Refac (AMEX:REF)
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From Jun 2019 to Jun 2024
Refac Optical Group (AMEX: REF) today announced that it
has completed its previously announced sale of the managed vision
business of OptiCare Health Systems, Inc., a wholly owned subsidiary
of Refac Optical Group, to a wholly owned subsidiary of Centene
Corporation (NYSE: CNC). The managed vision division, based in Rocky
Mount, North Carolina, contracts with insurers, employer groups,
managed care plans, HMOs and other third-party payors to manage claims
payment and other administrative services of eye health benefits in 15
states.
In commenting on the transaction, J. David Pierson, president and
chief executive officer of Refac Optical Group, said, "With the sale
of our managed vision business, we will now be able to focus our
entire attention and resources on growing our core retail optical
business. It is also gratifying that our managed care customers and
employees will be associated with one of the industry's premier
managed care providers."
Further details regarding the closing of this transaction are
included in the Company's Current Report on Form 8-K filed with the
SEC today.
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
532 retail locations in 47 states and Canada, consisting of 509
licensed departments, five 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 509 licensed departments, 352 are located at J.C.
Penney stores, 63 at Sears, 29 at Macy's and Marshall Field's
department stores, 23 in regional department stores, 29 at The Bay, a
division of Hudson's Bay Company, Canada's oldest and largest
traditional department store retailer and 13 departments at Meijer.
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. 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.