Exhibit 99
SHAREHOLDERS APPROVE MERGER OF TLC AND LASERVISION
Creates North America's Premier Eye Surgery Services Provider
TORONTO & ST. LOUIS--April 18, 2002--At an annual and special meeting of
shareholders in Toronto this morning, TLC Laser Eye Centers Inc. (TLC)
shareholders approved the planned merger with Laser Vision Centers, Inc.
(LaserVision) (Nasdaq: LCI) and the related matters including the renaming of
the company to TLC Vision Corporation (TLC Vision). Approximately 99 percent of
the common shares voted were cast in favour of the proposed agreement and plan
of merger.
The results follow a similar outcome at this morning's special meeting of
LaserVision shareholders in St. Louis, Missouri. At that meeting, approximately
97 percent of the common shares voted were cast in favour of the proposed merger
with TLC to create TLC Vision.
"This is an exciting milestone. We are extremely pleased with the results of the
vote and thank our shareholders for a rousing endorsement of our proposal to
create TLC Vision," said Elias Vamvakas, TLC's Chairman and CEO.
"Today's approvals give us the mandate to create the premier company in the
refractive surgery industry, providing value-added services to a leading network
of affiliated doctors so they can provide superior patient care," said Jim
Wachtman, LaserVision's President and COO.
"We are very pleased with today's vote. I have enjoyed my 17 years as CEO of
Laser Vision Centers and its predecessor companies and I look forward to serving
on the Board of the new company following the closing and I extend my best
wishes to our employees, customers and shareholders," said Jack Klobnak,
LaserVision's Chairman and CEO.
Under the terms of the merger agreement, as amended, LaserVision's common stock
will be converted to TLC Vision common stock at a fixed exchange ratio.
LaserVision shareholders will receive 0.95 shares of TLC stock, which is traded
on NASDAQ and The Toronto Stock Exchange, for each common share of LaserVision.
As a result of the continuing strike by the Ontario public service employees,
the companies do not expect that the merger will close, as previously indicated,
by April 30, 2002. The merger agreement permits either company to terminate if
the merger is not completed by March 30, 2002. However, the companies have
agreed that they will not exercise this right to terminate provided that the
merger is completed by May 10, 2002.
TLC and LaserVision intend to close the transaction as soon as practicable. In
the meantime, management of TLC and LaserVision will continue their integration
planning and continue working towards the combination of the two companies,
however the companies will continue to operate separately.
Forward Looking Information
This press release contains certain forward-looking statements about TLC,
LaserVision and the proposed merger within the meaning of Section 27A of the
U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act
of 1934, which statements can be identified by the use of forward looking
terminology, such as "may", "will", "expect", "intend", anticipate", "estimate",
"predict", "plan" or "continue" or the negative thereof or other variations
thereon or comparable terminology referring to future events or results. Forward
looking statements, by their nature, are subject to risks and uncertainties,
TLC's and LaserVision's actual results could differ materially from those
anticipated in these forward-looking statements as a result of numerous factors,
including the ability of TLC and LaserVision to consummate a merger and
successfully integrate operations, the timing of expenditures and expansion
opportunities, any of which could cause actual results to vary materially from
current results or anticipated future results. See TLC's reports filed with the
Toronto Stock Exchange and the U.S. Securities and Exchange Commission and
LaserVision's reports filed with 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. TLC and LaserVision assume no
obligation to update the information contained in this press release to update
forward looking statements to reflect changed assumptions, the occurrence of
anticipated events or changes in future operating results, financial condition
or business over time.
Contact:
TLC Laser Eye Centers Inc.
Stephen Kilmer, 905/238-3904
stephen.kilmer@tlcvision.com
or
Laser Vision Centers, Inc,
John Stiles, 314/434-6900
jstiles@laservision.com
or
TLC VISION Merger Hotline
David Smith, 800/TLC-1033 ext. 3060
merger@tlcvision.com