Refac Optical Group Announces Resignation of Raymond A. Cardonne as Chief Financial Officer

  
    
  
  
    
      Refac Optical Group (AMEX: REF) today announced that effective February 
      28, 2007, Raymond A. Cardonne has resigned as Chief Financial Officer of 
      Refac Optical Group as a result of a reduction in force and 
      reorganization.
    
    
      In commenting on the resignation, J. David Pierson, President and Chief 
      Executive Officer of Refac Optical Group, said, “We 
      are indeed grateful to Ray for his service to Refac Optical Group as 
      Chief Financial Officer. He has been a valuable team member as Refac has 
      evolved to become a leader in the retail optical industry. We all wish 
      him well in his future endeavors.”
    
    
      About Refac Optical Group
    
    
      Refac Optical Group, a leader in the retail optical industry and the 
      sixth largest retail optical chain in the United States, operates 517 
      retail locations in 47 states and Canada, consisting of 496 licensed 
      departments, three freestanding stores, 18 eye health centers and 
      professional optometric practices, two surgery centers, one of which is 
      a laser correction center, and two manufacturing laboratories. Of the 
      496 licensed departments, 353 are located at JCPenney stores, 61 at 
      Sears, 25 at Macy’s, 28 at Boscov’s, 
      and 29 at The Bay. These licensed departments are full-service retail 
      vision care stores that offer an extensive selection of designer brands 
      and private label prescription eyewear, contact lenses, sunglasses, 
      ready-made readers and accessories.