BeaconEye Inc Enters into Agreement With TLC the Laser Center Inc.TORONTO--(BUSINESS WIRE)--Feb. 27, 1998--BeaconEye Inc. (T-BEY) today announced that it has entered into an agreement with TLC TLC total lung capacity; thin-layer chromatography. TLC abbr. 1. thin-layer chromatography 2. The Laser Center Inc. (LZR-T, LZRCF-Q) pursuant to which, among other things, TLC has agreed to make a take-over bid (the "Offer") for all of the issued and outstanding common shares of BeaconEye Inc. (the "Shares"). The price to be paid by TLC pursuant to the Offer will be $1.50 per Share, payable in common shares of TLC which are to be valued at the weighted average closing price of the common shares of TLC on the 20 days ending on the last trading day Last Trading Day The final day that a futures or options contract may trade or be closed out before delivery of the underlying asset must occur. Notes: If the buying and selling parties do not arrange an alternate agreement, the physical commodity must be delivered from prior to take up Shares of Beacon under the Offer. The TLC shares will be valued at a price not to exceed $18.75 or to be less than $17.50. TLC announced that it is in receipt of irrevocable lock-up agreements and/or commitments from shareholders of Beacon owning in the aggregate, approximately 75% of the Shares. These shareholders have agreed to tender such Shares to the Offer. The board of directors of Beacon has agreed to recommend that holders of common shares of Beacon accept the Offer. TLC has agreed to mail the formal Offer as soon as practical and in any event on or before March 16, 1998. The Offer will be subject to a limited number of conditions, including that at least 66 and two-thirds percent of the Shares are validly deposited to the Offer and are not withdrawn. TLC has agreed to take over management of Beacon immediately and provide the necessary funding of Beacon's operations until the Offer is completed. Beacon provides facilities and services for the performance of laser vision correction including Laser-PRK or photorefractive keratectomy Photorefractive keratectomy (PRK) A procedure that uses an excimer laser to make modifications to the cornea and permanently correct myopia. Mentioned in: Myopia, Radial Keratotomy photorefractive keratectomy , and LASIK LASIK laser-assisted in-situ keratomileusis. LA·SIK n. Eye surgery in which the surface of the cornea is reshaped using a laser, performed to correct certain refractive disorders such as myopia. , or laser-assisted in situ keratomileusis laser-assisted in situ keratomileusis n. LASIK. Laser-assisted in situ keratomileusis (LASIK) A type of refractive eye surgery using a laser and another instrument to change the shape of the cornea. . Both procedures are performed with an excimer laser which generates ultraviolet light for reshaping the eye to correct nearsightedness nearsightedness or myopia, defect of vision in which far objects appear blurred but near objects are seen clearly. Because the eyeball is too long or the refractive power of the eye's lens is too strong, the image is focused in front of the , farsightedness, and astigmatism astigmatism (əstĭg`mətĭz'əm), type of faulty vision caused by a nonuniform curvature in the refractive surfaces—usually the cornea, less frequently the lens—of the eye. and improve natural vision reducing the need to wear glasses or contact lenses. Beacon now operates 11 laser vision correction centers with locations in Toronto and Markham, Ontario; San Antonio, Austin, Dallas/Fort Worth, and Houston, Texas; Denver, Colorado; Fort Lauderdale and Tampa, Florida; Atlanta, Georgia; and Irvine, California. CONTACT: Richard L. Lockie Chairman of the Special Committee of independent directors of BeaconEye Inc. Phone: (416) 213-4227 Facsimile: (416) 213-4232 |
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