Refac Optical Group to Join EyeMed Vision Care Program; New Contract Will Give U.S. Vision Access to EyeMed Vision Care's Acces
July 06 2006 - 4:34PM
Business Wire
Refac Optical Group (AMEX: REF) today announced that it had reached
an agreement in principle with EyeMed Vision Care, a leading
managed vision care company, whereby Refac's U.S. Vision subsidiary
would become a participating provider of managed care benefits in
EyeMed's vision care networks. Since 1991, U.S. Vision has been a
participating managed care provider exclusively through the plans
of Cole Managed Vision (CMV), and the revenues derived from this
relationship have become an important part of U.S. Vision's
business. In January 2006, EyeMed announced that it was integrating
the CMV plans with its EyeMed Vision Care plans. The parties have
agreed in principle that U.S. Vision will become a participating
provider in the EyeMed Access and Select plans under an agreement
that generally terminates on December 31, 2010. The EyeMed network
consists of optometrists, ophthalmologists, opticians and many
optical retailers including, but not limited to, LensCrafters,
Target Optical and most Sears Optical and Pearle Vision locations.
The parties are working to prepare a written agreement reflecting
the agreement in principle as soon as practicable. Commenting on
the announcement, J. David Pierson, president and chief executive
officer of Refac Optical Group, said, "We are very pleased to have
reached this agreement in principle with EyeMed. The new
arrangement will provide us with more access to a much larger base
of membership than we enjoyed under the CMV plans with a longer
term and a relationship with what we consider to be the premiere
managed care plan in the United States." About Refac Optical Group
Refac Optical Group, a leader in the retail optical industry and
the sixth largest retail optical chain in the United States,
operates 532 retail locations in 47 states and Canada, consisting
of 509 licensed departments, five freestanding stores, 18 eye
health centers and professional optometric practices, two surgery
centers, one of which is a laser correction center, and two
manufacturing laboratories. Of the 509 licensed departments, 352
are located at J.C. Penney stores, 63 at Sears, 29 at Macy's and
Marshall Field's department stores, 23 in regional department
stores, 29 at The Bay, a division of Hudson's Bay Company, Canada's
oldest and largest traditional department store retailer and 13
departments at Meijer. These licensed departments are full-service
retail vision care stores that offer an extensive selection of
designer brands and private label prescription eyewear, contact
lenses, sunglasses, ready-made readers and accessories. Cautionary
Statement Regarding Forward-Looking Statements This News Release
includes certain statements of the Company that may constitute
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and which are made
pursuant to the Private Securities Litigation Reform Act of 1995.
These forward-looking statements and other information relating to
the Company are based upon the beliefs of management and
assumptions made by and information currently available to the
Company. Forward-looking statements include statements concerning
plans, objectives, goals, strategies, future events, or
performance, as well as underlying assumptions and statements that
are other than statements of historical fact. When used in this
document, the words "expects," "anticipates," "estimates," "plans,"
"intends," "projects," "predicts," "believes," "may" or "should,"
and similar expressions, are intended to identify forward-looking
statements. These statements reflect the current view of the
Company's management with respect to future events. Many factors
could cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance, or achievements that may be expressed or implied by
such forward-looking statements, including, but not limited to
finalizing the agreement with EyeMed Vision Care and, if finalized,
the amount of net income derived from this relationship. Investors
are cautioned that all forward-looking statements involve those
risks and uncertainties detailed in the Company's filings with the
Securities and Exchange Commission, including its Annual Report on
Form 10-K for the fiscal year ended December 31, 2005.
Forward-looking statements speak only as of the date they are made
and the Company undertakes no duty or obligation to update any
forward-looking statements in light of new information or future
events.
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