Additional Capacity Added to Meet an Increase
in Demand for Specialty Lenses; Expected to be Fully Operational by
End of Q4 2023
VANCOUVER, BC, Oct. 11,
2023 /CNW/ - Kits Eyecare Ltd. (TSX: KITS)
("KITS" or the "Company"), a leading vertically integrated eyecare
provider, today announced an expansion of its specialty lens
manufacturing line with the addition of new, state-of-the-art
equipment that the Company expects will expand its manufacturing
capacity for digital progressive glasses and prescription
sunglasses by an additional 50%. The expanded capacity is expected
to be fully operational by the end of Q4 2023.
"We are excited to add fuel to the growth of our digital
progressives and specialty lens business, which has historically
made up approximately 40% of the dollar volume in the eyecare
category," said Roger Hardy,
co-founder and CEO of KITS. "As we grow, we are changing the value
proposition for digital progressive customers across North America. Our KITS digital progressive
eyeglasses are priced at under $200,
including handmade frames and precision lenses, compared to similar
products costing over $800 in
market."
The KITS onshore manufacturing facility is one of the biggest,
most automated optical labs in North
America. The KITS optical lab can manufacture prescription
eyeglasses and digital progressive eyeglasses in one business day
and quickly deliver them to customers throughout North America. There are over 1,000 styles to
choose from, including KITS brand, Tom
Ford, Ray Ban and many
others.
KITS management forecasts this manufacturing expansion is not
expected to affect the Company's cash balance.
About KITS
KITS makes eyecare easy. KITS is a leading
vertically integrated digital eyecare brand providing eyewear for
eyes everywhere. We offer customers access to a vast selection of
contact lenses and eyeglasses, including our own exclusive KITS
designed products, as well as a robust suite of online vision
tools. Our efficient digital platform, backed by our
industry-leading manufacturing and designs, removes intermediaries,
and enables us to offer great prices and deliver made to order
personalized products with incredible care and accuracy. We are
creating disruption in the industry by constantly pursuing
cutting-edge technologies to enable the best customer experience,
including online eyewear fitting tools, and virtual try-on for
glasses. We strive to delight our customers with our competitive
prices, a convenient digital shopping experience, fast and reliable
delivery options, and an unrelenting focus on earning our
customers' lifelong trust. For more information on KITS, visit:
www.kits.com.
Forward-Looking Statements
This press release contains
forward-looking statements, including statements relating to the
execution of our proposed strategy, our operating performance and
prospects for the business. These forward-looking statements
generally can be identified by the use of words such as "intend,"
"believe," "could," "continue," "expect," "estimate," "forecast,"
"may," "potential," "project," "plan," "would," "will," and other
words of similar meaning. Each forward-looking statement contained
in this press release is subject to risks and uncertainties that
could cause actual results to differ materially from those
expressed or implied by such statement. Our business is subject to
substantial risks and uncertainties. This forward-looking
information and other forward-looking information are based on our
opinions, estimates and assumptions in light of our experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors that we currently
believe are appropriate and reasonable in the circumstances.
Despite a careful process to prepare and review the forward-looking
information, there can be no assurance that the underlying
opinions, estimates and assumptions will prove to be correct.
Certain assumptions in respect of the expansion and enhancement of
our optical laboratory for glasses and warehouse facilities; the
growth of our business and launch of new technologies; our ability
to drive sales growth; our ability to maintain, enhance, and grow
within our addressable market; our ability to drive ongoing
development and innovation of our exclusive brands and product
categories; our ability to continue directly sourcing from third
party suppliers and manufacturers; our ability to retain key
personnel; our ability to add, maintain and expand production,
distribution and fulfillment capabilities; our ability to continue
investing in infrastructure to support our growth; our ability to
obtain and maintain existing financing on acceptable terms;
currency exchange and interest rates; the impact of competition;
the changes and trends in our industry or the global economy; and
the changes in laws, rules, regulations, and global standards are
material factors made in preparing forward-looking information and
management's expectations. KITS' risks and uncertainties are
discussed in detail in the company's Annual Information Form, filed
on SEDAR on March 9, 2023. Investors,
potential investors, and others should give careful consideration
to these risks and uncertainties. We caution investors not to rely
on the forward-looking statements contained in this press release
when making an investment decision in our securities. The
forward-looking statements in this press release speak only as of
the date of this release, and we undertake no obligation to update
or revise any of these statements, except as required under
applicable securities laws. If we do update certain forward-looking
information, no inference should be made that we will further
update such or other forward-looking information.
SOURCE KITS