To All,
Latest release from LCA Vision, good news.
Harry
tscn.com
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3/26/99 - Lca-Vision Completes Exchange of Series B-1 Convertible Preferred for Common Stock, Pays Down Debt
CINCINNATI (March 26) BW HEALTHWIRE -March 26, 1999--LCA-Vision Inc. (NASDAQ: LCAV), a leading U.S. provider of laser vision correction services, today announced that the holders of the remaining $2,025,000 of the Company's 6% Series B-1 convertible preferred stock have converted their shares to 1,225,492 shares of LCA-Vision common stock. With today's announcement, all Series B-1 convertible preferred shares and dividends have been converted to shares of LCA-Vision common stock.
LCA-Vision also announced that, due to strong cash flow during the 1999 first quarter, the Company has repaid its term loan with a commercial bank of approximately $2 million, raising the available line of credit with that institution to approximately $7 million. The Company has further decreased debt through the repayment of a loan and interest from its majority shareholder of approximately $2.1 million.
LCA-Vision operates laser vision correction centers in the U.S., Canada and Europe, which 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.
CONTACT: LCA-Vision Inc. Dr. Stephen N. Joffe, Chairman & CEO
Larry Rapp, VP-Finance & CFO (513) 792-9292
or INVESTOR RELATIONS CONTACTS
Lippert/Heilshorn & Associates, Inc.
Bruce Voss (Bruce@lhai.com)
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