VANCOUVER, British Columbia, Feb. 16, 2010 (GLOBE NEWSWIRE) -- Coastal Contacts Inc., the worlds largest online retailer of contact lenses and eyeglasses (TSX:COA) (Stockholm:COA) ("Coastal" or the "Company"), announced today that it has placed orders for additional eyeglass lens edging systems in order to meet unprecedented demand from numerous markets for eyeglasses.
"We are greatly encouraged by the feedback we are receiving from customers that have ordered and enjoyed eyeglasses from Coastal, making it clear we are creating a positive buzz. The market is very receptive to an alternative to the traditional retail optical channel," stated Mr. Roger Hardy, Coastal's President and CEO. "A recent example of the demand we are experiencing saw Coastal receive approximately 1,900 orders for eyeglasses in a day, largely in response to a successful marketing promotion in one city. We believe that Coastal's eyeglasses business could exceed $20 million in sales in fiscal 2010.
The Company will be installing additional state of the art edging equipment over the next few months and hiring additional skilled personnel, which will expand capacity to manufacture up to 4,500 pairs of eyeglasses a day from our North American facility." Mr. Hardy added, "We are positioning Coastal to emerge as the leader in the rapidly growing online eyeglasses category."
About Coastal Contacts:
Coastal Contacts Inc. is the world's leading direct-to-consumer vision products company which designs, produces and distributes a diversified offering of contact lenses and eyeglasses. The Company's unique combination of branded and private label products represent quality, value and above all, service. Coastal sells into more than 150 countries through proprietary web properties which reflect the culture and consumer preference of the target market. As new markets for eyeglasses and contact lenses evolve, the Company is positioned to become the vision product consumer's retailer of choice owing to its compelling value proposition combining value and service. A leader in many of its markets, Coastal is rapidly advancing toward its goal of becoming the "World's Optical Store".
Forward Looking Statements
All statements made in this news release, other than statements of historical fact, are forward-looking statements. 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 statements. Examples of such forward looking statements within this document include statements relating to: sales of eyeglasses in fiscal 2010; the Company's anticipated ability to procure equipment and hire skilled personnel in the next few months; and its ability to expand eyeglass manufacturing capacity. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about our business and the industry and markets in which we operate. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Assumptions underlying our expectations regarding forward-looking statements or information contained in this news release include, among others: that the Company will expand our eyeglasses manufacturing capacity effectively and in a timely manner; that it will have sufficient capital to continue making investments in advertising, inventory, equipment and personnel to support its eyeglasses business; that it will be successful in our anticipated eyeglasses promotional and advertising campaigns; that customers will demand its products; that it will be able to establish and/or maintain necessary relationships with suppliers; that its manufacturing eyeglasses equipment will function as expected; that it will be able to retain and add key personnel; and that foreign currency exchange rates will be stable. The foregoing list of assumptions is not exhaustive.
Persons reading this news release are cautioned that forward-looking statements or information are only predictions, and that our actual future results or performance may be materially different due to a number of factors. These factors include, but are not limited to: changes in the market; potential downturns in economic conditions; our ability to implement our business strategies; competition; limited suppliers; inventory risk; disruption in our distribution facilities; mergers and acquisitions; foreign currency exchange rate fluctuations; regulatory requirements; demand for contact lenses and related vision care products; competition and dependence on the internet and other risks detailed in our filings with the Canadian and Swedish securities regulatory authorities. Reference should be made to the section entitled "Risk Factors" contained in our most recently filed Annual Information Form dated January 29, 2010 and in the NASDAQ OMX Stockholm listing prospectus dated October 14, 2009, as filed on Sedar and with the Swedish Financial Supervisory Authority, for a detailed description of the risks and uncertainties relating to our business. These risks, as well as others, could cause actual results and events to vary significantly. The forward looking statements in this release are included to provide supplementary insight into the Company's operations and should not be used for other purposes. Readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement. These forward-looking statements are made as of the date of this news release and we expressly disclaim any intent or obligation to update these forward-looking statements, unless we specifically state otherwise and except as required by applicable law.