Moulin International Holdings Limited

Moulin Will Not at This Time Proceed with the Bid to Acquire Cole National Corporation

    Hong Kong (ots/PRNewswire) -

    - Will Continue to Explore Possible Acquisitions to Expand Downstream  Presence in the Optical Industry

    Moulin International Holdings Limited ("Moulin" / the "Group")(stock  code: 389), a world leading integrated manufacturing distributor of eyewear,  has announced that the Group will not proceed at this time with its proposed  bid to acquire Cole National Corporation ("CNC").

    On July 13, 2004, Moulin submitted a revised proposal to acquire CNC in a  merger at the price of USD $25.00 per share in cash. Subsequently on July  15, 2004, Luxottica Group S.p.A. ("Luxottica") raised its offer to USD $27.50  per share in cash. Following a press release issued by CNC on July 22, 2004  announcing that the stockholders of CNC had voted to approve the merger  agreement between CNC and Luxottica, Moulin formally announced that the Group will not at this time proceed with its proposed bid.

    Mr. Cary Ma, Chief Executive Officer of Moulin, said, "Despite the complexity of the transaction, Moulin successfully received commitments for  over HK$6,000,000,000 in debt and equity financing to support our bids for  Cole National. We have always considered a price of USD $25 per share to be a  reasonable valuation of the company, and therefore it is not in the interest  of Moulin or it's shareholders to pursue a higher bid." Mr. Ma continued,  "The substantial efforts made during the CNC acquisition process have demonstrated Moulin's capabilities and resources which we will use to pursue  other attractive investment and acquisition opportunities. We are proud of  our efforts and look forward to the next opportunity.

    Mr. Ma Bo Kee, Chairman of Moulin, concluded, "Moving downstream into the  retail sector is an important growth strategy in our international arena.  Going forward, we will continue to aggressively explore possible acquisition,  merger and/or business combination opportunities in the optical retail  market. Expansion into retail will allow the company to control the entire  supply chain network, creating substantial synergies that can secure long- term profitability. Taking this opportunity I would like to thank the management and employees for their dedication and efforts throughout the  bidding process. Our team remains strong and we are as confident in our  ability to carve a lasting niche for the company in the global eyewear  market."

    About Moulin

    Moulin is engaged in the design, manufacture, distribution and retail of  quality eyewear products to customers worldwide. The Group has effectively  built a comprehensive global distribution network operating in over seventy  countries worldwide, driven by major market subsidiaries in Europe, the  United States and the Asia Pacific region.  Moulin is the largest eyewear  manufacturer in Asia and the third largest worldwide, with production volumes  exceeding fifteen million frames per year.

      For media enquiries, please contact:
        Strategic Financial Relations Limited
        Esther Chan / Mandy Go / Olivia Lam
        Tel: +852 2864 4825 / +852 2864 4812 / +852 2864 4890
        Fax: +852 2804 2789 / +852 2527 1196
        Email: / /

ots Originaltext: Moulin International Holdings Limited
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Esther Chan, +852-2864-4825, or fax, +852-2804-2789,, Mandy Go, +852-2864-4812, or fax,
+852-2527-1196,, Olivia Lam, +852-2864-4890,

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