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New Look Vision Group Inc. Announces Roll Up Acquisition in Ontario Market

MONTRÉAL, April 11, 2019 (GLOBE NEWSWIRE) -- New Look Vision Group Inc. (BCI.TO) (“New Look Vision”), announced today that its optometric division, Iris, The Visual Group (1990) Inc. (“Iris”) has acquired substantially all of the optical assets and business of the Darryl Sher group operating six retail optical clinics in Southern Ontario; Toronto, Owen Sound, Midland, Alliston, Angus and Bracebridge, all of which will be rebranded under the Iris banner.

Antoine Amiel, President of New Look Vision stated that: “After more than a year of integrating recent acquisitions, including Iris, and de-leveraging, this transaction marks the return to our Canadian roll-up strategy, in this case led by Iris. Ontario is a key market in this growth process.”

Éric Babin, President of Iris stated that: “These clinics will be seamlessly integrated into the Iris network. Their embracing the combination of retail, eye care services and technology is perfectly aligned with the Iris model. We are very much looking forward to welcoming the amazing team of professionals at all six locations into our family.”

Darryl Sher, owner of the acquired outlets stated that: “Joining the Iris network was a logical next step that will set my clinics up for continued success in the years to come. Iris’ commitment to the advancement of eye care in Canada and strong culture are very much aligned with my core values. The decision to remain on as a minority partner in the acquired clinics was an easy one and I look forward to helping Iris in its stated objective of growing its presence in Canada’s most populous province.”

As of March 31, 2019, New Look Vision had 15,597,094 Class A common shares issued and outstanding. New Look Vision is a leader in the eye care industry in Canada comprised of a network of 373 locations operating mainly under the Iris, New Look Eyewear, Vogue Optical and Greiche & Scaff banners and laboratory facilities using state-of-the-art technologies. Tax information regarding payments to shareholders is available at www.newlookvision.ca in the Investors section.

All statements other than statements of historical fact contained in this press release are forward-looking statements, including, without limitation, statements regarding the future financial position, business strategy, projected costs and plans and objectives of, or involving New Look Vision. Readers can identify many of these statements by looking for words such as “believe”, “expects”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “plans”, “may”, “would” or similar words or the negative thereof. There can be no assurance that the plans, intentions or expectations upon which these forward-looking statements are based will be achieved. Forward-looking statements are subject to risks, uncertainties and assumptions. Although management of New Look Vision believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Some of the factors which could affect future results and could cause results to differ materially from those expressed in the forward-looking statements contained herein include: pending and proposed legislative or regulatory developments, competition from established competitors and new market entrants, technological change, interest rate fluctuations, general economic conditions, acceptance and demand for new products and services, and fluctuations in operating results, as well as other risks included in New Look Vision’s current Annual Information Form (AIF) which can be found at www.sedar.com. The forward-looking statements included in this press release are made as of the date hereof, and New Look Vision undertakes no obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise, except as provided by law.

For additional information please see our Web site www.newlookvision.ca.  

For enquiries, please contact Lise Melanson (514) 877-4119.