New Look Vision Group Inc.
TSX : BCI

New Look Vision Group Inc.

December 21, 2015 19:04 ET

New Look Vision Group Inc. Agrees to Acquire Forward Vision Group Inc.

MONTRÉAL, QUÉBEC--(Marketwired - Dec. 21, 2015) - New Look Vision Group Inc. (TSX:BCI) ("New Look Vision" or the "Company"), announced today that it has entered into a definitive agreement to acquire the retail optical assets and business forming part of Forward Vision Group Inc. carrying on business principally under the iVision banner in southwestern Ontario. Founded in 1989 by the Catton family and based in London, Ontario, the business is a leading local player in the retail optical market stretching from London eastwards through to the greater metropolitan Toronto area. The target has 15 locations, 11 operating under the iVision banner in local communities, including London, Kitchener, Waterloo, Guelph, Brantford, Burlington and Oakville. Revenues for the twelve months ended September, 2015 are estimated to be $8 million. Vogue Optical Group Inc., a subsidiary of New Look Vision, will be responsible for operating this business. The purchase price will be $13 million, subject to customary price adjustments and will be financed by New Look Vision from current banking facilities.

Antoine Amiel, President and Director of New Look Vision stated that: "This is a very important strategic step into the southwestern Ontario market and will be a solid platform for staging further significant growth in this area. This is further evidence of our intent to become a major national player in Canada."

John MacLeod, President of Vogue Optical Group Inc. added: "We are very much looking forward to working with the operations team at iVision in order to expand on the current success of the business."

The acquisition of iVision is expected to close on or about February 1st, 2016.

As of November 30, 2015, New Look Vision had 13,419,448 Class A common shares issued and outstanding. New Look Vision is a leader in the eye care industry in Eastern Canada comprised of a network of 193 corporate stores mainly under the New Look Eyewear, Vogue Optical and Greiche & Scaff banners and laboratory facilities using state-of-the-art technologies. Tax information regarding payments to shareholders is available at www.newlookvision.ca in the Investors section.

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 Vision. 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 Vision 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 Vision'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 Vision 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.newlookvision.ca.

Contact Information

  • For enquiries, please contact:
    Lise Melanson
    (514) 877-4119