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Emerging Vision Announces Stock Repurchase
Program For Up to One Million Shares
Company to repurchase up to Four Percent of Outstanding Shares
NEW YORK, NY- October 31, 2000 - Emerging Vision, Inc. (NASDAQ:ISEE) today
announced that its Board of Directors has authorized the repurchase of up to one
million shares of the Company's outstanding Common Stock. Under the stock
repurchase program, which will be funded from available working capital,
Emerging Vision may purchase shares from time to time over the next 12 months at
prevailing prices in the open market, subject to market conditions.
Greg Cook, Emerging Vision's president and CEO, commented, "The decision by our
directors to implement this program underscores our belief that the Company's
shares are substantially undervalued. Our goal to develop the first
business-to-business Internet-based portal for the optical industry continues to
take form, and we consider the repurchase of our stock in the best interest of
shareholder value."
The announcement follows a series of recent press releases by the Company
disclosing the execution of several letters of intent with leading members of
the optical industry desiring to participate in the Company's web-based optical
portal business. Recent announcements include optical industry leaders such as
Aoyama USA, CooperVision, Tecnol North America, and Zyloware Corporation. Cook
added, "The anticipated partnerships announced this month are only four of many
others which we intend to establish for our optical industry portal."
About Emerging Vision
Emerging Vision is taking a leadership role within the optical industry by
developing and launching the first Internet-based portal for the optical
industry to provide comprehensive e-commerce solutions to the business buyers
and suppliers of optical products worldwide. Emerging Vision's portal is the
first business-to-business solution for suppliers and purchasers in the optical
industry, which is currently estimated at $50 billion, worldwide, and is
projected to grow in excess of 10% annually over the next few years.
Emerging Vision takes full advantage of the convenient and far-reaching Internet
channel to streamline the entire supply chain process, enhance buyer-supplier
relationships, automate the purchasing process from product development to
payment, and, ultimately, reduce sales and distribution costs through
efficiency, improved communication and increased market exposure.
Certain statements contained in this press release may constitute
forward-looking statements within the meaning of The Private Securities
Litigation Reform Act of 1995, including statements regarding Emerging Vision's
beliefs, expectations, intentions or strategies regarding the future. All
forward-looking statements included in this press release are based upon
information available to Emerging Vision as of the date hereof. Emerging Vision
assumes no obligation to update any such forward-looking statements.
Forward-looking statements involve risks and uncertainties, which could cause
actual results to differ materially from those set forth in such forward-looking
statements, including, without limitation, Emerging Vision's ability to
successfully develop and launch an Internet-based portal for the optical
industry and develop and launch an extensive network of web sites. These and
other risks and uncertainties are detailed in Emerging Vision's registration
statement on Form S-3 filed on May 16, 2000 with the Securities and Exchange
Commission, and other reports filed by Emerging Vision from time to time with
the Securities and Exchange Commission.
Contacts: Emerging Vision
George Campbell
(214) 915-8822
[email protected]
or
Wall Street Investor Relations Corp.
Joseph M. Zappulla
(301) 907-4090
(212) 973-0883
[email protected]
