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Vancouver-based Digital Eyecare Platform Developer KITS Eyecare Files Preliminary Prospectus for Proposed $40 Million IPO
Wednesday, December 23, 2020Company Profile | Follow Company
Vancouver, BC, December 23, 2020--(T-Net)--Vancouver-based KITS Eyecare Ltd., developers of a rapidly growing, digital eyecare platform, announced that it has filed a preliminary prospectus in Canada for a proposed initial public offering of common shares of the Company for gross proceeds of up to $40,000,000.
Founded in 2018, Vancouver-based Kits is a growing digital eyecare platform. Co-founder, Chairman and CEO Roger Hardy was previously a co-founder & CEO of Coastal Contacts Inc., an online and direct retailer of eyecare, that was acquired by Essilor in 2014 for $445 million.
KITS Co-Founder and CEO & Chairman at Hardy Capital Roger Hardy
KITS is founded by Roger Hardy, Sabrina Liak, and Joseph Thompson. Hardy was the previous founder of several revolutionary brands of eyewear including Clearly.ca, Coastal.com and Lensway.se which were acquired by Essilor in 2014. Most recently he was an investor and board member of sunglasses brand PriveRevaux.com which was acquired in February by Safilo.
Liak brings over a decade of experience with Goldman Sachs to drive the financial operations of KITS while Thompson, previously with Procter & Gamble before refining his ecommerce expertise with Amazon, oversees the company's day to day operations.
Headquartered in Vancouver, BC, with its manufacturing facility in Richmond, BC, KITS' local-first approach is creating a swell of jobs in an otherwise tight labour market while reducing shipping times faced by overseas manufacturing that have become the norm in the industry.
"We are seeing unprecedented movement to ecommerce and telemedicine in the eyecare category," said Sabrina Liak, Co-Founder of KITS. "To meet this demand, we are building the most reliable and convenient online platform for the eyecare category."
KITS is giving consumers a new perspective on the future of eye care. To demonstrate product and service confidence, KITS is offering customers their first pair of eyeglasses absolutely free.
With the demand for telehealth and e-commerce skyrocketing, KITS is disrupting the industry by enabling customers to purchase high-quality designer eyeglasses, sunglasses and contact lenses, online at affordable prices.
KITS is reinventing the industry's manufacturing, distribution, and delivery norms by producing its products from its local manufacturing facilities in Richmond, B.C. allowing the brand to reduce shipping time and environmental impact.
KITS is also set to release Canada's first-ever online optical exams later this year.
Joseph Thompson, Co-Founder and COO of KITS
"For far too long the eyewear industry has been dominated by major players that no longer prioritize the customer experience," said Joseph Thompson, Co-Founder and COO of KITS. "We saw the opportunity to do things differently and we're thrilled to provide consumers with designer eyewear at affordable prices, and without the long wait and hassle of having to leave the home or office."
The Offering will be conducted on a commercially reasonable best efforts basis by a syndicate of agents led by Canaccord Genuity Corp., as lead agent and sole bookrunner.
Certain of KITS' principal shareholders have granted the Agents an over-allotment option, exercisable in whole or in part, at the sole discretion of the Agents, at any time and from time to time, for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the number of Offered Shares sold under the Offering from such shareholders at the Offering price.
About KITS
KITS is a rapidly growing, digital eyecare platform providing eyewear for eyes everywhere. We offer customers access to a vast selection of contact lenses and eyeglasses, including our own exclusive KITS designed products, as well as a robust suite of online vision tools. Our efficient digital platform, backed by our industry-leading manufacturing and designs, removes intermediaries and enables us to offer great prices and deliver made to order personalized products with incredible care and accuracy.
We are creating disruption in the industry by constantly pursuing cutting-edge technologies to enable the best customer experience, including online eyewear fitting tools, virtual try-on for glasses, and an integrated online vision test. We strive to delight our customers with our competitive prices, a convenient digital shopping experience, fast and reliable delivery options and an unrelenting focus on earning our customers' lifelong trust. For more information on KITS, visit: www.KITS.com.
A preliminary prospectus has been filed with the securities commissions or similar securities regulatory authorities in certain of the provinces and territories of Canada, containing important information relating to the Offered Shares, and is available under the Company's profile on SEDAR. The preliminary prospectus remains subject to completion or amendment. There will not be any sale or any acceptance of an offer the buy the Offered Shares until a receipt for the final prospectus has been issued by the relevant securities commissions or regulatory authorities in Canada.
No securities regulatory authority has either approved or disapproved of the contents of this news release. The Offered Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws. Accordingly, the Offered Shares may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to exemptions from the registration requirements of the U.S. Securities Act and applicable state securities laws. There will be no public offering of Offered Shares in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of KITS in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful.
Forward Looking Information
This press release contains certain forward-looking information, including statements with regard to the Offering. Words such as "expects", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions and no assurance can be given that the Offering will be completed on the terms described, or at all. Completion of the Offering and the terms thereof are subject to numerous factors, many of which are beyond KITS' control, including, without limitation, failure of customary closing conditions and the risk factors and other matters set forth in KITS' preliminary prospectus. KITS undertakes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by law.
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