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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:  esther@strategic.com.hk /  mandy@strategic.com.hk /
             olivia@strategic.com.hk

Contact:

Esther Chan, +852-2864-4825, or fax, +852-2804-2789,
esther@strategic.com.hk, Mandy Go, +852-2864-4812, or fax,
+852-2527-1196, mandy@strategic.com.hk, Olivia Lam, +852-2864-4890,
olivia@strategic.com.hk