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news.Eye care services company TLC Vision has said that JEGC was unable to complete the purchase of TLC Vision's remaining 18.8 million common shares of OccuLogix by the deadline of October 12, 2007.
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JEGC retains a non-exclusive right to purchase the shares under the agreement, which remains in effect subject to both parties’ right to terminate the agreement.
Earlier, TLC Vision announced the sale of 1.9 million shares of OccuLogix common stock to JEGC at a price of $1.05 per share for proceeds of $2 million.
Jim Wachtman, president and chief executive officer of TLC Vision, stated: “OccuLogix recently announced that its board of directors authorized the exploration of strategic alternatives to enhance shareholder value. As the largest stockholder of OccuLogix, we fully support that effort.
“We also believe that the recent trading price range of its shares does not properly reflect the value of OccuLogix’ technologies, business activities, or future prospects.”