Refac Optical Group Board Approves Change of Company's Fiscal Year-End; Audit Committee of the Board Also Approved Engagement o

Refac Optical Group (AMEX: REF) today announced that its
Board of Directors had approved the change of the Company's fiscal
year-end from December 31 to January 31 in order to make the timing of
the release of information consistent with the retail industry. The
Board's Audit Committee also approved the engagement of Ernst & Young,
LLP, as the Company's independent registered public accounting firm.

   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
542 retail locations in 47 states and Canada, consisting of 518
licensed departments, six 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 518 licensed departments, 352 are located at J.C.
Penney stores, 67 at Sears, 49 in regional department stores, 30 at
The Bay, a division of Hudson's Bay Company, Canada's oldest and
largest traditional department store retailer, 13 departments at
Meijer, and, most recently, seven at Macy's. 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.

   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. 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, whether the transaction with Centene closes.
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, 2005. 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.