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BENSON EYECARE TO ACQUIRE OCuSOFT

 RYE, N.Y., Nov. 9 /PRNewswire/ -- Benson Eyecare Corporation (AMEX: EB) announced today an agreement in principle to acquire OCuSOFT(R). Under the terms of the letter of intent, Benson will acquire the assets, business and intellectual properties of OCuSOFT for $2 million, consisting of $1 million of registered Benson common stock, representing approximately 125,000 shares, and $1 million of restricted common stock, to be available for sale over five years, representing approximately 125,000 shares.
 OCuSOFT, with current revenues of approximately $2 million, distributes a full line of generic ophthalmic pharmaceutical products, ophthalmic instruments, and vitamins, to ophthalmologists across the United States. In addition, OCuSOFT, which is based in Richmond, Texas, distributes an over-the-counter patented eyelid cleanser for the management of non-specific eye irritations, including blepharitis. This over-the-counter product is currently sold through Eckerd Drug stores, and numerous other retail outlets.
 OCuSOFT has an experienced management team, including Nat G. Adkins, the former president of Akorn, Inc., and Cynthia C. Barratt, former vice president of sales and operations at Akorn, Inc., who will continue to lead the company.
 "The acquisition of OCuSOFT brings Benson Eyecare generic ophthalmic pharmaceutical products and a strong over-the-counter brand name," said Martin E. Franklin, chairman and chief executive officer of Benson Eyecare Corporation. "It fits perfectly with our strategy of expanding through our low-cost distribution capabilities serving both the ophthalmic and mass retailing components of the eyecare market.
 "OCuSOFT, utilizing the distribution capabilities of our Bonneau division and the ophthalmic relationships of our Benson Optical division, will be well-positioned for significantly enhanced revenue growth and efficiency. It will have the capital and infrastructure it needs to step up its sales force and service larger accounts effectively."
 Benson Eyecare Corporation is a leading distributor of ready-to-wear reading glasses and value priced sunglasses to mass merchandisers, drug stores and supermarkets and is the largest operator of ophthalmologist- based dispensaries in the United States.
 -0- 11/9/93
 /CONTACT: Martin E. Franklin of Benson Eyecare Corporation, 914-967-9400, or Fred Spar of Kekst and Company, 212-593-2655/
 (EB)


CO: Benson Eyecare Corporation; OCuSOFT ST: New York, Texas IN: MTC SU: TNM

TW -- NY030 -- 2135 11/09/93 09:34 EST
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Publication:PR Newswire
Date:Nov 9, 1993
Words:362
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