1 October 1998: US-based Lantis Eyewear Corp. a leading eyewear company which designs, markets and distributes quality eyewear products, primarily sunglasses and optical frames, announced that it has …
1 October 1998: US-based Lantis Eyewear Corp. a leading eyewear company which designs, markets and distributes quality eyewear products, primarily sunglasses and optical frames, announced that it has terminated its joint venture with Eyecare Products plc of the UK and Groupe L“Amy of France to distribute select Lantis designer and trademarked sunglasses and optical frames in France, the United Kingdom, Switzerland, Italy and Spain. Lon Moellentine, Lantis Eyewear President and CEO, said that Lantis had exercised its termination rights as the result of material defaults by Bolle, Inc. and Lumen Technologies, Inc., under separate agreements between Lantis and them. Bolle owns approximately 22% of the shares of Eyecare Products plc, a London based, publicly held company whose principal subsidiary is Groupe L“Amy. Lantis owns approximately 5% of Eyecare Products“ shares and has an option expiring in December 1998 to purchase all the shares owned by Bolle. Moellentine indicated that Lantis is considering selling the 3.5 million shares of Eyecare Products plc stock it presently owns. In addition, it is reviewing whether or not to exercise its option to purchase additional Eyecare shares. He added that Lantis Eyewear Corporation will continue to sell and service the international accounts which had been purchasing their products from the joint venture. “Our decision to terminate our joint venture with Eyecare Products and L“Amy does not affect our dedication to our accounts. They will receive the sales and service support they need directly from Lantis Eyewear as part of our ongoing commitment to the international business sector.”