VANCOUVER, British Columbia, Dec. 24, 2009 (GLOBE NEWSWIRE) -- Coastal Contacts Inc. (TSX:COA) (Stockholm:COA) ("Coastal Contacts" or the "Company") announced today that the Toronto Stock Exchange (the "Exchange") has accepted Coastal Contacts' notice of intention to make a normal course issuer bid (the "NCIB") for its common shares through the facilities of the Exchange. On December 30, 2009, Coastal Contacts may commence making purchases of up to a maximum of 3,797,468 common shares, which represents approximately ten (10%) percent of the 37,974,679 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 28,475 common shares per day thereafter for the duration of the NCIB, subject to the block purchase exemption. All shares acquired by Coastal pursuant to the NCIB will be cancelled following purchase.
Under a normal course issuer bid which began on December 19, 2008 and expired on December 18, 2009, the company purchased a total of 1,416,924 common shares at an average price of $0.83 per common share, out of the 3,634,369 common shares approved for purchase.
The normal course issuer bid will terminate on the earlier date determined by Coastal Contacts or December 29, 2010. Coastal Contacts has 56,901,719 issued and outstanding common shares as at the date hereof.
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.
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.
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. Reference should also be made to the section entitled "Risk Factors" contained in our most recently filed Annual Information Form dated January 29, 2009 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. Accordingly, 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.