TLC Vision disagrees with dissident shareholder's claims

By Lisa Kerner

Charlotte, N.C., Feb. 21 - TLC Vision Corp. turned down shareholder Stephen N. Joffe's offer to join the company as executive chairman or chief executive officer.

Company chairman Warren S. Rustand said TLC Vision does not agree with the views expressed by the dissident shareholder and believes that the company has the right strategy, people and business model in place to stay in business and be successful.

Rustand, in a Feb. 21 letter to Joffe, cited TLC Vision's recent mid-quarter update, which indicates that despite overall weak industry results, TLC Vision is showing "significant progress."

"Our procedure numbers for 2007 were well ahead of the industry and our competitors. January procedure volumes were at a significant multiple of the projected growth rate in the industry," Rustand said in the letter included in a company news release.

Rustand noted that the decline in TLC Vision's share price is consistent with declines by other companies in TLC Vision's peer group over the same period.

"With a revised business model, a recapitalized company and a very focused and dedicated group of employees, our board of directors is confident in our ability to drive long-term shareholder value," Rustand concluded.

TLC Vision is a St. Louis-based eye care services company.

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