New Look Eyewear Inc.
TSX : BCI

New Look Eyewear Inc.

October 14, 2014 18:05 ET

New Look Eyewear Inc. Completes Acquisition of Greiche & Scaff

MONTRÉAL, QUÉBEC--(Marketwired - Oct. 14, 2014) - New Look Eyewear Inc. (TSX:BCI) ("New Look") announced today that it has completed its acquisition of certain optical assets and business forming part of Optic Direct Inc., carrying on business under the Greiche & Scaff banner in Québec. As previously announced, the purchase price was $17.75 million paid in cash at closing plus assumed liabilities, subject to customary price adjustments. After the acquisition, the combined New Look entities will have revenues exceeding $160 million and a store network of 190 locations, making them the second largest Canadian integrated retail optical company and the eighth largest in North America.

As previously announced, New Look financed the acquisition by (i) increasing its senior secured debt facility with its bank syndicate by $10 million to $53 million and (ii) a private placement of 500,000 subscription receipts at a price of $20.00 per subscription receipt. These subscription receipts have been exchanged today into 500,000 Class A common shares of New Look. As a result thereof, New Look has 13,257,205 Class A common shares issued and outstanding as of the date hereof.

New Look is a leader in the eye care industry in Eastern Canada having a network of 190 corporate stores mainly under the New Look, Vogue Optical and Greiche & Scaff banners and lens manufacturing facilities using state-of-the-art technologies. It is the most important player in Québec and the Atlantic Provinces.

All statements other than statements of historical fact contained in this press release are forward-looking statements, including, without limitation, statements regarding the future financial position, business strategy, projected costs and plans and objectives of, or involving New Look. Readers can identify many of these statements by looking for words such as "believe", "expects", "will", "intends", "projects", "anticipates", "estimates", "plans", "may", "would" or similar words or the negative thereof. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will be achieved. Forward-looking statements are subject to risks, uncertainties and assumptions. Although management of New Look believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Some of the factors which could affect future results and could cause results to differ materially from those expressed in the forward-looking statements contained herein include: pending and proposed legislative or regulatory developments, competition from established competitors and new market entrants, technological change, interest rate fluctuations, general economic conditions, acceptance and demand for new products and services, and fluctuations in operating results, as well as other risks included in New Look's current Annual Information Form (AIF) which can be found at www.sedar.com. The forward-looking statements included in this press release are made as of the date hereof, and New Look undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as provided by law.

For additional information please see our Web site www.newlook.ca.

Contact Information

  • New Look Eyewear Inc.
    Lise Melanson
    (514) 877-4299, ext. 2234
    www.newlook.ca