TLCVision Receives Letters From Nasdaq Regarding Noncompliance With Minimum Bid Price and Market Value Rules
22 Septembre 2009 - 2:00PM
Marketwired
TLC Vision Corporation (NASDAQ: TLCV) (TSX: TLC) announced today
that, on September 16, 2009, it received letters from The Nasdaq
Stock Market indicating that, for the last 30 consecutive business
days, the Company's common stock has not maintained a minimum value
of publicly held shares of $15 million as required by Marketplace
Rule 5450(b)(2)(C) or 5450(b)(3)(C) (the "MVPHS Rule") and the bid
price of the Company's common stock has closed below the minimum
$1.00 per share requirement for continued inclusion under
Marketplace Rule 5450(a)(1) (the "Minimum Bid Price Rule").
Therefore, in accordance with Marketplace Rule 5810(c)(3)(D), the
Company will be provided 90 calendar days, or until December 15,
2009, to regain compliance with the MVPHS Rule and, in accordance
with Marketplace Rule 5810(c)(3)(A), the Company will be provided
180 calendar days, or until March 15, 2010, to regain compliance
with the Minimum Bid Price Rule. The Nasdaq letters state that if,
at any time before December 15, 2009, the minimum value of publicly
held shares of the Company's common stock is $15 million or more
for a minimum of 10 consecutive business days, Nasdaq staff will
provide written notification that the Company has achieved
compliance with the MVPHS Rule and if, at any time before March 15,
2010, the bid price of the Company's common stock closes at $1.00
per share or more for a minimum of 10 consecutive business days,
Nasdaq staff will provide written notification that the Company has
achieved compliance with the Minimum Bid Price Rule.
The Nasdaq letters also state that, if the Company does not
regain compliance with the MVPHS Rule by December 15, 2009 or the
Minimum Bid Price Rule by March 15, 2010, Nasdaq staff will provide
written notification that the Company's securities will be
delisted. At that time, the Nasdaq Marketplace Rules would permit
the Company to appeal the Nasdaq staff's determination to delist
its securities to a Nasdaq Listing Qualifications Panel. The Nasdaq
Marketplace Rules would also permit the Company to make an
application to transfer its securities to The Nasdaq Capital Market
if the Company's securities satisfy the requirements for initial
inclusion set forth in Marketplace Rule 5505, other than the
minimum bid price requirement of Marketplace Rule 5505(a)(1). If
such an application is approved, the Nasdaq Marketplace Rules would
afford the Company an additional 180 calendar days to comply with
the Minimum Bid Price Rule while on The Nasdaq Capital Market.
The Nasdaq letters of September 16, 2009 have no effect on the
listing of the Company's common stock at this time.
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,
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.lasik.com. More information about TLCVision can be
found on the Company's website at www.tlcv.com.
Contact: James J. Hyland VP Investor Relations (636) 534-2369
Email: investor.relations@tlcvision.com
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