ST. LOUIS, MO--(Marketwire - December 17, 2009) - TLCVision Corporation (NASDAQ: TLCV) (TSX: TLC), North America's premier eye care services company, announced today
that it has received a staff determination letter from the NASDAQ Stock
Market notifying the Company that its common stock will be delisted from
the NASDAQ Global Market.
As previously disclosed in the Company's press release of September 22,
2009, on September 16, 2009 NASDAQ notified the Company that the Company's
common stock had 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") for the previous 30 consecutive business days. In
accordance with Marketplace Rule 5810(c)(3)(D), the Company was provided a
grace period of 90 calendar days, or until December 15, 2009, to regain
compliance with the MVPHS Rule. The NASDAQ staff determination letter
states that the Company has not regained compliance within the given grace
period and, as a result, unless the Company requests an appeal of the staff
determination, trading of the Company's common stock will be suspended at
the opening of business on December 28, 2009, and a Form
25-NSE will be filed with the Securities and Exchange Commission to remove
the Company's securities from listing and registration on NASDAQ.
The staff determination letter further states that the Company may appeal
the delisting determination to a NASDAQ Listing Qualifications Panel, or
the Panel, by submitting a hearing request. A hearing request will stay
the suspension of the Company's securities and the filing of the Form
25-NSE pending the Panel's decision, if the NASDAQ Hearings Department
receives the Company's hearing request on or before 4:00pm Eastern Time on
December 23, 2009.
As disclosed in the Company's press release on September 22, 2009, the
Company has also failed to comply with the $1 minimum bid price requirement
under Marketplace Rule 5450(a)(1). The Company's grace period with respect
to the minimum bid price requirement would expire March 15, 2010.
The Company is evaluating whether to request a hearing with the Panel to
appeal the proposed delisting, or to not appeal the NASDAQ staff decision
and allow its common stock to be delisted. If the common stock is
delisted, the Company expects that it will be eligible to trade on the OTC
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.
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.