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Glass Lewis Recommends Shareholders Support LCA-Vision Board of Directors and Reject All Three Proposals by Dissident Joffe Group
Date:2/27/2009

Urges LCA-Vision Stockholders to Vote GOLD

CINCINNATI, Feb. 27 /PRNewswire-FirstCall/ -- LCA-Vision Inc. (Nasdaq: LCAV) announces that Glass Lewis & Co., LLC, a leading independent research and proxy advisory firm, today recommended that LCA-Vision stockholders vote to retain the Company's current Board of Directors and reject all of the proposals, including the removal of the current Directors and election of replacement Directors, in the Joffe Group's consent solicitation.

In short, Glass Lewis recommends that LCA-Vision stockholders vote the GOLD card on all three proposals.

In its report, Glass Lewis concludes that:

  • The incumbent directors of LCA-Vision are in the best position to guide the Company during a turnaround period.
  • The current management team has articulated a plan to enhance shareholder value by: 1) preserving cash through cash and expense management; 2) enhancing marketing strategies; 3) expanding the Company's marketing presence into new domestic markets; and 4) expanding the existing business model into other complementary medical procedures and services through a new Lifetime Vision model.
  • The Joffe Group's operations plan and business strategy as presented are "particularly thin."
  • Glass Lewis cannot support the appointment of Stephen Joffe as a Director, in light of accounting discrepancies at the Company during the tenure of Joffe Group members Stephen Joffe, Craig Joffe and Alan Buckey as senior executive officers of the Company.
  • The Company, under Stephen Joffe's leadership (and while Alan Buckey was CFO), "was not effectively managing its financial reporting practices or lacked internal accounting expertise."
  • Edward VonderBrink, as chairman of the audit committee at
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SOURCE LCA-Vision Inc.
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