Ocean Optique distributors announces conversion of $375,000 in debt to equity

Business Wire, March 13, 1997

MIAMI--(BUSINESS WIRE)--March 13, 1997--Ocean Optique Distributors Inc. (NASDAQ:OPTQ) Thursday announced that it has reached an agreement with a major vendor to convert $300,000 of outstanding payables into 300,000 shares of Ocean's Common Stock.

In addition, holders of $75,000 in principal amount of outstanding debentures have converted their debentures into 45,454 shares of Common Stock. As a result of such debt conversions, Ocean's stockholders' equity will be positively impacted.

Ocean also announced that it has received a proposal from a new lender to refinance and increase Ocean's existing line of credit. Such refinancing will provide the company with additional operating capital. A bank audit is currently being performed by the lender, and provided the results of the audit are satisfactory, Ocean anticipates consummating the refinancing within the next several weeks.

Ocean is continuing to explore avenues and opportunities that management believes would add significant value to the company's present position.

Forward-looking statements (statements that are not historical facts) in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those risks and uncertainties detailed in the company's filings with the Securities and Exchange Commission.

Ocean Optique Distributors Inc. based in Miami, is engaged in importing, marketing and distributing high-quality eyeglass frames and sunglasses in the mid- and premium-priced categories. Ocean is a licensee for eyewear of several well-recognized labels, including Crayola, Gitano, Cacharel, Chevrolet, and Jacques Fath.

CONTACT: Ocean Optique Distributors Inc., Miami

Kenneth Gordon, Chief Financial Officer

305/255-3272