Coastal announces final results of issuer bid


    TSX Symbol: COA

    VANCOUVER, Feb. 26 /CNW/ - Coastal Contacts Inc. (TSX: COA) announced
today the final results of its previously announced modified "Dutch Auction"
substantial issuer bid to repurchase up to 7,000,000 of its common shares (the
"Offer"), which expired at 5:00 p.m., Eastern time, on Monday, February 25,
    Based on the final report provided by the depository for the Offer,
Coastal will purchase for cancellation 6,837,344 common shares at a price of
$1.25 per share, for a total cost of $8,546,680. These shares represent
approximately 9.6% of the shares outstanding as of February 25, 2008. After
the repurchase, approximately 64.2 million common shares will remain
    Payment for common shares tendered and accepted for purchase under the
Offer will be made as soon as practicable in accordance with the terms of the

    Important Income Tax Information for Coastal Shareholders

    As described in the Offer to Purchase and Issuer Bid Circular describing
the Offer that was mailed to Coastal's shareholders, Coastal is hereby
designating the entire amount of the deemed dividend arising from its purchase
of common shares under the Offer as an "eligible dividend" for purposes of the
enhanced dividend tax credit pursuant to subsection 89(14) of the Income Tax
Act (Canada) and any relevant provincial legislation of comparable effect.
This notice meets the requirements of the Income Tax Act (Canada). Please
contact your tax advisor if you have any questions with regard to the
designation of the eligible dividends.

    About Coastal Contacts:

    Coastal Contacts is one of the world's fastest growing vision care
suppliers. Leveraging its world class operations in North America, Europe and
Asia, Coastal is building a predictable recurring revenue stream in the
contact lens segment and is developing complementary branded vision care
products. Already No. 1 in many of its markets, Coastal is rapidly advancing
toward its goal of becoming the "World's Optical Store."

    This news release is for informational purposes only and does not
constitute an offer to buy or the solicitation of an offer to buy or the
solicitation of an offer to sell common shares of Coastal. The full details of
the Offer are described in the Company's offer to purchase and issuer bid
circular and related materials filed by Coastal with Canadian securities
regulatory authorities.
    This news release contains certain forward-looking statements that
reflect the current views and/or expectations of Coastal Contacts Inc. with
respect to its performance, business and future events. Investors are
cautioned that all forward-looking statements involve risks and uncertainties
including, without limitation, those relating to changes in the market,
potential downturns in economic conditions, credit market conditions and
consumer credit risk, limited suppliers, inventory risk, disruption in our
distribution facilities, foreign exchange fluctuations, regulatory
requirements, demand for contact lenses, changes in business strategy,
competition and dependence on the internet. These risks, as well as others,
including those described in detail in Coastal's Annual Information Form and
other filings with Canadian securities regulatory authorities, could cause
actual results and events to vary significantly. Coastal Contacts does not
undertake any obligations to release publicly any revisions for updating any
voluntary forward-looking statements.

    %SEDAR: 00020338E

For further information:

For further information: Terry Vanderkruyk, Vice President, Corporate
Development, Coastal Contacts Inc., (604) 676-4498,

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890