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U.S. Vision signs merger agreement

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GLENDORA, N.J. — U. S. Vision (NASDAQ: USVI) has agreed to be acquired by a group of investors led by George E. Norcross III, Joseph J. Roberts Jr. and Philip A. Norcross. The three men comprise Norcross Roberts Group and together already own about 25% of U.S. Vision's outstanding common stock.

If consummated, the merger would result in the payment of $4.25 in case for each outstanding share of U.S. Vision common stock.

The transaction is subject to a number of conditions, including the approval of the transaction by the common shareholders of U.S. Vision and the renewal of one of U.S. Vision's material contracts. In addition, Norcross Roberts Group needs to obtain satisfactory financing to complete the transaction.

Current U.S. Vision executives anticipate submitting the transaction to its shareholders for approval in the next few weeks, after the end of the company's second fiscal quarter, which ends July 31, 2001.

U.S. Vision is a national retailer of optical products and services, primarily through licensed retail optical departments located in regional and national department stores.