VANCOUVER, April 16, 2014 /CNW/ - Coastal Contacts Inc. ("Coastal.com"
or "the Company") (NASDAQ: COA) (TSX: COA) announced today that the
Company's shareholders have approved the proposed acquisition of
Coastal.com by Essilor International (Compagnie Générale d'Optique),
S.A. ("Essilor") under which Essilor has agreed to acquire all of the
issued and outstanding common shares of Coastal.com for a purchase
price of CAD$12.45 per share, representing a net equity value of
approximately CAD$430 million (the "Transaction").
At the annual general and special meeting of Coastal.com's shareholders
held this morning, the Transaction was approved by approximately 100%
of the votes cast by shareholders, including by approximately 100% of
the votes cast by shareholders excluding the votes attached to shares
owned by certain executive officers as required under applicable
The closing of the Transaction remains subject to final court approval,
approval under the Competition Act, and the satisfaction or waiver of the other customary conditions. An
application for final court approval is scheduled to be heard by the
British Columbia Supreme Court on April 23, 2014. Subject to court
approval being obtained, receipt of Competition Act approval and the satisfaction or waiver of all remaining closing
conditions, the Transaction is expected to close by the end of April
The world's leading ophthalmic optics company, Essilor designs,
manufactures and markets a wide range of lenses to improve and protect
eyesight. Its corporate mission is to enable everyone around the world
to access lenses that meet his or her unique vision requirements. To
support this mission, the Company allocates more than €150 million to
research and innovation every year, in a commitment to continuously
bring new, more effective products to market. Essilor's flagship brands
are Varilux®, Crizal®, Definity®, Xperio®, OptifogTM, Foster Grant®,
Bolon® and Costa®. It also develops and markets equipment, instruments
and services for eyecare professionals.
Essilor reported consolidated revenue of over €5 billion in 2013 and
employs more than 55,000 people. It operates in some 100 countries with
28 plants, more than 450 prescription laboratories and edging
facilities, as well as several research and development centers around
the world. For more information, please visit www.essilor.com.
The Essilor share trades on the NYSE Euronext Paris market and is
included in the Euro Stoxx 50 and CAC 40 indices.
Codes and symbols: ISIN: FR0000121667; Reuters: ESSI.PA; Bloomberg:
Coastal.com is a leading manufacturer and online retailer of eyewear
products offered through a family of world class websites. Established
in 2000, the Coastal.com family of brands offers an extensive, in stock
selection of prescription eyewear, contact lenses and sunglasses.
Coastal.com's vision is to make the process simple, either on-line or
at one of our retail showrooms, so our customers can see everything
life has to offer. For more information about Coastal.com, please
Cautionary Note Regarding Forward-Looking Statements
All statements made in this news release which are not current
statements or historical facts constitute "forward-looking information"
within the meaning of applicable Canadian securities laws and
"forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, Section 21E of the United States Securities Exchange Act of 1934, the Private Securities Litigation Reform Act of 1995, or in releases made by the United States Securities and Exchange
Commission, all as may be amended from time to time, and the words
"may", "would", "could", "will", "intend", "plan", "anticipate",
"believe", "estimate", "expect", "goal", "target", "should", "likely",
"potential", "continue", "project", "forecast", "prospects", and
similar expressions typically are used to identify forward-looking
information and statements.
Forward-looking information and statements are based on the then-current
expectations, beliefs, assumptions, estimates and forecasts about the
Transaction, Coastal.com's business and the industry and markets in
which it operates. Forward-looking information and statements are not
guarantees of future performance and involve risks, uncertainties and
assumptions which are difficult to predict. You are cautioned that
forward-looking information and statements are subject to a number of
known and unknown risks, uncertainties and other factors, many of which
are beyond Coastal.com's control that could cause Coastal.com's actual
future results or performance to be materially different from those
that are disclosed in or implied by the forward-looking information.
These factors include, but are not limited to, risks and uncertainties
associated with the timely receipt of court and regulatory approvals in
connection with the Transaction; changes in the market; potential
downturns in economic conditions; consumer credit risk; Coastal.com's
ability to implement its business strategies; competition from
traditional and online retailers; limited suppliers; limited
availability of inventory; disruption in Coastal's distribution
facilities; mergers and acquisitions; foreign currency exchange rate
fluctuations; regulatory requirements; demand for contact lenses,
eyeglasses and related vision care products; the risk that Coastal.com
will not be successful in defending against litigation; dependence on
the Internet; and the other risks detailed in Coastal.com's filings
with the Canadian securities regulatory authorities.
You should not place undue reliance on forward-looking information and
statements which are qualified in their entirety by this cautionary
note. Forward-looking information and statements in this news release
are made as of the date hereof and Coastal.com expressly disclaims any
intent or obligation to update such forward-looking information or
statements, unless Coastal.com specifically states otherwise or as
required by applicable law.
For a complete discussion of the assumptions, risks and uncertainties
related to Coastal.com's business, you are encouraged to review
Coastal.com's filings with the Canadian securities regulatory
authorities filed on SEDAR at http://www.sedar.com.
SOURCE: Coastal Contacts Inc.
For further information:
Chief Corporate Development Officer
Liolios Group, Inc.
Scott Liolios or Cody Slach