Ocean Optique Distributors to combine with Solovision Optical Inc.
Upon completion of the transaction, Solovision will become a wholly owned subsidiary of Ocean and the present shareholders of Solovision will own an approximately 60% equity interest in Ocean. In addition, management and shareholders of Solovision will have the right to designate two nominees for election to Ocean's board of directors (with Ocean having the right to designate two nominees and the fifth nominee to be mutually agreed upon by Ocean and Solovision).
The parties anticipate that the proposed transaction will close by June 15, 1997. Consummation of the transaction is subject to fulfillment of a number of conditions, including due diligence and the negotiation and execution of a definitive agreement.
Solovision is a privately held Miami company engaged in importing, exporting, marketing and distributing eyeglass frames in the moderate price range and, through its affiliates, engages in the importing, exporting and distribution of optical equipment.
Ocean Optique Distributors Inc., based in Miami is engaged in importing, marketing and distributing high-quality eyeglass frames and sunglasses in the mid- and premium-priced categories. Ocean is a licensee for eyewear of several well-recognized labels, including Crayola, Gitano, Chevrolet and Jacques Fath.
The proposed merger of Ocean and Solovision will create a diverse and synergistic eyewear distributor with management joining forces to provide a platform for significant internal growth and increasing value to our shareholders. Following completion of the proposed merger, annualized revenues are currently anticipated to exceed $20 million.
Forward-looking statements (statements that are not historical facts) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in Ocean's filings with the U.S. Securities and Exchange Commission.
CONTACT: Ocean Optique Distributors Inc., Miami
Kenneth Gordon, Chief Financial Officer