HOLLYWOOD, FL -- (MARKET WIRE) -- 06/27/08 -- Concord Camera Corp. ("Concord" or the"Company") (NASDAQ: LENS) today announced that on June 19, 2008, the UnitedStates District Court for the Southern District of Florida issued its finalapproval of the Stipulations and Agreements of Settlement in the securitiesclass action suit filed in September 2004 against the Company and certainof its current and former officers (Stephen J. Mazur v. Ira B. Lampert,Harlan Press, Richard M. Finkbeiner, Brian F. King and Concord Camera Corp.(United States District Court for the Southern District of Florida, CaseNo.: 04-61159-CIV-LENARD/KLEIN)) and the related shareholder derivativeaction suit filed in November 2004 against certain of the Company's currentand former officers and directors (Paul J. Nieman v. Ira B. Lampert, RonaldS. Cooper, Morris H. Gindi, J. David Hakman, William J. O'Neill, Jr.,Harlan Press and Richard M. Finkbeiner and Concord Camera Corp. (UnitedStates District Court for the Southern District of Florida, Case No.:05-60574-CIV-LENARD/KLEIN)) and dismissed both actions with prejudice. Aspreviously disclosed, the Company sought coverage from its insurancecarrier for these lawsuits under its directors' and officers' liabilityinsurance policy and the insurance carrier defended the actions under areservation of rights. The agreed upon settlement amounts were within thepolicy limits and the insurance carrier has agreed to pay such amounts.About Concord Camera Corp.
Concord Camera Corp., through its subsidiaries, is a global provider ofeasy-to-use single-use and traditional film cameras. Concord currentlymarkets and sells its cameras on a private-label basis and under thePOLAROID and POLAROID FUNSHOOTER brands through in-house sales andmarketing personnel and independent sales representatives. The POLAROIDtrademark is owned by Polaroid Corporation and is used by Concord underlicense from Polaroid. The FUNSHOOTER trademark is a registered trademarkof Concord Camera Corp. in the United States and other countries. Learnmore about Concord Camera Corp. at www.concord-camera.com.
Except for the historical information contained herein, statements in thispress release are forward looking and are made pursuant to the safe harborprovisions of the Private Securities Litigation Reform Act of 1995.Investors are cautioned that forward-looking statements involve risks anduncertainties that may affect the Company's business and prospects,including the risks discussed under "Risk Factors" and disclosures in theCompany's Annual Report on Form 10-K for the fiscal year ended June 30,2007 and subsequently filed reports. Such forward-looking statementsinclude, without limitation, statements regarding coverage from ourinsurance carrier in connection with these litigations and the insurancecarrier's payment of the settlement amounts. Actual results could differmaterially from these forward-looking statements. Factors that could resultin these forward-looking statements being inaccurate include, among otherthings, the insurance carrier's denial of coverage and other factors anduncertainties that affect the Company. Any forward-looking statementscontained in this press release represent the Company's estimates only asof the date hereof, or as of such earlier dates as are indicated, andshould not be relied upon as representing its estimates as of anysubsequent date. Although the Company may elect to update forward-lookingstatements in the future, it disclaims any intent or obligation to do so,even if its estimates change.
CONTACT:
Concord Camera Corp.
Blaine Robinson
Vice President - Finance and Treasurer
(954) 331-4238
