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EXHIBIT 99.1
NEWS RELEASE
For: U. S. Vision, Inc.
Contact: William A. Schwartz, Jr.
Chief Executive Officer
(856) 228-1000
FOR IMMEDIATE RELEASE
U. S. VISION SIGNS ACQUISITION LETTER OF INTENT WITH NORCROSS ROBERTS GROUP
Glendora, New Jersey, December 27, 2000 -- U. S. Vision (Nasdaq:USVI) announced
today that its Board of Directors has approved, and the Company has signed, a
non-binding letter of intent to be acquired by a group of shareholders
consisting of George E. Norcross, III, Joseph J. Roberts, Jr. and Philip A.
Norcross ("Norcross Roberts Group"), the current beneficial owners of
approximately 24% of U.S. Vision's outstanding common stock, in a transaction
which, if consummated, would result in the payment of $4.50 for each outstanding
share of U.S. Vision common stock.
The proposed transaction is subject to a number of conditions, including due
diligence investigation, the negotiation and execution of a definitive agreement
between U. S. Vision and the Norcross Roberts Group, approval by the common
stockholders of U.S. Vision, the renewal of certain of the Company's material
contracts and the termination of applicable waiting periods under the
Hart-Scott-Rodino Antitrust Improvement Act. In addition, the consummation of
the transaction is subject to the Norcross Roberts Group obtaining satisfactory
financing to complete the acquisition.
U. S. Vision anticipates submitting the transaction to its stockholders for
approval and consummating the transaction during the first fiscal quarter of
2001. Shareholders, including the Norcross Roberts Group, who own approximately
59% of the outstanding common stock of the Company, have indicated that they
approve of and agreed to vote in favor of the transaction.
William Schwartz, President of U. S. Vision stated that; "The current management
team will remain. The Norcross Roberts Group believes that the management group
has performed well and they have confidence in this team. The Company's
management welcomes the Norcross Roberts Group's future involvement and looks
forward to opening additional stores primarily in JCPenney."
U.S. Vision based in Camden County, New Jersey is a leading national retailer of
optical products and services primarily through licensed retail optical
departments located in regional and national department stores, such as
JCPenney, Marshall Field, Sears, Strawbridge's and Hudson's Bay. The Company
currently operates 652 locations in 48 states in the United States and Canada.
U.S. Vision employs approximately 3,000 employees in North America, including
almost 500 in southern New Jersey. The Company's net sales for the year ended
January 31, 2000, were $143 million. U. S. Vision's retail optical departments
offer an extensive selection of designer brand and private label prescription
eyewear, contact lenses, sunglasses and accessories, as well as on-site eye
examinations performed by independent optometrists.
This press release contains statements that are forward-looking within the
meaning of applicable federal securities laws and are based on U.S. Vision,
Inc.'s current expectations and assumptions, which are subject to a number of
risks and uncertainties that could cause the actual results to differ materially
from those anticipated. Factors that could cause actual results to differ
include the factors set forth under the caption "Caution Regarding Forward
Looking Statements" in the Company's report on Form 10K for fiscal year ended
January 31, 2000 and as may be updated in any subsequent report on Form 10Q, all
filed with the Securities and Exchange Commission.
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