REF Refac Optical Grp

WATERBURY, Conn., March 10 /PRNewswire-FirstCall/ -- OptiCare Eye Health Centers, Inc. announced today that David G. Gaio has been promoted to President of OptiCare's Consumer Vision Division, effective February 28, 2006. Mr. Gaio, 42, will oversee the day-to-day operating affairs of OptiCare Eye Health Centers, Inc., a Waterbury-based eye care provider, which has 18 locations in Connecticut. Mr. Gaio will report to J. David Pierson, Chief Executive Officer of Refac Optical Group (AMEX:REF), OptiCare's parent company. Mr. Gaio has been with OptiCare's Consumer Vision Division since 2003, most recently as its Executive Vice President. Since joining OptiCare, Mr. Gaio has led the Consumer Vision Division through continuous growth and improved profitability. "This promotion is truly well deserved," Mr. Pierson said today. "David continues to show an insight into both the eye care and eyewear portions of our business as well as demonstrating the leadership qualities necessary for continued success." Prior to joining OptiCare, Mr. Gaio served as an Assistant Vice President of Service and Operations for CIGNA HealthCare in its Vision Care business. He has 10 years of healthcare experience. Mr. Gaio is a graduate of Florida State University and holds a Bachelor of Science degree in Risk Management and Insurance. About Refac Optical Group Refac Optical Group is a leader in the retail optical industry and the sixth largest retail optical chain in the United States. It operates at 543 locations in 47 states and Canada, consisting of 517 licensed departments, eight freestanding stores, 18 eye health centers and professional optometric practices, two surgery centers, one of which is a laser correction center, and two manufacturing laboratories. Of the 517 licensed departments, 351 are located at J.C. Penney stores, 67 at Sears, 49 in regional department stores, 30 at The Bay, a division of Hudson's Bay Company, Canada's oldest and largest traditional department store retailer, 13 departments at Meijer, and, most recently, seven at Macy's. These licensed departments are full-service retail vision care stores that offer an extensive selection of designer brands and private label prescription eyewear, contact lenses, sunglasses, ready-made readers and accessories. DATASOURCE: Refac Optical Group CONTACT: Raymond A. Cardonne of Refac Optical Group, +1-201-585-0600, or Fax: +1-201-585-2020 Web site: http://www.refac.com/

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