Refac (AMEX:REF)
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From Jun 2019 to Jun 2024
Refac (AMEX: REF) announced today that it has hired J.
David Pierson as its President and Chief Operating Officer. He will
report to Chief Executive Officer Robert L. Tuchman and be responsible
for all of Refac's operations.
On April 8, 2005, the Company announced that it had entered into
acquisition discussions with two affiliated companies, U.S. Vision,
Inc., which operates 518 retail optical locations in 47 states and
Canada, consisting of 506 licensed departments and 12 freestanding
stores, and OptiCare Health Systems, Inc., which operates 18 retail
optical centers in the State of Connecticut and is a managed vision
care provider in the United States. Refac, U.S. Vision, Inc. and
OptiCare Health Systems, Inc. are all controlled by Palisade
Concentrated Equity Partnership, L.P. These discussions are
continuing.
From 1996 to 2001, Pierson served as President of Licensed Brands
for Cole National Corporation, a leading optical retailer. During his
tenure with Cole National, he led the expansion of vision care
products and services from 650 stores to more than 1,100 under the
banners of Sears Optical, Target and BJ's Wholesale Clubs. Through
more than thirty years in retailing, Pierson has managed operations,
merchandising and strategic planning and implementation in a variety
of positions with Sears, Target Stores and Federated Department
Stores. Most recently, from March 2001 to April 2004, he served as the
Chairman, President and Chief Executive Officer of CPI Corporation
(NYSE: CPY), which provides portrait photography services in the
United States, Puerto Rico and Canada through Sears Portrait Studios.
Since leaving CPI Corporation, he has served as a consultant to
several companies including some in the retail optical business.
Tuchman commented, "Dave is a highly-regarded leader with a great
reputation. He has the ideal background and experience for this
position and this is the perfect time for him to join our leadership
team. We look forward to working with him."
"I am delighted about being part of the commitment that Refac is
making to the optical industry and am excited to bring my experience
in optical retailing to the Company," said Pierson. "I have a strong
belief in the growth opportunities that the industry continues to
present and am looking forward to returning to the industry and
working with my many friends and colleagues."
Refac also announced that it has engaged Cole Limited, Inc., a
consulting firm headed by Jeffrey A. Cole. From 1984 to June 2003,
Cole served as the chairman and chief executive officer of Cole
National. He remained on Cole National's board until October 2004 when
it was acquired by Luxottica S.p.A., the leading optical retailer in
the U.S., Canada, Australia, New Zealand and Hong Kong. He is a member
of the supervisory board of directors of Pearle Europe, B.V., the
leading optical retailer in Europe with retail optical locations in
the Netherlands, Belgium, Germany, Denmark, Austria, Italy, Norway,
Poland, Portugal, Estonia, Sweden, Finland and Kuwait. Since 1990, he
has also served as a director of Hartmarx Corporation. Refac presently
intends to include Cole as a nominee to its Board at the next annual
meeting of stockholders.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This News Release includes certain statements of the Company that
may constitute "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended, and which are made
pursuant to the Private Securities Litigation Reform Act of 1995.
These forward-looking statements and other information relating to the
Company are based upon the beliefs of management and assumptions made
by and information currently available to the Company. Forward-looking
statements include statements concerning plans, objectives, goals,
strategies, future events, or performance, as well as underlying
assumptions and statements that are other than statements of
historical fact, including statements regarding the Company's
acquisition plans. When used in this document, the words "expects,"
"anticipates," "estimates," "plans," "intends," "projects,"
"predicts," "believes," "may" or "should," and similar expressions,
are intended to identify forward-looking statements. These statements
reflect the current view of the Company's management with respect to
future events. Many factors could cause the actual results,
performance or achievements of the Company to be materially different
from any future results, performance, or achievements that may be
expressed or implied by such forward-looking statements, including,
but not limited to, the Company's ability to come to acceptable terms
with U.S. Vision and/or OptiCare or, if it does come to terms, that
these will prove to be beneficial acquisitions for the Company.
Investors are cautioned that all forward-looking statements involve
those risks and uncertainties detailed in the Company's filings with
the Securities and Exchange Commission, including its Annual Report on
Form 10-K for the fiscal year ended December 31, 2004. Forward-looking
statements speak only as of the date they are made and the Company
undertakes no duty or obligation to update any forward-looking
statements in light of new information or future events.