TLC and LaserVision Announce Completion of Merger; Introducing TLC Vision Corporation, North America's Premier Eye Surgery Company

Business Wire, May 15, 2002

Business Editors & Health/Medical Writers

MISSISSAUGA, Ontario & ST. LOUIS--(BUSINESS WIRE)--May 15, 2002

TLC Laser Eye Centers Inc. (NASDAQ:TLCV; TSX:TLC) announced today that its merger with Laser Vision Centers Inc. (NASDAQ:LVCI) has become effective.

LaserVision shareholders will receive 0.95 TLC common shares for each LaserVision share held prior to the completion of the merger. TLC shares will trade on the TSX and NASDAQ under the name TLC Laser Eye Centers Inc. on May 16, 2002, but will change to trade under the new name, TLC Vision Corporation, on May 17, 2002. The stock symbols for TLC Vision Corporation will remain "TLC" on the TSX and "TLCV" on the NASDAQ National Market.

Leading the combined company as Chairman & CEO is Elias Vamvakas. John J. (Jack) Klobnak has assumed a non-executive Vice Chairmanship and will continue as a corporate director for approximately one year, after which time he intends to retire. James Wachtman is President & COO. The combined company's CFO is Charles Bono. Robert W. May and Lloyd D. Fiorini are co-general counsels. The executives have over 85 years of combined corporate healthcare experience.

"After eight months and thousands of hours of strategic and integration planning, today we are ready to do business as the new TLC. As a doctor driven organization, we are dedicated to improving lives through better vision, by providing eye doctors the tools that they need to deliver high quality patient care. We have developed a solid operating model to maximize the strengths of both organizations to deliver a wide array of services to optometry and ophthalmology," commented Wachtman.

Vamvakas said, "More than just a simple business combination, this merger creates a sum greater than its two parts. TLC Vision Corporation essentially serves as the platform for growth of businesses that joins a large network of affiliated eye care providers with existing and emerging technologies. The company is currently comprised of four key businesses:

-- Refractive: TLC Laser Eye Centers and Laser Vision Centers operate 128 fixed
refractive centers and 300 mobile refractive access sites located in the
provinces of Ontario, New Brunswick and all 48 contiguous states of the U.S.

-- Midwest Surgical Services: Provides mobile access to cataract surgery
equipment and services to doctors and surgery centers at over 280 sites
throughout the U.S.

-- The Vision Source: The largest U.S.optometric franchising organization with
over 580 locations in 34 states

-- OR Partners: Develops and operates single specialty (eye) ambulatory surgery
centers (ASC's) where independent surgeons perform a variety of surgical
procedures.

"In addition, TLC Vision will continue to pursue new growth opportunities related to eye care that provide value to our affiliated eye doctors and that take advantage of our infrastructure, information systems and technological assets," commented Vamvakas.

Visit our web site at http://www.tlcvision.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","intends", "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 TLC'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. TLC assumes no obligation to update the information contained in this press release.