Coastal Contacts Inc.

Coastal Contacts Inc.

October 24, 2007 16:00 ET

Coastal Renews Normal Course Issuer Bid

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 24, 2007) -


Coastal Contacts Inc. (TSX:COA) ("Coastal Contacts") announced today that the Toronto Stock Exchange (the "Exchange") has accepted Coastal Contacts' notice of intention to make a normal course issuer bid for its common shares through the facilities of the Exchange. On October 26, 2007, Coastal Contacts may commence making purchases of up to a maximum of 4,607,285 common shares, which represents approximately 10% of the 46,072,852 common shares of Coastal Contacts held by persons other than senior officers, directors and principal shareholders of Coastal Contacts. Any shares acquired will be purchased at the market price up to a maximum of 21,778 common shares per day, subject to the block purchase exemption, and will be cancelled following purchase.

Under a normal course issuer bid which began on October 16, 2006 and expired on October 17, 2007, the company purchased a total of 3,818,600 shares of its common stock at an average price of $1.05 per share, out of the 4,933,641 shares approved for purchase.

Roger Hardy, President and Chief Executive Officer stated, "The issuer bid represents our confidence in the Company's future prospects as we invest in our own stock. We believe this activity when combined with our growth and planned product introductions, will be in the best interests of our shareholders over time."

The bid will terminate on the earlier of the date determined by Coastal Contacts and October 25, 2008. Coastal Contacts currently has 71,413,112 issued and outstanding common shares.

About Coastal Contacts:

Coastal Contacts is one of the world's fastest-growing vision care suppliers. Leveraging its world class operations in Europe, North America and Asia, Coastal is building a predictable recurring revenue stream in the contact lens segment and is developing complementary branded vision care products. Already No. 1 in many of its markets, Coastal is rapidly advancing toward its goal of becoming the dominant global vision care supplier.

This news release contains certain forward-looking statements that reflect the current views and/or expectations of Coastal Contacts Inc. with respect to its performance, business and future events. Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, those relating to changes in the market, potential downturns in economic conditions, limited suppliers, inventory risk, disruption in our distribution facilities, foreign exchange fluctuations, changes in business strategy, regulatory requirements, demand for contact lenses, competition and dependence on the internet. These risks, as well as others, could cause actual results and events to vary significantly. Coastal Contacts does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements.

Not for distribution to United States newswire services or for dissemination in the United States.

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