1-800 CONTACTS Announces Close of ClearLab Transactions
05 Julio 2007 - 4:00PM
PR Newswire (US)
DRAPER, Utah, July 5 /PRNewswire-FirstCall/ -- 1-800 CONTACTS, INC.
(NASDAQ:CTAC) (the "Company") today announced that it has closed
the transactions for the sale of its ClearLab business. The Company
sold ClearLab's flat pack technology and certain other intellectual
property to Menicon Co., Ltd., Japan's largest independent contact
lens manufacturer on June 15, 2007, and sold ClearLab's
manufacturing, distribution and customer support operations to Mi
Gwang Contact Lens Co., Ltd., a Korean-based contact lens
manufacturer on June 30, 2007. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040107/LACONTACTSLOGO )
Jonathan Coon, Chief Executive Officer, remarked, "We have now
finalized these transactions that we announced on May 29. We
received the expected $32 million in cash and $6.5 million in Mi
Gwang's stock upon closing these transactions, which will allow us
to pay off all of our outstanding debt and capital lease
obligations. In addition, as previously announced, we expect to
receive from Menicon deferred cash payments of up to $5 million
upon Menicon reaching certain milestones, as well as possible
earn-out payments over a minimum fifteen-year term." About 1-800
CONTACTS, INC. 1-800 CONTACTS offers consumers an attractive
alternative for obtaining replacement contact lenses in terms of
convenience, price, and speed of delivery. Through its
easy-to-remember, toll-free telephone number, "1-800 CONTACTS"
(1-800-266-8228), and its Internet web site,
http://www.1800contacts.com/, the Company sells all of the popular
brands of contact lenses. 1-800 CONTACTS offers products at
competitive prices, while delivering a high level of customer
service. ClearLab develops and manufactures a wide range of
disposable contact lens products and distributes these lenses in
markets outside of the United States. More information about
ClearLab can be found at its website, http://www.clearlab.com/.
About Menicon Co., Ltd. Menicon Co., Ltd.
(http://www.menicon.com/), founded by Mr. Kyoichi Tanaka in 1951,
is the largest independent contact lens manufacturer in Japan and
the only manufacturer in the world dedicated to all areas of
contact lens related businesses including development and
manufacturing of hyper-Dk GP Lenses, silicone hydrogel lenses, and
multi purpose lens care solutions. About Mi Gwang Contact Lens Co.,
Ltd Mi Gwang is one of the leading contact lens manufacturers in
Korea. Mi Gwang is publicly traded on the Korea Stock Exchange.
More information can be found at its website,
http://www.migwang.com/ or at the Korea Exchange website,
eng.krx.co.kr (ticker: 066850). Forward-looking Statements This
press release contains a number of statements about the Company's
future business prospects which are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements include all statements
which are not purely historical and include, but are not
necessarily limited to, all statements relating in any way to the
transactions with Menicon and Mi Gwang; the anticipated future
consideration to be paid by Menicon; and all post-closing
obligations of the Company, Menicon, or Mi Gwang. All such
forward-looking statements are based upon information available to
the Company as of the date hereof, and the Company disclaims any
intention or obligation to update any such forward-looking
statements. Actual results could differ materially from current
expectations. Factors that could cause or contribute to such
differences include, among others, the risks and uncertainties
identified in the reports filed from time to time by the Company
with the U.S. Securities and Exchange Commission, including the
Company's most recent Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q. Information on the Company's websites, other
than the information specifically referenced in this press release,
shall not be deemed to be part of this press release.
http://www.newscom.com/cgi-bin/prnh/20040107/LACONTACTSLOGO
http://photoarchive.ap.org/ DATASOURCE: 1-800 CONTACTS, INC.
CONTACT: Brian W. Bethers, President, or Robert G. Hunter, CFO,
both of 1-800 CONTACTS, INC., +1-801-316-5000, Web site:
http://www.1800contacts.com/ http://www.clearlab.com/
http://www.menicon.com/ http://www.migwang.com/
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