/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES./
TSX Symbol: COA
VANCOUVER, Oct. 24 /CNW/ - Coastal Contacts Inc. (TSX: COA) ("Coastal
Contacts") announced today that the Toronto Stock Exchange (the "Exchange")
has accepted Coastal Contacts' notice of intention to make a normal course
issuer bid for its common shares through the facilities of the Exchange. On
October 26, 2007, Coastal Contacts may commence making purchases of up to a
maximum of 4,607,285 common shares, which represents approximately 10% of the
46,072,852 common shares of Coastal Contacts held by persons other than senior
officers, directors and principal shareholders of Coastal Contacts. Any shares
acquired will be purchased at the market price up to a maximum of
21,778 common shares per day, subject to the block purchase exemption, and
will be cancelled following purchase.
Under a normal course issuer bid which began on October 16, 2006 and
expired on October 17, 2007, the company purchased a total of 3,818,600 shares
of its common stock at an average price of $1.05 per share, out of the
4,933,641 shares approved for purchase.
Roger Hardy, President and Chief Executive Officer stated, "The issuer
bid represents our confidence in the Company's future prospects as we invest
in our own stock. We believe this activity when combined with our growth and
planned product introductions, will be in the best interests of our
shareholders over time."
The bid will terminate on the earlier of the date determined by Coastal
Contacts and October 25, 2008. Coastal Contacts currently has
71,413,112 issued and outstanding common shares.
About Coastal Contacts:
Coastal Contacts is one of the world's fastest-growing vision care
suppliers. Leveraging its world class operations in Europe, North America 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 dominant global vision care supplier.
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, limited suppliers, inventory risk,
disruption in our distribution facilities, foreign exchange fluctuations,
changes in business strategy, regulatory requirements, demand for contact
lenses, competition and dependence on the internet. These risks, as well as
others, 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.
Not for distribution to United States newswire services or for
dissemination in the United States.
For further information:
For further information: Terry Vanderkruyk, Vice President, Corporate
Development, Coastal Contacts Inc., (604) 676-4498,