Coastal Contacts Inc: Company Announcement

VANCOUVER, British Columbia, 2012-02-29 02:12 CET (GLOBE NEWSWIRE) --
Coastal Contacts Inc. (TSX:COA) (Stockholm:COA) ("Coastal " or the "Company")
announced today that the Toronto Stock Exchange ("TSX") has accepted the
Company's notice of intention to make a normal course issuer bid (the "NCIB")
for its common shares through the facilities of TSX or Nasdaq OMX. On March 1,
2012, Coastal may commence making purchases of up to a maximum of 3,448,306
common shares, which represents approximately 10% of the Company's public
float. Any shares acquired will be purchased at the market price up to a
maximum of 13,663 common shares per day thereafter for the duration of the
NCIB, subject to the block purchase exemption. All shares acquired by Coastal
pursuant to the NCIB will be cancelled following purchase. 

Coastal is conducting the NCIB as it will give it the flexibility to purchase
its Common Shares if it determines that, as a result of the difference in the
fundamental value of the Common Shares and the market price, it is in the best
interests of Coastal to do so. 

Under a normal course issuer bid which began on January 11, 2011 and expired on
January 10, 2012, the Company purchased a total of 369,300 common shares at a
weighted average price of Cdn. $1.73 per common share, all through the TSX. 

The normal course issuer bid will terminate on the earlier of the date
determined by Coastal or February 28, 2013. Coastal has 56,404,157 issued and
outstanding common shares as at February 28, 2012. 

About Coastal Contacts Inc.:

Coastal  Contacts Inc. is the planet's biggest online eyewear company. Coastal
empowers customers to easily browse, try on and buy eyewear—saving time, money
and sanity. With every pair of qualifying frames purchased, Coastal donates a
pair to someone in need through its Change the View Project. Founded in the
year 2000, Coastal designs, produces and distributes 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 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, ClearlyContacts.com.au,
ClearlyContacts.co.nz, Contactsan.com, and Coastallens.com. 

Forward Looking Statements

All statements made in this news release, other than statements of historical
fact, are forward‐looking statements.  Examples of such forward looking
statements within this news release include statements relating to the
Company's intentions to purchase common shares under the normal course issuer
bid, as well as statements relating to the Company's perception of the
industries and markets in which it operates, its competitive position therein,
and its ability to support continued growth. Forward‐looking statements are
based on the then‐current expectations, beliefs, assumptions, estimates and
forecasts about our business and the industry and markets in which we operate. 
Forward-looking statements are not guarantees of future performance and involve
risks, uncertainties and assumptions which are difficult to predict. 

Persons reading this news release are cautioned that forward-looking statements
or information are only predictions, and that our actual future results or
performance may be materially different due to a number of factors. Although
the Company believes that the proposed purchase of common shares under the
normal course issuer bid is based upon reasonable assumptions and expectations,
the reader should not place undue reliance on forward‑looking statements
because they involve known and unknown risks, uncertainties and other factors
which may cause actual results to differ materially. Factors that could affect
actual results to differ materially from those contemplated or implied by the
forward-looking statements include general economic conditions and the
performance of the common shares of the Company or stock markets generally.
Reference should also be made to the section entitled "Risk Factors" contained
in our most recently filed Annual Information Form dated December 14, 2011 for
a detailed description of the risks and uncertainties relating to our business.
 These risks, as well as others, could cause actual results and events to vary
significantly. 

Accordingly, readers should not place undue reliance on forward‐looking
statements and information, which are qualified in their entirety by this
cautionary statement.  These forward‐looking statements are made as of the date
of this news release and we expressly disclaim any intent or obligation to
update these forward‐looking statements, unless we specifically state otherwise
and except as required by applicable law. 

         CONTACT: Terry Vanderkruyk
         Vice President, Corporate Development
         Coastal Contacts Inc.
         604.676.4498
         terryv@coastal.com