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NEOLENS SELLS LONG-TERM NOTES IN PRIVATE PLACEMENT

 NEOLENS SELLS LONG-TERM NOTES IN PRIVATE PLACEMENT
 MIAMI, March 20 /PRNewswire/ -- Neolens, Inc. (NASDAQ: NEOL), a


Miami-based manufacturer of polycarbonate ophthalmic lenses, announced today that as of March 16, 1992, it sold to a group of investors in a private placement $1,250,000 principal amount of long-term notes, which notes are convertible into shares of Neolens common stock. The company received net proceeds of $1,125,000 from such placement of securities. The company paid $125,000 to a placement agent and issued such agent a warrant to purchase 62,500 restricted shares of Neolens common stock.
 Neolens, founded in 1985, has developed and patented an injection molding process which enables it to manufacture high quality polycarbonate lenses at a competitive price. Neolens' polycarbonate lenses offer consumers significant advantages over lenses manufactured with conventional CR-39 plastic in terms of weight, thinness, impact strength and protection from ultra-violet rays. Currently, CR-39 lenses represent approximately 75 percent of the U.S. domestic market for ophthalmic lenses which is estimated to be $12 billion annually on a retail level.
 -0- 3/20/92
 /CONTACT: Philip G. Heinemann, CFO of Neolens, 305-651-0003/
 (NEOL) CO: Neolens, Inc. ST: Florida IN: MTC SU:


AW-JJ -- FL008 -- 0207 03/20/92 16:10 EST
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Publication:PR Newswire
Date:Mar 20, 1992
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