Sight Resource and Laser Vision Centers Sign Definitive Agreement to Offer Excimer Laser Correction Services
10/4/99 9:52:56 AM
HOLLISTON, Mass., Oct 4, 1999 (BW HealthWire) -- Sight Resource
Corporation (NASDAQ: VISN) and Laser Vision Centers, Inc. (NASDAQ:
LVCI) today announced the signing of a definitive agreement to offer
excimer laser correction and other refractive surgical procedures
through Sight Resource¡¯s network of 130 primary eye care centers.
Utilizing their combined experience and expertise, the two companies
expect to begin offering excimer laser correction services in the
Michigan market in November, and in the Massachusetts and Rhode Island
markets by year-end. Similar programs will be rolled out in other Sight
Resource markets in early 2000.
Sight Resource believes that the new agreement provides the best method
for expanding its refractive surgical services business to its loyal
base of customers throughout the eastern United States. Sight Resource
primary eye care centers see approximately 320,000 customers annually.
The Company¡¯s existing excimer laser correction business is
predominantly based in the Boston and Providence markets. The Company
believes that the aggressive expansion opportunities made possible as a
result of its new relationship with LaserVision, could increase excimer
laser correction revenue to more than $5 million in 2000.
The companys¡¯ initial efforts will focus on the Michigan market, where
Sight Resource¡¯s Kent Optical chain operates 28 locations. A
significant marketing program will begin in October. Treatment of
patients is expected to begin in early November. Training of store
personnel, development and placement of point-of-purchase promotional
materials and other business development activities will begin
immediately. Treatments will be provided by ophthalmologists with whom
LaserVision has established contractual agreements for providing
excimer laser access.
Concurrent with their efforts in Michigan, the companies will begin the
planning and development of a similar business venture in the New
England market. Through its Cambridge Eye Doctors and Vision World
chains, Sight Resource operates 30 primary eye care centers in the
region, primarily in the Boston and Providence markets. Treatment of
patients is expected to begin in late December. Sight Resource has
offered excimer laser correction services in these markets since 1995.
William T. Sullivan, President and Chief Executive Officer of Sight
Resource Corporation, stated "We believe that we have developed a
business model that benefits both Sight Resource and Laser Vision
Centers. Sight Resource will benefit from LaserVision¡¯s national
experience with marketing refractive surgery and providing excimer
laser access, as well as from reducing the capital risks otherwise
associated with expanding our business. Our contribution includes the
patient flow that comes from access to an extremely loyal customer base
that values the advice of our eye care professionals, and the brand
name recognition that each of our regionally dominant chains enjoys in
their markets."
John J. Klobnak, Chairman and Chief Executive Officer of Laser Vision
Centers, added "We believe that optical retail represents a large
untapped stream of patients for our excimer lasers, and the
relationship between LaserVision and Sight Resource will be beneficial
to both companies."
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 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.
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