange that trading in its common shares has
been suspended and the common shares will be delisted effective at
the close of market on January 21, 2010. The Company previously
announced that it had received a delisting notice from the NASDAQ
Global Market and the Company has received a further letter
informing it that the Company's common shares will be delisted as a
result of the Chapter 11 proceedings in accordance with Listing
Rules 5101 and 5110(b) and IM-5101-1. The shares will be delisted
at the opening of business on December 28, 2009. The Company does
not intend to appeal the delisting. Once the common shares are
delisted, the Company expects that it will be eligible to trade on
the OTC Bulletin Board.
For access to Court documents and other general information
about the Chapter 11 cases, please visit
http://chapter11.epiqsystems.com/tlcvision. In addition, we have
established a restructuring hotline: 877-879-5075 for US and Canada
callers, 503-597-7713 for International callers.
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.
Contacts: Investor: James J. Hyland VP Investor Relations (636)
534-2369 Email: investor.relations@tlcvision.com Media: Stephen
Phillips Fleishman Hillard (314)-982-8754
stephen.phillips@fleishman.com
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