Coastal Contacts Announces Proposed Offering of Common Shares

VANCOUVER, British Columbia, Nov. 9, 2012 (GLOBE NEWSWIRE) -- Coastal Contacts Inc. ("Coastal") (Nasdaq:COA) (TSX:COA) (Stockholm:COA.ST), an online retailer of vision care products, announced today that it intends to offer, on a marketed basis, common shares (the "Common Shares") of Coastal to raise aggregate gross proceeds of approximately U.S.$40.0 million, approximately U.S.$35.5 million for the account of Coastal and approximately U.S.$4.5 million for the account of certain of Coastal's directors and executive officers (the "Selling Shareholders"). Coastal will not receive any proceeds from the sale of Common Shares by the Selling Shareholders. The offering of Common Shares by Coastal and the Selling Shareholders is collectively referred to as the "Offering." The Offering will be priced in the context of the market with the final terms of the Offering to be determined at the time of pricing.

William Blair & Company, L.L.C., is acting as sole bookrunning manager, and Roth Capital Partners, LLC, Craig-Hallum Capital Group LLC, Octagon Capital Corporation and PI Financial Corp. are acting as co-managers of the Offering (collectively, the "Underwriters"). Coastal will also grant the Underwriters an over-allotment option to purchase additional Common Shares on the same terms as the Offering, in an amount equal to up to 15% of the number of Common Shares sold pursuant to the Offering, to cover over-allotments, if any, and for market stabilization purposes. This option will be exercisable for a period of 30 days following closing.

Coastal intends to use the net proceeds from the Offering to accelerate its customer acquisition strategy, make certain capital expenditures and improve working capital to fund growth in new and existing distribution channels.

The Offering will be made pursuant to a supplement dated November 9, 2012 (the "Prospectus Supplement") to Coastal's short form base shelf prospectus dated November 7, 2012 (the "Shelf Prospectus"), both filed in British Columbia and Ontario, as well as in the United States as part of an effective registration statement on Form F-10 filed with the U.S. Securities and Exchange Commission in accordance with the multi-jurisdictional disclosure system adopted by the United States and Canada.

When available, copies of the Prospectus Supplement and the Shelf Prospectus may be obtained from William Blair & Company, L.L.C., Attention: Prospectus Department, 222 West Adams Street, Chicago, Illinois 60606, or by email at prospectus@williamblair.com or by calling toll-free 800-621-0687.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Closing of the Offering will be subject to certain conditions, including receipt of approvals of The NASDAQ Stock Market LLC and the Toronto Stock Exchange. The Offering is subject to market conditions, and there can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering.

About Coastal Contacts

Coastal Contacts Inc. is one of the largest online retailers of vision care products in the world. Coastal empowers customers to easily browse, try on and buy eyewear—saving time, money and sanity. With every pair of qualifying frames purchased, Coastal donates a pair to someone in need through its Change the View project. Founded in 2000, Coastal designs, produces and distributes the largest selection of glasses and contact lenses on the Internet, including a unique combination of designer glasses, contact lenses, sunglasses, and vision care accessories. Coastal serves customers in more than 150 countries through the Coastal Contacts family of websites including: Coastal.com, ClearlyContacts.ca, Lensway.com, Lensway.co.uk, Lensway.se, Lensway.com.br, ClearlyContacts.com.au, ClearlyContacts.co.nz, Contactsan.com, and Coastallens.com.

         CONTACT: Terry Vanderkruyk
         Vice President, Corporate Development
         Coastal Contacts Inc.
         604.676.4498
         terryv@coastal.com
         or
         Liolios Group Inc.
         Scott Liolios or Cody Slach
         949.574.3860
         COA@liolios.com