Coastal Launches Vision Benefit Plan in North America
November 26 2012 - 9:00AM
Coastal Contacts Inc. ("Coastal") (Nasdaq:COA) (TSX:COA)
(Stockholm:COA.ST), the leading online retailer of vision care
products, announced today that it has launched a new Vision Benefit
Plan, designed for employers and membership organizations to
provide their employees and members with preferred access to
Coastal's extensive offering of prescription eyewear and contact
lenses.
The Coastal Vision Plan provides each employee and their
dependents with an initial Free pair of prescription eyeglasses in
addition to significant ongoing savings on prescription eyeglasses,
sunglasses and contact lenses. Other options exist that allow
employers to customize the plan to suit their needs. The plan is
particularly attractive to employers, who are seeking to reduce
their benefits costs while providing their employees with enhanced
vision benefits. Coastal is currently working with Benefits
Consultants, Brokers and leading HR Professionals to bring the plan
to market.
"Coastal has assembled an extensive offering of branded
prescription eyewear and contact lenses in a vertically integrated
model that combines value, quality, selection and speed", commented
Greg Lechner, Coastal's Vice President, Business
Development. "By controlling multiple elements of the
manufacturing and supply chain we are able to offer individuals and
corporations savings that range from 30% to 70% over traditional
retail prices. We believe this new model will be of
interest to a wide array of employers and membership organizations,
providing them with choice and significantly reducing their cost of
vision care."
For more information on how the Coastal Vision
offering can benefit your company or your clients please contact
Greg Lechner directly at GregL@Coastal.com
About Coastal Contacts
Coastal Contacts Inc. is one of the largest online retailers of
vision care products in the world. Coastal empowers customers to
easily browse, try on and buy eyewear—saving time, money and
sanity. With every pair of qualifying frames purchased, Coastal
donates a pair to someone in need through its Change the View
project. Founded in 2000, Coastal 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
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. 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'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 does business;
its anticipated ability to procure products and supplies, or the
terms under which it procures products and supplies; Coastal'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'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'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's
expectations regarding forward-looking statements or information
contained herein include, among others: that Coastal 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 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 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'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'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 sells;
competition and dependence on the internet as well as those risks
described in the securities filings of Coastal.
Although Coastal 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'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 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