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NEOLENS ANNOUNCES PRIVATE PLACEMENT

 MIAMI, Oct. 18 /PRNewswire/ -- Neolens, Inc. (NASDAQ: NEOL) announced today the consummation of a private placement of 1.28 million units to certain investors for an aggregate purchase price of $800,000. Each unit consists of one share of Neolens common stock and one-half of a warrant to purchase an additional share of common stock for $.625 per share. In addition, Neolens entered into a consulting agreement with a third party for various financial services to be provided to Neolens over a three-year period, including the analysis of budgets and business plans, assistance in finding and negotiating with acquisition candidates and the analysis of future financing options. A designee of the consultant will also be appointed to Neolens' board of directors. As compensation for such services, the consultant received warrants from Neolens to purchase 5 million shares of Neolens common stock over the term of the agreement at an exercise price of $.625 per share. Both the units and consultant's warrants have certain registration rights beginning in December 1993.
 Neolens also announced that the consultant is currently advising the company in business negotiations with two major retail optical chains and on the terms of a second private placement for an additional $800,000 with related investors. It is anticipated that this second placement will be consummated shortly.
 Neolens has developed a patented manufacturing process that produces high quality polycarbonate lenses without the distortion and stress previously associated with polycarbonate lenses. Polycarbonate lenses have significant advantages over lenses made of glass or conventional hard resin plastic in terms of thinness, lightness, impact strength and protection from ultra-violet rays. Polycarbonate lenses can also be made thinner than lenses made of high index plastic and still exceed mandated FDA impact standards, while costing much less and providing retailers higher profit margins.
 -0- 10/18/93
 /CONTACT: Philip G. Heinemann, CFO of Neolens, 305-651-0003/
 (NEOL)


CO: Neolens, Inc. ST: Florida IN: MTC SU:

AW-JB -- FL013 -- 3496 10/18/93 15:12 EDT
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Publication:PR Newswire
Date:Oct 18, 1993
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