Emerging Vision Inc a leading provider of eye care products and services, and one of the largest franchised optical chains in the United States announced that the Company has obtained a revolving credit facility providing for aggregate borrowings of up to $6 million with Manufacturers and Traders Trust Corporation.
The credit facility, which replaces the Company's previous revolving line with M&T (which was $2 million), matures in August 2009 and will accrue interest at the variable rate of LIBOR plus 2.75%.
In addition, in connection with obtaining the revolving line with M&T, the Company finalized its acquisition of The Optical Group and its affiliate (collectively, "TOG"), one of the leading optical group purchasing organizations in Canada, for $3.8 million CAD (approximately $3.6 million USD) in cash.
Among the other assets and liabilities included in this acquisition, the Company acquired the accounts receivable of TOG, and assumed certain accounts payable of TOG, effective as of July 1, 2007.
For the twelve months ended June 30, 2007, TOG had unaudited revenues of approximately $41 million CAD (approximately $36 million USD). TOG currently has approximately 525 active members in its optical group purchasing business.
Christopher Payan, Chief Executive Officer of Emerging Vision, commented, "We are pleased to be continuing our relationship with M&T Bank. Obtaining the increased revolving credit facility, particularly in the current lending environment, is a testimony to the renewed strength of our operations and the great strides we have made over the past few years."
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