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.
CONTACT: Coastal Contacts Inc.
Terry Vanderkruyk, Vice President, Corporate Development
604-676-4498
terryv@coastalcontacts.com
Coastal Contacts Ramps Up Eyeglasses Production Capacity
| Source: Coastal Contacts Inc