Concord Camera Corp. announces new contracts with 3M and AGFA.

Corp. (Concord)(NASDAQ:LENS) announced today that it has signed two contracts for the supply of single-use cameras as an original equipment manufacturer (OEM).

The contracts, which are each one year in duration, are with Minnesota Mining and Manufacturing Co. (3M) and Agfa-Gevaert AG (AGFA). Each contract requires 3M and Agfa to each purchase several million single-use cameras. These contracts will result in substantial revenues to Concord.

Concord estimates its single-use cameras account for an approximate 20% market share of the North American and European markets which the company estimates at 75 million units for fiscal 1996. The majority of the balance of the market is shared by Kodak, Fuji and Konica. Concord's share of the market translates into annual sales of approximately $40 million as compared to a virtually non-existent business in fiscal 1992.

In anticipation of its growing business, Concord has begun the planning, consolidation, and expansion of its China manufacturing facilities during fiscal 1995. The approximate $2,000,000 expansion (property, plant and equipment) should be completed during fiscal 1996 and will provide Concord with substantial additional capacity at increased efficiency.

Commenting on the news, Ira B. Lampert, Chairman and Chief Executive Officer, said, "The OEM contracts are an indication of the confidence multinational market leaders have in the quality of our products and our ability to meet their exacting specifications and delivery schedules. We expect to continue to grow rapidly in the single-use camera business as we capture greater market shares in the North American and European markets that are estimated to be growing at a 25% rate per annum. We continue to work on and explore other OEM opportunities.

"We continue to increase our traditional camera business in the U.S., gaining additional and new shelf space at retail, with K-Mart being the most recent addition to our client roster. The initial acceptance of our Crayola brand licensed cameras has been more rapid than we originally expected. The Crayola product has been selected by many of the largest retailers in the U.S. such as Target, K-Mart and Walmart, for both basic and promotion SKUs. Moreover, we expect to begin to penetrate undeveloped markets in Asia, South and Central America and Eastern Europe."

Concord Camera Corp. is principally engaged in the manufacture and sale of popularly-priced, easy-to-use, 35 millimeter, 110 cartridge, and single-use cameras which it manufactures and assembles in China under the CONCORD, KEYSTONE, LE CLIC and for sales outside the United States and Mexico, ARGUS trade names, as well as private labels. The company sells and markets its camera products worldwide through direct sales offices in the United States, Canada, Germany, Hong Kong, Japan, Panama and United Kingdom, Hungary, France and through independent sales agents.

CONTACT: Concord Camera Corp., Avenel

Gary Simon, 908/499-8280

or

KCSA, New York 

Joseph A. Mansi/Adam I. Friedman,

212/682-6300 ext. 205/215