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Founders & Former Executive Management Team of LCA-Vision Seek Change to Rescue Company
Date:11/21/2008

icant stock position in the Company, we have had the opportunity to speak to a number of LCAV's shareholders and analysts. Needless to say, we are not the only ones unhappy with the Company's performance. We are also not the only shareholders who question the correlation between the Company's dismal performance and the management team's lack of relevant experience in health care, let alone LASIK. From hamburgers and fast food chicken, to parking lot operators and rental car agencies, there is indeed diversity of experience among the ranks of LCAV's senior management team. Yet, somehow the fact that LCAV is fundamentally a health care provider of a highly specialized surgical procedure has been lost on everyone -- everyone except LCAV's shareholders, physicians, optometrists, employees, and ever-diminishing pool of patients.

As experienced LASIK executives and significant shareholders, for us the massive destruction in shareholder value in such a short period of time was a wake up call for change. Yet, despite (or maybe because of) our experience, we have not been asked to help rescue the Company as it recklessly plunges down a path to self-destruction.

We are scratching our heads why the alarm bells aren't ringing loudly for the Board of Directors as to the crisis unfolding before their very eyes. With a burn rate of approximately $2 million of cash per month, it shouldn't take 20/20 vision to see where the Company is going without a fundamental change in strategic direction and leadership.

As a group, the three of us own 11.4% of the Company's shares. In contrast, the entire Board of Directors owns less than 1% collectively. And of the Board's ownership, approximately half of the shares held by the Board were granted by the Company as compensation to the Board for their service. In fact, 3 of the 4 independent directors of the Board are currently out of compliance with the Company's own policy
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SOURCE Stephen N. Joffe
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