Sight Resource Signs Letter of Intent With Laser Vision Centers Inc. to Offer Excimer Laser Correction Services
HOLLISTON, Mass.--(BW HealthWire)--Sept. 1, 1999--Sight Resource Corporation (NASDAQ:VISN - news) and Laser Vision Centers, Inc. (NASDAQ:LVCI - news) today announced the signing of a letter of intent to offer excimer laser correction and other refractive surgical procedures within the Sight Resource primary eye care network.
Initial efforts will focus on developing the appropriate model and methodology for offering and delivering excimer laser correction services in Michigan, where Sight Resource operates the Kent Optical chain of 28 primary eye care centers. By January 2000, the companies intend to expand their efforts to New England where Sight Resource operates two chains: Cambridge Eye Doctors and Vision World. Cambridge Eye Doctors operates 23 primary eye care centers in Massachusetts and southern New Hampshire, primarily in the heavily populated areas of eastern Massachusetts, while Vision World operates 7 eye care centers in Rhode Island. Cambridge Eye Doctors and Vision World currently have an established business base in excimer laser correction.
Under the terms of the agreement, each company will contribute towards expanding marketing of refractive surgical procedures to existing Sight Resource customers and potential customers. Jointly, Sight Resource and Laser Vision Centers will provide: excimer laser access for affiliated ophthalmologists to provide excimer laser correction services; training for optometrists, opticians and staff; telemarketing and patient information centers; and, marketing materials. The agreement provides both companies with incentives to extract the full potential of the growing refractive surgery market.
William T. Sullivan, President and Chief Executive Officer of Sight Resource, stated ``This is a very exciting opportunity for us to develop a successful model for extracting the full value of excimer laser correction from our primary eye care centers. As one of the few primary eye care providers to have operated a successful excimer laser correction business, we recognize the value of the quality of service and the focus which Laser Vision Centers brings to this relationship. We bring these same commitments to our customers in all of our other markets. Together, we believe we can develop a superior model for providing these services through our community-based primary eye care centers. The Laser Vision Centers mobile laser strategy gives us an excellent opportunity to reach out to customers in the communities where they live, providing the ultimate in convenience and quality of care.'
John J. Klobnak, Chairman and Chief Executive Officer of Laser Vision Centers, added ``We are very enthusiastic to have this opportunity to work with one of the country's fastest growing optometric providers. Their regionally dominant, community-based primary eye care centers offer a natural avenue for marketing and providing excimer laser correction services.'
About Sight Resource Corporation
Sight Resource is one of the country's leading providers of primary eye care services and managed vision care programs, operating seven chains and 130 primary eye care centers in the United States. Sight Resource's chains include Cambridge Eye Doctors in Massachusetts and New Hampshire, E.B. Brown Opticians in Ohio and Pennsylvania, Eyeglass Emporium in Indiana, Kent Optical in Michigan, Shawnee Optical in Pennsylvania and Ohio, Vision Plaza in Louisiana and Mississippi, and Vision World in Rhode Island. Sight Resource provides a complete range of primary eye care products and services through its primary eye care centers, managed care programs, excimer laser correction centers and integrated networks of opticians, optometrists and ophthalmologists.
About Laser Vision Centers, Inc.
Laser Vision Centers is one of the world's largest providers of excimer lasers, related equipment and support services for the treatment of nearsightedness, farsightedness and astigmatism.
``Safe Harbor' Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, statements relating to Sight Resource's and Laser Vision's plan, objectives and future performance are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations. Because of various risks and uncertainties, actual strategies and results in future periods may differ materially from those currently expected. Additional discussion of factors affecting Sight Resource's and Laser Vision's business is contained in each company's most recent filings with the Securities and Exchange Commission. |
