Exhibit 99.1
N E W S CONTACT: Raymond A. Cardonne
(201) 585-0600
Fax: (201) 585-2020
about Refac [GRAPHIC OMITTED] Web site: www.refac.com
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REFAC Appoints J. David Pierson President and Chief Operating Officer
Retains Consulting firm Headed by Jeffrey A. Cole
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Fort Lee, New Jersey, June 20, 2005 - Refac (AMEX: REF) announced today that
it has hired J. David Pierson as its President and Chief Operating Officer. He
will report to Chief Executive Officer Robert L. Tuchman and be responsible
for all of Refac's operations.
On April 8, 2005, the Company announced that it had entered into
acquisition discussions with two affiliated companies, U.S. Vision, Inc.,
which operates 518 retail optical locations in 47 states and Canada,
consisting of 506 licensed departments and 12 freestanding stores, and
OptiCare Health Systems, Inc., which operates 18 retail optical centers in the
State of Connecticut and is a managed vision care provider in the United
States. Refac, U.S. Vision, Inc. and OptiCare Health Systems, Inc. are all
controlled by Palisade Concentrated Equity Partnership, L.P. These discussions
are continuing.
From 1996 to 2001, Pierson served as President of Licensed Brands for
Cole National Corporation, a leading optical retailer. During his tenure with
Cole National, he led the expansion of vision care products and services from
650 stores to more than 1,100 under the banners of Sears Optical, Target and
BJ's Wholesale Clubs. Through more than thirty years in retailing, Pierson has
managed operations, merchandising and strategic planning and implementation in
a variety of positions with Sears, Target Stores and Federated Department
Stores. Most recently, from March 2001 to April 2004, he served as the
Chairman, President and Chief Executive Officer of CPI Corporation (NYSE:
CPY), which provides portrait photography services in the United States,
Puerto Rico and Canada through Sears Portrait Studios. Since leaving CPI
Corporation, he has served as a consultant to several companies including some
in the retail optical business.
Tuchman commented, "Dave is a highly-regarded leader with a great
reputation. He has the ideal background and experience for this position and
this is the perfect time for him to join our leadership team. We look forward
to working with him."
"I am delighted about being part of the commitment that Refac is
making to the optical industry and am excited to bring my experience in
optical retailing to the Company," said Pierson. "I have a strong belief in
the growth opportunities that the industry continues to present and am looking
forward to returning to the industry and working with my many friends and
colleagues."
Refac also announced that it has engaged Cole Limited, Inc., a
consulting firm headed by Jeffrey A. Cole. From 1984 to June 2003, Cole served
as the chairman and chief executive officer of Cole National. He remained on
Cole National's board until October 2004 when it was acquired by Luxottica
S.p.A., the leading optical retailer in the U.S., Canada, Australia, New
Zealand and Hong Kong. He is a member of the supervisory board of directors of
Pearle Europe, B.V., the leading optical retailer in Europe with retail
optical locations in the Netherlands, Belgium, Germany, Denmark, Austria,
Italy, Norway, Poland, Portugal, Estonia, Sweden, Finland and Kuwait. Since
1990, he has also served as a director of Hartmarx Corporation. Refac
presently intends to include Cole as a nominee to its Board at the next annual
meeting of stockholders.
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING STATEMENTS
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This News Release includes certain statements of the Company
that may constitute "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, and which are made
pursuant to the Private Securities Litigation Reform Act of 1995. These
forward-looking statements and other information relating to the Company
are based upon the beliefs of management and assumptions made by and
information currently available to the Company. Forward-looking
statements include statements concerning plans, objectives, goals,
strategies, future events, or performance, as well as underlying
assumptions and statements that are other than statements of historical
fact, including statements regarding the Company's acquisition plans.
When used in this document, the words "expects," "anticipates,"
"estimates," "plans," "intends," "projects," "predicts," "believes,"
"may" or "should," and similar expressions, are intended to identify
forward-looking statements. These statements reflect the current view of
the Company's management with respect to future events. Many factors
could cause the actual results, performance or achievements of the
Company to be materially different from any future results, performance,
or achievements that may be expressed or implied by such forward-looking
statements, including, but not limited to, the Company's ability to come
to acceptable terms with U.S. Vision and/or OptiCare or, if it does come
to terms, that these will prove to be beneficial acquisitions for the
Company. Investors are cautioned that all forward-looking statements
involve those risks and uncertainties detailed in the Company's filings
with the Securities and Exchange Commission, including its Annual Report
on Form 10-K for the fiscal year ended December 31, 2004. Forward-looking
statements speak only as of the date they are made and the Company
undertakes no duty or obligation to update any forward-looking statements
in light of new information or future events.
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