Joffe Says TLC Vision Corp's 2007 Performance Shows Little Evidence of Sustainable Turnaround; Short-Term Focus is Destroying Long-Term Shareholder Value

Business Wire, March 13, 2008

Rebukes Board for Costly Changes to Credit Facility That Will Drain Cash and Further Reduce Performance

Renews Call to Elect His Minority Slate to Oversee TLCV Turnaround

CINCINNATI -- Dr. Stephen N. Joffe, the Cincinnati investor and laser vision correction industry pioneer who has nominated himself and two other candidates for election to the Board of TLC Vision Corporation (NasdaqGS:TLCV), today sharply criticized the company's disappointing 2007 performance, blaming it on the board's continuing "laissez-faire oversight" and "patchwork fixes." Dr. Joffe further criticized the board's decision to accept costly changes in a credit facility that will greatly increase the difficulty of turning around TLC's business.

Last week Dr. Joffe nominated Michael Henderson, Cathy Willis and himself for election to the company's Board of Directors at the June 10, 2008 Annual Meeting.

"There is little evidence of a sustainable turnaround despite management claims to the contrary during an investor conference call held yesterday," Dr. Joffe said. "Additionally, there is simply no way that higher interest rates and possibly exorbitant covenant restructuring fees will do anything but significantly reduce cash flow and future earnings potential. The shame, of course, is that this wasteful credit facility was foisted upon shareholders to pay for a disastrous share buy-back that has now helped destroy more than 70% of the company's share value."

TLC Vision operates approximately 80 refractive centers in the U.S. and Canada. Dr. Joffe is the founder and past CEO of LCA-Vision, Inc., parent company of LasikPlus, TLC Vision's largest competitor. He has no current relationship with LCA-Vision, Inc.

Commenting on TLC's 2007 earnings, Dr. Joffe stated: "TLC's disappointing 2007 performance demonstrates yet again that there is a difference between talk and meaningful action. Missing your own quarterly guidance by 50% is an egregious error that reinforces a simple truth: the TLC board has for far too long provided laissez-faire oversight that has led to a series of patchwork fixes rather than meaningful changes built on operational insight and genuine industry experience. This is a company that lacks leadership, lacks a plan, and lacks the requisite hands-on skills to create value. We intend to change that."

Each of Dr. Joffe's director nominees offers the experience and skills to resuscitate the TLC Vision business model.

Dr. Joffe voluntarily ended his affiliation with Cincinnati-based LCA-Vision, Inc. (Nasdaq: LCAV) in early 2006. During his 10-year tenure as the company's founder, chairman and CEO, he created a company whose market value dwarfed that of TLC Vision and returned more that 4,000 percent to shareholders. The value of LCA-Vision's shares have fallen more than 75% percent since his February 2006 departure as the company's CEO.

Mr. Henderson also possesses significant refractive industry experience, having served as president and CEO of publicly traded LVC (Laser Vision Centers) Corporation from 1996 to 2000. During his tenure at LVC annual revenues grew from under $2 million to $85 million in 36 months.

Ms. Willis is a founder of Felton Willis, LLC, a market research firm that specializes in healthcare-related matters on behalf of both pharmaceutical and consumer products companies. She also offers extensive corporate marketing experience, having served in key managerial positions at P&G.

Dr. Joffe, whose call for the immediate appointment of at least one of his slate's nominees was apparently rejected by the TLC Vision board, again called for meaningful changes in the leadership and operations of the company. "TLC Vision's deteriorating cash position combined with a perilous drop in shareholder equity is a recipe for ruin," said Dr. Joffe. "If these issues are not meaningfully addressed very soon, there may not be a company left for us to rescue."

About Stephen N. Joffe

Stephen N. Joffe, MD, FACS, FCS (SA), FRCS, age 65, is past Chairman of the Board and Chief Executive Officer of LCA-Vision. He was the founder of the Company's corporate predecessor, Laser Centers of America, Inc., and served as its Chairman of the Board and Chief Executive Officer from its formation in 1985 until its merger into LCA-Vision in 1995. In 1983, Stephen Joffe also founded and served as Chairman of Surgical Laser Technologies, Inc. until 1989. He is presently the Chief Executive Officer of the Joffe Foundation, a non-profit charity and Co-Chairman of Joffe LLC, a healthcare services company. In addition, Dr. Joffe is an Esteemed Quondam Professor of Surgery at the University of Cincinnati Medical Center, an honor he has held since 1990. He has held other medical faculty appointments at the Universities of London, Glasgow and Cincinnati and fellowships in the American College of Surgeons and the Royal College of Surgeons of Edinburgh and Glasgow. He has published 170 articles in peer-reviewed and scientific journals and authored 35 chapters for medical books as well as written and edited several books on lasers and their application to medicine and surgery