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Contact Lens
1-800 CONTACTS Announces Close of ClearLab Transactions
July 22nd, 2007
1-800 CONTACTS, INC. (NASDAQ:CTAC) (the "Company") announced that it has closed the transactions for the sale of its ClearLab business. The Company sold ClearLab's flat pack technology and certain other intellectual property to Menicon Co., Ltd., Japan's largest independent contact lens manufacturer on June 15, 2007, and sold ClearLab's manufacturing, distribution and customer support operations to Mi Gwang Contact Lens Co., Ltd., a Korean-based contact lens manufacturer on June 30, 2007. Jonathan Coon, Chief Executive Officer, remarked, "We have now finalized these transactions that we announced on May 29. We received the expected $32 million in cash and $6.5 million...
Source: Medical Devices & Surgical Technology Week (2007-07-22)
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