TLCVision Secures Credit Facility Limited Waiver
03 Avril 2009 - 9:44PM
Marketwired
TLC Vision Corporation (NASDAQ: TLCV) (TSX: TLC), North America's
premier eye care services company, today announced that it has
secured a limited waiver with respect to its credit facility. The
original credit facility, dated June 21, 2007, and amended on
February 28, 2008, consisted of an $85 million term loan and a $25
million revolving credit line. As of December 31, 2008, the amount
outstanding of the credit facility was $82.7 million.
The agreement reached, among other things, provides a limited
waiver for defaults through May 31, 2009, and sets certain
benchmarks and milestones. A copy of the document can be found in
the Company's Form 8-K filing dated April 3, 2009.
Jim Wachtman, President and Chief Executive Officer of
TLCVision, commented, "As we stated on our fourth quarter earnings
call earlier this week, we have been in discussions with our
lenders and we expected to finalize an agreement with our lender
group quickly. We have now reached agreement with our lender group
on a limited waiver, and we intend to continue to work
constructively with them in order to reach a permanent solution to
our capital structure. We will run a very lean organization in 2009
as we position ourselves to capture the pent-up demand for LASIK
that will be unlocked with an economic recovery."
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 theses 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,
and technology access service models, extensive optometric
relationships, aggressive consumer advertising and managed care
contracting strength, TLCVision maintains leading positions in
Refractive, Cataract and Eye Care markets. More information about
TLCVision can be found on the website at www.tlcv.com. 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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