Coastal Contacts Inc. ("Coastal.com" or "the Company")
(TSX:COA)(NASDAQ:COA), the leading online retailer of glasses,
sunglasses and contact lenses, announced today that the Toronto
Stock Exchange (the "TSX") has accepted Coastal.com's notice of
intention to make a normal course issuer bid (the "NCIB") for its
common shares (the "Common Shares") through the facilities of the
TSX and other Canadian markets, as well as the NASDAQ Market. As of
September 24, 2013, Coastal.com may commence making purchases of up
to a maximum of 2,377,378 Common Shares, which represents
approximately 9% of Coastal.com's public float. Any Common Shares
acquired will be purchased at the market price up to a maximum of
8,825 Common Shares per day, which represents 25% of the Company's
average daily trading volume of 35,300 Common Shares, for the
duration of the NCIB, subject to the block purchase exemption. All
Common Shares acquired by Coastal.com pursuant to the NCIB will be
cancelled following purchase.
Coastal.com is conducting the NCIB in order to ensure that it
has the flexibility to purchase its Common Shares if it determines
that, as a result of a difference in the fundamental value of the
Common Shares and the market price thereof, it is in the best
interests of the Company to do so.
The NCIB will terminate on the earlier of the date determined by
Coastal.com or September 23, 2014. As at the date of this News
Release, Coastal.com has 32,458,271 Common Shares issued and
outstanding. Coastal.com has not purchased any of its Common Shares
within the past twelve months.
About Coastal.com
Coastal.com is the leading manufacturer and online retailer of
eyewear products offered through a family of world class websites.
Established in 2000, the Coastal.com family of brands provides
customers with an extensive, in stock selection of prescription
eyewear, contact lenses and sunglasses. Coastal.com's vision is to
provide our customers with stylish high quality eyewear quickly, so
they can see everything life has to offer. For more information
about Coastal.com (NASDAQ:COA), visit www.coastal.com.
Cautionary Note Regarding Forward-Looking Statements
All statements made 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" as defined in Section 27A of
the United States Securities Act of 1933, Section 21E of the United
States Securities Exchange Act of 1934, the Private Securities
Litigation Reform Act of 1995, or in releases made by the United
States Securities and Exchange Commission, all as may be amended
from time to time, and 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 information and
statements. Examples of such forward-looking information and
statements within this News Release include, but are not limited
to, information and statements relating to: Coastal.com's
intentions to purchase Common Shares under the NCIB; all statements
made in the 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" as defined in Section 27A of the
United States Securities Act of 1933, Section 21E of the United
States Securities Exchange Act of 1934, the Private Securities
Litigation Reform Act of 1995, or in releases made by the
United
States Securities and Exchange Commission, all as may be amended
from time to time, and 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 information and
statements. Examples of such forward-looking information and
statements within this News Release include information and
statements relating to: Coastal.com's perceptions of the contact
lens and eyeglasses industry or market and anticipated trends in
that market in any of the countries in which Coastal.com does
business; Coastal.com's anticipated ability to procure products and
supplies, or the terms under which it may procure its products and
supplies; Coastal.com's anticipated business operations, inventory
levels, ability to handle specific order and call volumes, ability
to fill and ship orders in a timely manner, ability to achieve
greater marketing efficiency or similar statements; Coastal.com's
ability to increase production; Coastal.com's capital expenditure
plans; the results of further investments in Coastal.com's retail
brands; Coastal.com's relationships with suppliers; Coastal.com's
anticipated results of operations, including but not limited to
anticipated sales, revenues, earnings, tax benefits or similar
matters; the effects of seasonality; sufficiency of cash flows;
Coastal.com's perceptions regarding volatility in and impact of
foreign currency exchange rates; the effect of the current economic
climate on Coastal.com's business and consumer behaviour; and
Coastal.com's ability to address challenges and opportunities
resulting from current economic conditions.
Forward-looking information and statements are based on the
then-current expectations, beliefs, assumptions, estimates and
forecasts about Coastal.com's business and the industry and markets
in which it operates. Forward-looking information and statements
are not guarantees of future performance and involve risks,
uncertainties and assumptions which are difficult to predict.
Assumptions underlying Coastal.com's expectations regarding forward
- looking information and statements contained within this News
Release include, among others: that Coastal.com will maintain its
position in the markets it operates in and expand into other
markets in a favourable manner; that Coastal.com will have
sufficient capital to continue making investments in advertising,
inventory, property, equipment and leasehold improvements as well
as personnel to support its business and new product lines,
including its eyeglasses business; that Coastal.com will be able to
generate and maintain sufficient cash flows to support its
operations; that Coastal.com will be successful in complying with
industry regulatory requirements in British Columbia and other
jurisdictions in which it operates; that Coastal will be able to
establish and/or maintain necessary relationships with suppliers;
and that Coastal.com will retain key personnel. The foregoing list
of assumptions is not exhaustive.
You are cautioned that forward-looking information and
statements are subject to a number of known and unknown risks,
uncertainties and other factors, many of which are beyond
Coastal.com's control, that could cause Coastal.com's actual future
results or performance to be materially different from those that
are disclosed in or implied by the forward-looking information and
statements. These factors include, but are not limited to changes
in the market; potential downturns in economic conditions; consumer
credit risk; Coastal.com's ability to implement its business
strategies; competition from traditional and online retailers;
limited suppliers; limited availability of inventory; disruption in
Coastal's 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 Coastal.com will not be
successful in defending against litigation; dependence on the
Internet; and the other risks detailed in Coastal.com's filings
with the Canadian securities regulatory authorities.
You should not place undue reliance on forward-looking
information and statements, which are qualified in their entirety
by this cautionary note.
Forward-looking information and statements in this News Release
are made as of the date hereof and Coastal.com expressly disclaims
any intent or obligation to update such forward-looking information
or statements, unless Coastal.com specifically states otherwise or
as required by applicable law.
For a complete discussion of the assumptions, risks and
uncertainties related to Coastal.com's business, readers are
encouraged to review Coastal.com's filings with the Canadian
securities regulatory authorities filed on SEDAR at
http://www.sedar.com.
Contacts: Coastal Contacts Inc. Terry Vanderkruyk Vice
President, Corporate Development 604.676.4498terrvv@coastal.com
www.coastal.com Liolios Group Inc. Scott Liolios or Cody Slach
949.574.3860COA@Iiolios.com
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