Beaconeye Inc. Continuing To Explore Options To Maximize Shareholder Value.VANCOUVER--(BUSINESS WIRE)--Jan. 13, 1998--BeaconEye Inc. (BEY-T) is continuing to work with its financial advisor, CIBC Wood Gundy CIBC Wood Gundy was created in 1988 with the purchase of Wood Gundy Inc. by CIBC. CIBC Wood Gundy is a division of CIBC World Markets. Canadian Imperial Bank of Commerce Chief Executive Officer: Gerald T. McCaughey | FY 2006 Statistics: Net income: $2. Securities Inc. to explore options for maximizing shareholder value, including financing alternatives, potential mergers and acquisitions, and a sale of the Company. On Friday, January 9, 1998, TLC TLC total lung capacity; thin-layer chromatography. TLC abbr. 1. thin-layer chromatography 2. The Laser Center Inc. announced that it intends to make a take-over bid for all of the issued and outstanding shares of Beacon at a price of 40 cents cash per common share. TLC has indicated that the bid will be subject to conditions, including the requirement that at least 90 percent of Beacon common shares are validly deposited under the bid and not withdrawn, and no material adverse change occurs in the business and affairs of Beacon. TLC announced that it will mail a formal take-over bid circular as soon as possible after it receives a list of shareholders of Beacon. To facilitate the mailing of the offer to shareholders and at the request of TLC, Beacon has provided a list of shareholders to TLC. The Board of Directors of Beacon intends to consider TLC's offer once it has been received. Beacon is continuing to consider other alternatives that may be available and is continuing discussions with parties including ICON Vision Centers, Inc. and LCA-Vision Inc. There can be no assurance that any transaction with any third party will be consummated. As previously announced, Beacon has extended the payment period for many of its accounts payable and has deferred payment of certain capital and operating lease Operating Lease A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset. Notes: An operating lease is not capitalized it is accounted for as a rental expense. obligations and will require additional financing by early February. Beacon reported that 2,578 procedures were performed in its laser vision correction centers in the three-month period ending December 31, 1997. The number of procedures performed in the final quarter of 1997 increased by 28% over the prior quarter and represented more than 2.6 times the number performed in the same period in 1996. In December 1997, 930 procedures were performed despite the disruption of the holidays. On January 12, 1998 the Company accepted Dr. Raymond Stein's resignation from the Beacon Board of Directors. Dr. Stein will retain his position as Beacon's Medical Consultant and will continue to perform laser vision correction in Beacon's Toronto facility. 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 A gas laser in which a very short electrical pulse excites a mixture containing a halogen such as fluorine and a rare gas such as argon or krypton. It produces a brief, intense pulse of ultraviolet light. 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: Keith Moore Phone: (905) 897-1366 e-mail: kmoore@beaconeye.com |
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