VANCOUVER, British Columbia, March 30, 2010 (GLOBE NEWSWIRE) -- Coastal Contacts Inc. ("Coastal") (TSX:COA) (Stockholm:COA) today announced that it has entered into a loan agreement (the "Loan Agreement") with the Bank of America for a $5 million secured revolving line of credit (the "Line of Credit").
The Line of Credit is available until March 31, 2012 and Coastal may borrow and repay any principal amounts drawn on the Line of Credit during this period. The Line of Credit is subject to a maximum advance of the lesser of either $5 million and a percentage of certain of Coastal's working capital assets. Obligations under the Loan Agreement are secured by all of Coastal's assets.
"We are pleased with establishing a banking relationship with a reputable and global institution such as Bank of America," said Roger Hardy, Coastal's President and CEO. "This relationship represents another important step in the development of our world class organization."
About Coastal Contacts:
Coastal Contacts Inc. is the world's leading online vision products company which designs, produces and distributes a diversified offering of contact lenses and eyeglasses. Coastal'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, Coastal 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
This document may contain "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Legislation Reform Act of 1995 (collectively "forward-looking statements"). These forward-looking statements are made as of the date of this document and Coastal Contacts Inc. ( "Coastal") does not intend, and does not assume any obligation, to update these forward-looking statements, except as required under applicable securities legislation.
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 its business and the industry and markets in which Coastal operates. 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 Coastal's actual future results or performance could vary significantly due to a number of factors. These factors include, but are not limited to: changes in the market; Coastal's ability to implement its business strategies; competition; limited suppliers; disruption in its distribution facilities; mergers and acquisitions; foreign currency exchange rate fluctuations; regulatory requirements; demand for contact lenses and related vision care products; dependence on the internet and other risks detailed in the section entitled "Risk Factors" contained in the Company's most recently filed Annual Information Form dated January 29, 2010 as filed on Sedar. Readers should not place undue reliance on forward-looking statements and information, which are qualified in their entirety by this cautionary statement.