TLCVision Acquires Leading Phoenix ASC
Business Editors/Health/Medical Writers
TORONTO–(BUSINESS WIRE)–Sept. 5, 2003
TLC Vision Corporation (NASDAQ:TLCV) (TSX:TLC), North America’s premiere eye care services company, announced today it’s subsidiary, OR Partners(SM), has acquired a majority interest in Phoenix Eye Surgical Center located in Phoenix, Arizona.
OR Partners develops, acquires and manages single specialty ophthalmic ambulatory surgery centers (“ASCs”) in partnership with physician practices. These centers provide out-patient eye surgery services in a less institutional atmosphere than can be achieved in a hospital setting and appeal to doctors seeking alternative revenue sources, improved efficiencies and financial partners. While the Company’s doctor partners focus on providing high levels of quality patient care, OR Partners manages the clinical services, physician recruitment, administration, business operations, licensing and certification, facility accreditation and financial reporting of the surgery center.
Led by Robert McCulloch, MD, a 20-year veteran of cataract surgery, and his partner, Daniel Feller, MD, the Phoenix Eye Surgical Center houses a state-of-the-art out-patient surgery suite where a number of ophthalmic procedures are performed.
Dr. McCulloch said, “I am very excited about being associated with OR Partners. They’re well capitalized, managed by a team of experienced professionals and committed to achieve results. Most importantly from a physician’s perspective, OR Partners understands that patients are the number one priority in my practice.”
“We expect to continue to acquire or develop similar centers in association with some of the country’s most prominent ophthalmic surgeons, all of which will immediately contribute to TLCVision’s cash flow and profitability,” commented Jim Wachtman, TLCVision’s President and COO.
TLC Vision Corporation is North America’s premier eye care services company. TLCVision enjoys a number of valuable assets including an affiliated network of more than 12,500 optometrists and 1,000 ophthalmic surgeons, access to some of the newest clinical technologies, proven patient education and marketing programs, state-of-the art information systems, a strong operations management culture and a number of well established corporate brands. The Company’s common shares trade on the NASDAQ National Market under the symbol ‘TLCV’ and on the Toronto Stock Exchange under the symbol ‘TLC’. The Company currently has 65,356,000 common shares issued and outstanding. Visit TLCVision’s web site at www.tlcv.com and OR Partners’ web site at www.orpartners.com.
Forward Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934, which statements can be identified by the use of forward looking terminology, such as “may”, “will”, “expect”, “intend”, “anticipate”, “estimate”, “predict”, “plans” or “continue” or the negative thereof or other variations thereon or comparable terminology referring to future events or results. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous factors, including the timing of expenditures, effects of competition, changes to pricing, acquisitions and expansion opportunities, any of which could cause actual results to vary materially from current results or TLCVision’s anticipated future results. See the Company’s reports filed with the Canadian Securities Regulators and the U.S. Securities and Exchange Commission from time to time for cautionary statements identifying important factors with respect to such forward looking statements, including certain risks and uncertainties, that could cause actual results to differ materially from results referred to in forward looking statements. TLCVision assumes no obligation to update the information contained in this press release.
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