Media Releases

July 10, 2002

Gimbel Group to Buy GVI’s Interest in Alberta Centres

CALGARY, ALBERTA – The Gimbel Group, through its affiliated company I Care Services Ltd., today announced it has entered into an agreement with Gimbel Vision International Inc. (GVI) to purchase GVI’s assets in the refractive centres in Calgary and Edmonton. This announcement follows several months of negotiation between the Gimbel Group and GVI to recover outstanding debts owed by GVI to the Gimbel Group. The Gimbel Group has been the principal creditor of GVI since July 2001, and as at May 29, 2002 the aggregate amount which remains owing by GVI to the Gimbel Group was approximately $550,000, plus legal and other related fees and interest. These arrears will be set off against the total purchase price of $1.5 million. The agreement is subject to, among other things, approval by GVI’s shareholders, the TSX and Canadian Venture Exchange, and is scheduled to close on July 31, 2002. The sale of GVI’s interest in the Alberta centres represents substantially all of the assets of GVI.

Following a share exchange early in 2001, Aris Vision Inc. acquired a controlling interest in GVI from members of the Gimbel Group. Following that transaction, Dr. Gimbel continued to play a significant role in providing medical and surgical services and consultation and advice to GVI in connection with the Alberta refractive centres pursuant to various management and other agreements.

“Since Dr. Gimbel has always played an active role in providing medical and surgical services to the Alberta refractive centres and the Gimbel Group continues to own the Alberta cataract centres, this agreement will not change anything from the perspective of our patients, doctors, or staff,” said Glenn Gimbel, spokesperson for the Gimbel Group.

“The Alberta centres will continue to be fully operational and my associates and I will maintain full practices in these centres. We will continue to treat patients from Alberta, all parts of Canada, the United States, and many countries around the world,” said Dr. Howard Gimbel.

The refractive (uninsured) and cataract (insured) practices of Gimbel Eye Centres in Calgary and Edmonton have always been separate and distinct from each other. Cataract surgery services provided by the centres are not impacted by this announcement.

Following the close of this agreement, GVI will continue to operate centres in Vancouver, Saskatoon, Winnipeg and Toronto. These centres will undergo a name change following the closing of the transaction and GVI will also change its corporate name.

Dr. Gimbel began his ophthalmological and surgical practice in Calgary in 1964. Dr. Gimbel’s associate, Dr. John van Westenbrugge, performed Canada’s first excimer laser surgery to correct nearsightedness in 1990 at Gimbel Eye Centre Calgary. The Gimbel Group is an affiliated group of privately owned companies owned by Dr. Gimbel and members of the Gimbel family.

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