10:23 AM EST - Coastal Contacts Inc. : announced that it would purchase for cancellation up to 5 million of its common shares at a price of $1.00 per share. The offer represents approximately 8% of Coastal's issued and outstanding common shares. The company said it intends to fund the offer from its existing cash, cash equivalents and short-term investments balance of approximately $17.5 million as of April 30, 2008. Coastal Contacts Inc.
shares T.COA are trading unchanged at $1.02.
