Attached files
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8-K - FORM 8-K - TLC VISION CORP | c54221e8vk.htm |
EX-10.1 - EX-10.1 - TLC VISION CORP | c54221exv10w1.htm |
Exhibit 99.1
News Release
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Contact: | |
For Immediate Release
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James J. Hyland, VP Investor Relations | |
(636) 534-2369 | ||
Email: investor.relations@tlcvision.com |
TLCVision Secures Extension of
Credit Facility Limited Waiver to November 15, 2009
Credit Facility Limited Waiver to November 15, 2009
ST. LOUIS, MO, October 22, 2009: TLC Vision Corporation (NASDAQ: TLCV) (TSX: TLC), North Americas
premier eye care services company, today announced that it has secured from its lenders holding a
majority amount of its secured credit facility, an extension to November 15, 2009 of the
previously announced limited waiver with respect to its credit facility that expired on October
13, 2009, and of the forbearance with respect to certain payment obligations under the facility.
The credit agreement, dated June 21, 2007, as amended, provides for a US$85 million term loan and
a US$25 million revolving credit line. As of September 30, 2009, the principal amount outstanding
under the credit facility was approximately US $100.1 million.
The amendment to the limited waiver, dated as of October 13, 2009, provides an extension of the
limited waiver through November 15, 2009 of specified defaults and provides that the lenders will,
until November 15, 2009, forbear from exercising their rights arising out of the non-payment of
certain principal, interest and other payments previously due. The limited waiver provides that
the waiver period will terminate prior to November 15, 2009, if, among other things, (i) a
restructuring monitor satisfactory to the steering committee for the lenders and the Company ceases
to be retained by the Company to assist with the implementation of the restructuring of certain
obligations and other liabilities of the Company and certain of its subsidiaries and certain
related transactions, or (ii) the steering committee for the lenders reasonably determines that the
Company is not making satisfactory progress with respect to the implementation and pursuit of such
a restructuring. The Company has been, and continues to be, in discussions with the lenders
regarding the proposed terms of such a restructuring.
A copy of the amendment to the limited waiver will be included as an exhibit to a Form 8-K to be
filed promptly by the Company.
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.
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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 Companys 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 Americas 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 www.tlcvision.com.
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