Emerging Vision, Inc. (fka ISEE)

[JimProfit]

Emerging Vision Enters Definitive Agreement to Acquire The Optical Group
Tuesday July 3, 9:29 am ET

Transaction Expected to Double Emerging Vision's Annual Revenue for 2nd Time in Past Year
Expected to be Financed Through the Use of Debt

GARDEN CITY, N.Y.--(BUSINESS WIRE)--Emerging Vision, Inc. (OTCBB: ISEE - News) today announced that on June 29, 2007, it entered into a definitive purchase agreement to acquire all of the outstanding equity interests of The Optical Group ("TOG"), one of the leading optical group purchasing organizations in Canada. Pursuant to the terms of the agreement, the Company will pay $3.8 million CAD (approximately $3.6 million USD) in cash. The Company plans to finance this transaction solely through the use of debt.

As operator of one of the nation's largest retail optical chains and one of the nation's largest optical group purchasing businesses, Emerging Vision, Inc.'s ("EVI") addition of TOG to its organization will further enhance its group purchasing business segment and EVI's overall position within the optical industry.

Christopher Payan, Chief Executive Officer of Emerging Vision, commented, "We are extremely excited about the additional value we expect our shareholders to see through this acquisition. This is highlighted by the fact that we plan to finance the entire transaction through the use of debt, thus providing no dilution to our existing shareholder base. The Optical Group is a mature, well-established business, and its operational team is focused on providing a high level of value and service to its members. It is a natural addition to our existing group purchasing business."

Emerging Vision intends to operate TOG within its group purchasing business segment, keeping the existing TOG infrastructure in place. Grant Osborne, TOG's founder and Managing Member, will remain involved to ensure a successful transition and integration. Closing of this transaction is anticipated to take place in early August 2007.

Mr. Payan concluded, "Even with the growth of popular retail brands such as ours, independent retailers still represent the largest segment of the retail optical industry. Emerging Vision continues to maintain a unique understanding of the ever-present entrepreneurial nature of this industry, and will continue to position itself as a leader both within the commercial chain store environment as well as to independent operators across North America. The Optical Group is the perfect Canadian complement to our U.S.-based Combine Buying Group. The 55 years combined experience of these group purchasing businesses, together with our own 90 years of retail optical experience, places EVI in a unique position to create an increased level of service for our customers at lower costs, all while increasing our revenues and enhancing value for our shareholders."

Source: Emerging Vision, Inc.