Coastal Contacts Announces 2-for-1 Share Consolidation
August 30 2012 - 6:25PM
Coastal Contacts Inc. (TSX:COA) (Stockholm:COA) ("Coastal Contacts"
or the "Company"), one of the largest online retailers of vision
care products in the world, announces that it has filed Articles of
Amendment to give effect to a share consolidation on the basis of
two pre-consolidation common shares for each one post-consolidation
common share (the "Consolidation"). Shareholders of the Company
authorized the Consolidation at the Company's Annual and Special
Meeting of Shareholders held on April 20, 2012. The Company expects
that its common shares will commence trading on the Toronto Stock
Exchange on a consolidated basis at the opening on September 5,
2012 under the current symbol "COA" and new CUSIP number 19044R207.
The Consolidation reduces the number of outstanding common
shares of the Company from approximately 56.7 million to
approximately 28.3 million. No fractional shares will be
issued in connection with the Consolidation.
The Company expects to mail letters of transmittal to the
registered holders of its common shares on August 31, 2012,
requesting that they forward their pre-Consolidation common share
certificates to the Company's transfer agent, Computershare
Investor Services Inc., for exchange for new common share
certificates representing their common shares on a
post-Consolidation basis.
About Coastal Contacts Inc.:
Coastal empowers customers to easily browse, try on and buy
eyewear — with the goal of saving time, money and sanity.
With every pair of qualifying frames purchased, Coastal
Contacts donates a pair to someone in need through its Change the
View project. Founded in 2000, Coastal Contacts designs,
produces and distributes among the largest selection of eyeglasses
and contact lenses on the Internet, including a unique combination
of designer eyeglasses, contact lenses, sunglasses, and vision care
accessories. Coastal Contacts 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.
Cautionary Note Regarding Forward-Looking Information
and Statements
Certain of the statements and information contained in this news
release which are not current statements or historical facts
constitute "forward-looking information" within the meaning of
applicable Canadian Securities laws and "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
information and statements are typically identified by use of the
words "may", "would", "could", "will", "intend", "plan",
"anticipate", "believe", "estimate", "expect", "goal", "target",
"should", "likely", "potential", "continue", "project", "forecast",
"prospects", and similar expressions.
Forward-looking information and 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 information and 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 information and statements 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 from traditional and online retailers;
limited suppliers; limited availability of inventory; inventory
risk; disruption in our distribution facilities; mergers and
acquisitions; foreign currency exchange rate fluctuations;
regulatory requirements; demand for contact lenses, eyeglasses and
related vision care products; the risk that we will not be
successful in defending against litigation; dependence on the
internet; and other factors referred to under the section entitled
"Risk Factors" in our most recently filed Annual Information Form,
dated December 14, 2011. 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 information and statements, which are qualified in
their entirety by this cautionary note.
The forward-looking information and statements contained herein
are made as of the date of this news release and we expressly
disclaim any intent or obligation to update such information or
statements except as required by applicable law.
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