VANCOUVER, British Columbia, Aug. 30, 2012 (GLOBE NEWSWIRE) -- Coastal Contacts Inc. (TSX:COA) (Stockholm:COA) ("Coastal Contacts" or the "Company"), one of the largest online retailers of vision care products in the world, announces that it has filed Articles of Amendment to give effect to a share consolidation on the basis of two pre-consolidation common shares for each one post-consolidation common share (the "Consolidation"). Shareholders of the Company authorized the Consolidation at the Company's Annual and Special Meeting of Shareholders held on April 20, 2012. The Company expects that its common shares will commence trading on the Toronto Stock Exchange on a consolidated basis at the opening on September 5, 2012 under the current symbol "COA" and new CUSIP number 19044R207.
The Consolidation reduces the number of outstanding common shares of the Company from approximately 56.7 million to approximately 28.3 million. No fractional shares will be issued in connection with the Consolidation.
The Company expects to mail letters of transmittal to the registered holders of its common shares on August 31, 2012, requesting that they forward their pre-Consolidation common share certificates to the Company's transfer agent, Computershare Investor Services Inc., for exchange for new common share certificates representing their common shares on a post-Consolidation basis.About Coastal Contacts Inc.: Coastal empowers customers to easily browse, try on and buy eyewear — with the goal of saving time, money and sanity. With every pair of qualifying frames purchased, Coastal Contacts donates a pair to someone in need through its Change the View project. Founded in 2000, Coastal Contacts designs, produces and distributes among the largest selection of eyeglasses and contact lenses on the Internet, including a unique combination of designer eyeglasses, contact lenses, sunglasses, and vision care accessories. Coastal Contacts serves customers in more than 150 countries through the Coastal Contacts family of websites including: Coastal.com, ClearlyContacts.ca, Lensway.com, Lensway.co.uk, Lensway.se, Lensway.com.br, ClearlyContacts.com.au, ClearlyContacts.co.nz, Contactsan.com, and Coastallens.com.