David Katzman will join 1-800 CONTACTS' Board of Directors
DRAPER, Utah, December 17, 2002 - David B. Katzman, Managing Partner for Camelot Ventures, will join 1-800 CONTACTS' Board of Directors upon completion of the asset purchase agreement on or before January 31, 2003. Upon closing, Camelot Ventures will own approximately 1.46 million shares, representing approximately 11% of the outstanding shares. Camelot Ventures, founded in 1999, is a Southfield, Michigan-based private investment group which focuses on industries in customer relationship management (CRM), call center, catalog, traditional or direct marketing applications, retail, electronic or financial services sectors. Camelot’s investments include Livonia, Michigan-based Quicken Loans Inc., the nation’s largest online mortgage lender and Kintana, a Sunnyvale, CA-based software company that provides end-to-end automation of complex e-business technology processes.
Mr. Katzman has founded a variety of successful businesses including Habitat, National Blinds and Wallpaper, and Lens First. National Blinds and Wallpaper was the number one direct-to- consumer company in its category when it was purchased by Home Depot in 1997. After the sale, Katzman was named President of Home Depot S.O.C. which specializes in the processing of special orders for the Home Depot stores nationwide. Mr. Katzman joined Camelot Ventures full time in 2000.
"I'm looking forward to joining the 1-800 Contacts Board of Directors and adding the resources of Camelot Ventures to the team," said David Katzman.
1-800 CONTACTS offers consumers an attractive alternative for obtaining replacement contact lenses in terms of convenience, price and speed of delivery. Through its easy-to-remember, toll-free telephone number, "1-800-CONTACTS" (1-800-266-8228), and its Internet web site, www.contacts.com, the Company sells all of the most popular brands of contact lenses. High volume, cost-efficient operations enable 1-800 CONTACTS to offer products at competitive prices while delivering a high level of customer service.
This news release contains forward-looking statements about the proposed acquisition of Lens Express and Lens1st and any expected benefits associated thereto. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. Factors that may cause future results to differ materially from the Company's current expectations include, among others: the inability to agree on definitive documentation, unsatisfactory due diligence results, failure to receive necessary debt financing, general economic conditions, the health of the contact lens industry, inventory acquisition and management, manufacturing issues, integration of IGEL, integration of Lens Express and Lens First, exchange rate fluctuations, advertising spending and effectiveness, unanticipated delays or difficulty certifying with Vistakon requirements, and regulatory considerations.
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