LCA-Vision asks shareholders to reject investor committee's consent solicitation

By Lisa Kerner

Charlotte, N.C., Feb. 19 - LCA-Vision Inc. chief executive officer Steven C. Straus asked the company's shareholders to reject the dissident slate of director nominees put forth by the LCA-Vision Full Value Committee.

The committee, led by LCA-Vision founder and former chief executive officer Dr. Stephen Joffe, began a consent solicitation to replace the company's board of directors with Joffe, Jason T. Mogel, Robert Probst, Edward J. VonderBrink and Robert H. Weisman, it was previously reported.

In addition to Joffe, the committee includes LCA-Vision's former chief operating officer, Craig Joffe, and its former executive vice president of finance, Alan Buckey.

Straus, in a Feb. 19 letter to shareholders, said the committee's plans will derail LCA-Vision's recent progress and "kill the momentum your board and management team have begun to achieve."

LCA-Vision's board "has taken decisive action to fix a broken business model inherited from former management that does not work in the current economic environment," the letter said.

According to Straus, in 2008 LCA-Vision cut general and administrative expenses by 11% and reduced capital expenditures by 48% compared to 2007.

LCA-Vision Full Value Committee said previously that it is LCA-Vision's largest stockholder, owning approximately 11.4% of the Cincinnati-based laser vision correction services company's outstanding shares.

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