Merger of New West Eyeworks, Inc. and National Vision Associates, Ltd. Clears Antitrust Waiting Period

Business Wire, Sept 18, 1998

TEMPE, Ariz.--(BW HealthWire)--Sept. 18, 1998--New West Eyeworks, Inc. (NASDAQ:NEWI) (PSE:NEW) announced today that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 applicable to the tender offer by National Vision Associates, Ltd. (NASDAQ:NVAL) to purchase all outstanding common stock of New West at $13.00 net cash per share has expired. Accordingly, that condition to the tender offer had been satisfied.

The closing of the tender offer remains subject to National Vision obtaining the requisite financing. The offer and withdrawal rights will expire at Midnight, Eastern Time, on Tuesday, September 29, 1998, unless the offer is extended.

Currently, New West Eyeworks, Inc., headquartered in Tempe, Arizona, operates 177 full-service retail optical locations throughout 13 states, including 52 vision centers located in Fred Meyer stores. New West, which has reported positive comparable store sales for the past 26 consecutive quarters, operates under the Vista Optical brand (11 states) and the Lee Optical brand (two states). New West offers everyday low prices for quality eyewear, contact lenses and the services of independent doctors of optometry. In addition, New West has an established managed care business, Vista Eyecare Network. In 1997, New West reported net sales of $49.2 million and net income of $1.5 million, or $0.31 per share.

This press release contains forward-looking statements that are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ substantially from such forward-looking statements. Forward-looking statements involve risks and uncertainties, including but not limited to, the uncertainty as to whether the transaction discussed in this press release will be completed. Other risks and uncertainties are detailed from time to time in New West's periodic reports filed with the Securities and Exchange Commission, including its Annual Report for 1997 on Form 10-K and first and second quarter 1998 reports on Form 10-Q.