Concord Camera Corp. Announces Issuance of Common Stock Pursuant to Underwriters' Over-Allotment Option.

Business Editors

HOLLYWOOD, Fla.--(BUSINESS WIRE)--Oct. 3, 2000

Concord Camera Corp. (Nasdaq: LENS) today announced that it sold 585,000 shares of Common Stock at $23.00 per share pursuant to an over-allotment option granted to the underwriters in connection with its recent public offering of 3,900,000 shares of Common Stock. The gross proceeds from the offering including the shares sold today were approximately $103.2 million. The offering was co-managed by Raymond James & Associates, Inc. and the Robinson-Humphrey Company.

Concord intends to use the proceeds to repay outstanding indebtedness, to finance capital expenditures associated with the continued expansions of its business and for general corporate purposes, including working capital. Pending the use of the net proceeds, Concord intends to invest the proceeds in short-term, interest bearing, investment grade securities.

Concord Camera Corp. is a global developer, designer, manufacturer and marketer of high quality, low cost, digital, instant, Advanced Photo System (APS), 35mm and 110mm format cameras and 35mm, APS, and instant format single-use cameras. Concord markets its cameras under the trade names CONCORD(R), KEYSTONE(R), LE CLIC(R), GOLDLINE(R), APEX(R), and ARGUS(R). Today, Concord is one of the world's leaders in the single-use camera category, the fastest growing segment of the camera market, and the largest producer of single-use cameras in the world in private label, corporate premium and original equipment manufacturer segments of the industry. The Company sells and markets its camera products worldwide through direct sales offices in the United States, Canada, Germany, Hong Kong, the United Kingdom, and France and through independent sales agents. The Company manufactures its products in its expansive, vertically integrated manufacturing facilities in the Peoples Republic of China, which include a class 10,000 "clean room" digital technology manufacturing and assembly facility. Concord employs in excess of 6,000 people worldwide in seven countries. Concord's fiscal year 2000 revenue was approximately $173 million.

This press release contains forward-looking statements that involve numerous risks and uncertainties. The Company's actual results could differ materially from those anticipated in such forward-looking statements as a result of certain factors, including those set forth in the Company's filings with the Securities and Exchange Commission, some of which are summarized under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended July 1, 2000 and updated in subsequently filed reports. In particular, expected sales increases could be adversely affected by production difficulties or economic conditions adversely affecting the market for the Company's products.