Refac Optical Group Board Approves Change of Company's Fiscal Year-End; Audit Committee of the Board Also Approved Engagement o
May 12 2006 - 4:20PM
Business Wire
Refac Optical Group (AMEX: REF) today announced that its Board of
Directors had approved the change of the Company's fiscal year-end
from December 31 to January 31 in order to make the timing of the
release of information consistent with the retail industry. The
Board's Audit Committee also approved the engagement of Ernst &
Young, LLP, as the Company's independent registered public
accounting firm. About Refac Optical Group Refac Optical Group, a
leader in the retail optical industry and the sixth largest retail
optical chain in the United States, operates 542 retail locations
in 47 states and Canada, consisting of 518 licensed departments,
six 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 518
licensed departments, 352 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. Cautionary Statement Regarding Forward-Looking
Statements This news release includes certain statements of the
Company that may constitute "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and which are made pursuant to the Private Securities Litigation
Reform Act of 1995. These forward-looking statements and other
information relating to the Company are based upon the beliefs of
management and assumptions made by and information currently
available to the Company. Forward-looking statements include
statements concerning plans, objectives, goals, strategies, future
events, or performance, as well as underlying assumptions and
statements that are other than statements of historical fact. When
used in this document, the words "expects," "anticipates,"
"estimates," "plans," "intends," "projects," "predicts,"
"believes," "may" or "should," and similar expressions, are
intended to identify forward-looking statements. These statements
reflect the current view of the Company's management with respect
to future events. Many factors could cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance, or achievements
that may be expressed or implied by such forward-looking
statements, including, but not limited to, whether the transaction
with Centene closes. Investors are cautioned that all
forward-looking statements involve those risks and uncertainties
detailed in the Company's filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the fiscal
year ended December 31, 2005. Forward-looking statements speak only
as of the date they are made and the Company undertakes no duty or
obligation to update any forward-looking statements in light of new
information or future events.
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