SEC Report:
September 13, 1999
TRUEVISION INTERNATIONAL INC (TRUE)
S-1 Filing (SEC form S1)
TrueVision International, Inc., through our operating subsidiaries, TrueVision Laser Center of Albuquerque, Inc. and TrueVision of Nevada, Inc., provide laser vision correction and image enhancement procedures to individuals at our TrueVision centers. Our doctors and those with which we are affiliated, provide these services using state-of-the-art excimer laser technology. We also offer patients ancillary image enhancement procedures and other vision correction devices on a limited basis, including eye glasses and contact lenses. We acquired our first TrueVision center in Albuquerque, New Mexico in April 1998 and opened our second center in Las Vegas, Nevada in July 1999. We do not currently perform any procedures at our Las Vegas center.
OUR STRATEGY
Our goal is to be a leading provider of laser vision correction and other cosmetic procedures. In order to achieve this goal, we will implement the following strategies:
- Expand our geographic presence by opening additional TrueVision centers;
- Equip our centers with state-of-the-art medical technologies;
- Recruit, employ and affiliate talented doctors and capitalize on these
physicians' relationships within their local communities;
- Increase our marketing and sales efforts to further penetrate our target
markets; and
- Expand our services to include ancillary cosmetic procedures and other
vision correction products that permit cross-marketing of our core
services.
OUR INDUSTRY
The laser vision correction industry has experienced dramatic growth during the past two years. The total number of laser correction procedures performed in the United States is forecasted to grow nearly 450% from 200,000 in 1997 to 900,000 in 1999. Total sales, including revenues from procedures, for the laser vision correction industry have been over $1.0 billion since approval of the excimer laser in the U.S. in October 1995. However, despite the growth of this industry, the estimated number of vision correction clients in 1998 represented less than 0.28% of the 150 million people with refractive vision conditions in the U.S. Therefore, we believe this represents an untapped market for which we can offer our services.
CORPORATE BACKGROUND
We were incorporated on January 19, 1988 as Topform, Inc., in Delaware. On March 16, 1999 we changed our name to TrueVision International, Inc. In April 1998, through a stock purchase and reorganization, we acquired a controlling interest in TrueVision Laser Centers of Albuquerque, Inc., which had been providing laser vision correction services using the VISX, Inc. excimer laser since June 1996. In July 1999, we opened our second center in Las Vegas, Nevada, through our wholly-owned subsidiary, TrueVision of Nevada, Inc., formed in Nevada in August 1999. |
