Refac (AMEX:REF)
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From May 2019 to May 2024
Refac Optical Group (AMEX: REF) today announced that it
had reached an agreement in principle with EyeMed Vision Care, a
leading managed vision care company, whereby Refac's U.S. Vision
subsidiary would become a participating provider of managed care
benefits in EyeMed's vision care networks.
Since 1991, U.S. Vision has been a participating managed care
provider exclusively through the plans of Cole Managed Vision (CMV),
and the revenues derived from this relationship have become an
important part of U.S. Vision's business. In January 2006, EyeMed
announced that it was integrating the CMV plans with its EyeMed Vision
Care plans.
The parties have agreed in principle that U.S. Vision will become
a participating provider in the EyeMed Access and Select plans under
an agreement that generally terminates on December 31, 2010. The
EyeMed network consists of optometrists, ophthalmologists, opticians
and many optical retailers including, but not limited to,
LensCrafters, Target Optical and most Sears Optical and Pearle Vision
locations. The parties are working to prepare a written agreement
reflecting the agreement in principle as soon as practicable.
Commenting on the announcement, J. David Pierson, president and
chief executive officer of Refac Optical Group, said, "We are very
pleased to have reached this agreement in principle with EyeMed. The
new arrangement will provide us with more access to a much larger base
of membership than we enjoyed under the CMV plans with a longer term
and a relationship with what we consider to be the premiere managed
care plan in the United States."
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, including,
but not limited to finalizing the agreement with EyeMed Vision Care
and, if finalized, the amount of net income derived from this
relationship. 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.