Roger Hardy Ups His Shareholdings in eCommerce Company Kits Eyecare

Tuesday, March 21, 2023

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Vancouver, BC, March 21, 2023--(T-Net)--Vancouver-based eCommerce Company Kits Eyecare announced today that the company's CEO and Chairman Roger Hardy has acquired an aggregate of an additional 1,113,788 common shares of the company, which are held either directly, indirectly or are Common Shares which Mr. Hardy has control or direction.

The shares were acquired through a series of transactions that included open market buying over the facilities of the TSX and the exercise of restricted share rights.

Roger Hardy, Chairman and CEO, Kits Eyecare

Following the closing of the initial public offering of KITS on January 19, 2021, Mr. Hardy directly and beneficially held 8,955,507 Common Shares, representing 28.89% of the then current issued and outstanding Common Shares.

Before the Acquisitions, Mr. Hardy also held 345,000 options to purchase an additional 345,000 Common Shares of the Company and 9,760 restricted share rights to purchase an additional 9,760 Common Shares of KITS.

Following the Acquisitions, Mr. Hardy holds directly or indirectly, or exercises control or direction over an aggregate of 10,069,295 Common Shares, representing 32.15% of the issued and outstanding Common Shares.

Mr. Hardy also holds 445,000 Options to purchase an additional 445,000 Common Shares of the Company and 1,960 RSRs to purchase an additional 1,960 Common Shares of KITS.

Assuming the exercise of the Options and RSRs, Mr. Hardy would hold a total of 10,516,255 Common Shares, representing approximately 33.58% of the issued and outstanding Common Shares.

Mr. Hardy, as KITS's Chairman and Chief Executive Officer, in addition to being one of KITS's largest shareholders, has been and will continue to be actively involved in the business, operations and strategic planning for KITS.

The Shares beneficially owned by Mr. Hardy, directly, indirectly and through which Mr. Hardy has control and direction are held for investment purposes.

Mr. Hardy said in a release that he intends to review on a continuing basis his investment in KITS and may, depending on market and other conditions, increase or decrease his beneficial ownership of securities or those securities through which Mr. Hardy has control or direction, of KITS through market transactions, private agreements, public offerings or otherwise.

About KITS

KITS is Canada's fastest growing, digital eyecare brand 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, and virtual try-on for glasses.

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.

An early warning report relating to this transaction will be filed on SEDAR under KITS's profile at www.sedar.com. To obtain a copy of such report, please contact Ms. Sabrina Liak, Chief Financial Officer of KITS at 604-235-5550. KITS's head office is located at 510 Seymour Street, Suite 1020, Vancouver, British Columbia, V6B 3J5. Mr. Hardy's mailing address is 510 Seymour Street, Suite 1020, Vancouver, British Columbia, V6B 3J5.

Forward-Looking Statements

This press release contains forward-looking statements, including statements relating to the execution of our proposed strategy, our operating performance and prospects on the business. These forward-looking statements generally can be identified by the use of words such as "intend," "believe," "could," "continue," "expect," "estimate," "forecast," "may," "potential," "project," "plan," "would," "will," and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. [ MORE ]

Forward-Looking Statements

Our business is subject to substantial risks and uncertainties. This forward-looking information and other forward-looking information are based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Certain assumptions in respect of the expansion and enhancement of our optical laboratory for glasses and warehouse facilities; the growth of our business and launch of new technologies; our ability to drive sales growth; our ability to maintain, enhance, and grow within our addressable market; our ability to drive ongoing development and innovation of our exclusive brands and product categories; our ability to continue directly sourcing from third party suppliers and manufacturers; our ability to retain key personnel; our ability to add, maintain and expand production, distribution and fulfillment capabilities; our ability to continue investing in infrastructure to support our growth; our ability to obtain and maintain existing financing on acceptable terms; currency exchange and interest rates; the impact of competition; the changes and trends in our industry or the global economy; and the changes in laws, rules, regulations, and global standards are material factors made in preparing forward-looking information and management's expectations.

KITS' risks and uncertainties are discussed in detail in the company's Annual Information Form, which was filed on SEDAR on March 30, 2021. Investors, potential investors, and others should give careful consideration to these risks and uncertainties. We caution investors not to rely on the forward-looking statements contained in this press release when making an investment decision in our securities. The forward-looking statements in this press release speak only as of the date of this release, and we undertake no obligation to update or revise any of these statements, except as required under applicable securities laws. If we do update certain forward-looking information, no inference should be made that we will further update such or other forward-looking information.

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Company Snapshot

Kits Eyecare

Vancouver (Other Tech Sectors)
20-49 Employees In BC (20-49 Employees Total)

KITS is a rapidly growing, digital eyecare platform providing eyewear for eyes everywhere.

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