Coastal Contacts Inc. ("Coastal.com") (Nasdaq:COA) (TSX:COA), an
online retailer of vision care products, today announced that it
intends to offer common shares in an underwritten public offering.
The offering is subject to market and other conditions, and there
can be no assurance as to whether or when the offering may be
completed, or as to the actual size or terms of the offering.
Roth Capital Partners, LLC and Craig-Hallum Capital Group LLC
are acting as joint book-runners for the offering.
Coastal.com intends to use the net proceeds to fund working
capital, accelerate customer acquisition in growth markets and for
general corporate purposes.
The shares described above are being offered by Coastal.com
pursuant to a registration statement previously filed with and
subsequently declared effective by the Securities and Exchange
Commission ("SEC"). A preliminary prospectus supplement
relating to the offering will be filed with the SEC and will be
available on the SEC's website at http://www.sec.gov.
This press release shall not constitute an offer to sell
or the solicitation of an offer to buy any of the securities
described herein, nor shall there be any sale of these securities
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
Copies of the preliminary prospectus supplement and
accompanying base prospectus relating to this offering may be
obtained from Roth Capital Partners, LLC, 888 San Clemente, Newport
Beach, CA 92660, (800) 678-9147 or email: rothecm@roth.com or
Craig-Hallum Capital Group LLC at 222 South Ninth Street, Suite
350, Minneapolis, Minnesota 55402, by calling 612-334-6300, or by
emailing bart.federak@craig-hallum.com or by accessing the SEC's
website, www.sec.gov.
About Coastal Contacts
Coastal Contacts Inc. is one of the largest online retailers of
vision care products in the world. Coastal.com empowers
customers to easily browse, try on and buy eyewear—saving time,
money and sanity. With every pair of qualifying frames
purchased, Coastal.com donates a pair to someone in need through
its Change the View project. Founded in 2000, Coastal.com
designs, produces and distributes the largest selection of glasses
and contact lenses on the Internet, including a unique combination
of designer glasses, contact lenses, sunglasses, and vision care
accessories. Coastal.com 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 Statements
This News Release may contain "forward-looking statements" as
defined in the U.S. Securities Act of 1933, the U.S. Securities
Exchange Act of 1934, the Private Securities Litigation Reform Act
of 1995 and applicable Canadian securities legislation concerning
the business, operations and financial performance and condition of
Coastal.com. Statements that are not 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
include statements relating to: Coastal.com's perception 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; its anticipated ability to procure products and
supplies, or the terms under which it procures 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; ability to
increase its production; plans for capital expenditure plans;
relationships with suppliers; 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; and Coastal.com's perceptions regarding
volatility in and impact of foreign currency exchange rates.
Forward-looking 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 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 statements or
information contained herein include, among others: that
Coastal.com will maintain its position in the markets it operates
in and will expand into other markets in a favorable manner; that
it 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 it will be successful in complying
with industry regulatory requirements in British Columbia and other
jurisdictions; that Coastal.com will be able to establish and/or
maintain necessary relationships with suppliers; and that it will
retain key personnel. The foregoing list of assumptions is
not exhaustive. Readers are cautioned that forward-looking
statements or information are only predictions, and that
Coastal.com's 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; consumer credit risk;
Coastal.com's ability to implement its business strategies;
competition; limited suppliers; inventory risk; disruption in its
distribution facilities; mergers and acquisitions; foreign currency
exchange rate fluctuations; regulatory requirements; demand for
products Coastal.com sells; competition and dependence on the
internet as well as those risks described in the securities filings
of Coastal.com.
Although Coastal.com believes that its plans, intentions and
expectations reflected in or suggested by such forward-looking
statements are reasonable, actual results could differ materially
from a projection or assumption in any of its forward-looking
statements. Coastal.com's future financial condition and results of
operations, as well as any forward-looking statements, are subject
to change and inherent risks and uncertainties. The forward-looking
statements contained herein are made only as of the date hereof.
Coastal.com does not have, or undertake, any obligation to
update or revise any forward-looking statements whether as a result
of new information, subsequent events or otherwise, unless
otherwise required by 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