To All,
The following is a news release from LCA-Vision (3/10/99). Note that this will prevent further delusion of LCAV share price.
businesswire.com
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( BW)(OH-LCA-VISION)(LCAV) LCA-Vision Announces Majority of Series
B-1 Convertible Preferred Holders Waive Option to Purchase Additional
Shares
Business Editors/Health Writers & Columnists
CINCINNATI--(BW HealthWire)--March 10, 1999--LCA-Vision Inc. (NASDAQ: LCAV), a leading U.S. provider of laser vision correction services, today announced that the Company has reached an agreement with certain majority holders of its 6% Series B-1 convertible preferred stock.
Under this agreement, the Company will issue to these Series B-1 holders 165,076 shares of its common stock in exchange for these holders waiving their option to purchase an additional $5 million
of convertible preferred shares under the same terms and conditions as the original $10 million convertible preferred private placement, which was announced on May 11, 1998.
"With this agreement we are reducing potential future dilution while simplifying our capital structure," said Stephen N. Joffe, M.D., LCA-Vision chairman and chief executive officer.
This agreement will result in a non-cash charge of $325,000 or less than $0.01 per share to the first quarter 1999 statement of operations. Of the original $10 million of convertible preferred issued in 1998, $2,025,000 remains outstanding as of March 9, 1999.
LCA-Vision operates laser vision correction centers in the U.S., Canada, and Europe that are supported by a network of 600 physicians and 800 referring optometrists. Since inception, more than 50,000 laser vision correction procedures have been performed at the Company's centers. For additional news and information about LCA-Vision and laser vision correction, please visit the Company's Web site at www.lca-vision.com.
This release contains forward-looking statements that are subject to risks and uncertainties including, but not limited to, the impact of competition and pricing, procedure demand and marketplace acceptance, and unforeseen fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
--30--de/ny*
CONTACT: LCA-Vision Inc.
Dr. Stephen N. Joffe, Chairman & CEO
Larry Rapp, VP-Finance & CFO
513/792-9292
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Good for long term stock price appreciation.
Harry |
