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|   |                                                                        ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) |
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|   |                                                                      OF THE SECURITIES EXCHANGE ACT OF 1934 |
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|   |                                                                            For the fiscal year ended: December 31, 2009 |
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|   |                                                                         Commission file number: 1-14128 |
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| Yes | No  X |
|-----|-----------------|

| Yes | No  X |
|-----|-----------------|

| Yes | No  X |
|-----|-----------------|

|    Yes__ | No __ |
|--------------------|-------|

| Large accelerated filer_                                            | Accelerated filer__               |   |
|---------------------------------------------------------------------|-----------------------------------|--------|
| Non-accelerated filer_(Do not check if a smaller reporting company) | Smaller reporting company X  |   |

| Yes | No  X |
|-----|-----------------|

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|                                                                                                                                                                                                                                                                                                            |   |   |   | December 31, |         |   |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|--------------|--------------|--------|--------|
| I. COMPANY-OWNED STORES:                                                                                                                                                                                                                                                                                        |   |   | 2009   | *            |         |   |   | 2008 |   |
|                                                                                                                                                                                                                                                                                                            |   |   |   |         |         |   |   |   |   |
| Company-owned stores                                                                                                                                                                                                                                                                                            |   |   | 6      |         |         |   |   | 5 |   |
| Company-owned stores managed by franchisee                                                                                                                                                                                                                                                                      |   |   | -      |         |         |   |   | 1 |   |
| Total                                                                                                                                                                                                                                                                                                           |   |   | 6      |         |         |   |   | 6 |   |
|                                                                                                                                                                                                                                                                                                            |   |   |   |         |         |   |   |   |   |
| (*) Existing store locations: New Jersey (1), New York (3) Pennsylvania (1), and Virginia (1).                                                                                                                                                                                                             |   |
|                                                                                                                                                                                                                                                                                                            |   |
|                                                                                                                                                                                                                                                                                                            |   |   |   |         | December 31, |   |   |   |   |
|                                                                                                                                                                                                                                                                                                            |   | 2009   | *      |         |         |   | 2008   |   |
| II. FRANCHISED STORES:                                                                                                                                                                                                                                                                                          |   |   | 129    |         |         |   |   | 133 |   |
|                                                                                                                                                                                                                                                                                                            |   |   |   |         |         |   |   |   |   |
| (*) Existing store locations: California (40), Delaware (3), Florida (1), Illinois (1), Kentucky (2), Louisiana (2), Maryland (9), New Jersey (6), New York (39), North Dakota (3), Pennsylvania (8), Virginia (4), Washington D.C. (1), West Virginia (1), Wisconsin (7), and the U.S. Virgin Islands (2) |   |
|                                                                                                                                                                                                                                                                                                            |   |
|                                                                                                                                                                                                                                                                                                            |   |

| a.   | Term. Generally, the term of each Franchise Agreement is ten years and, subject to certain conditions, is renewable at the option of the franchisee. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| b.   | Initial Fees. Generally, franchisees (except for any franchisees converting their existing retail optical store to a Sterling Store (a “Converted Store”), franchisees opening a location that has limited public access (a “Limited Access Facility”), and those entering into agreements for more than one location) must pay us a non-recurring, initial franchise fee of $20,000.  For each franchisee entering into agreements for more than one location, we charge a non-recurring, initial franchise fee of $15,000 for the second location, and $10,000 for each location in excess of two.  We charge each franchisee of a Converted Store or Limited Access Facility a non-recurring, initial franchise fee of $10,000 per location. |
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| c.   | Ongoing Royalties.  Franchisees are obligated to pay us ongoing royalties in an amount equal to a percentage (generally 8%) of the gross revenues generated by their Sterling Store. Franchisees of Converted Stores, however, pay ongoing royalties, on their store's historical average base sales, at reduced rates increasing (in most cases) from 2% to 6% for the first three years of the term of the Franchise Agreement.  Royalties on the gross revenues generated in excess of those base sales will be calculated at 8%.  Additionally, Franchisees of Limited Access Facilities pay ongoing royalties at reduced rates increasing from 1% to 4% in year 3 and each year thereafter.  The Franchise Agreement provides for the payment of ongoing royalties on a weekly basis, based upon the gross revenues for the preceding week. Gross revenues generally include all revenues generated from the operation of the Sterling Store, excluding refunds to customers, sales taxes, a limited amount of bad debts and, to the extent required by state law, fees charged by independent optometrists. |
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| d.   | Advertising Fund Contributions. Most franchisees must make ongoing contributions, on a weekly basis, to an advertising fund (the “Advertising Fund”) generally equal to 6% of their store's gross revenues for the preceding week. Franchisees of Limited Access Facilities, however, must make ongoing contributions equal to 4% of their store's gross revenues for the preceding week.  Generally, 50% of these funds are expended at the direction of each individual franchisee (for the particular Sterling Store in question), with the balance being expended on joint advertising campaigns for all franchisees located within specific geographic areas and/or on national promotions and campaigns. |
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| e.   | Termination. Franchise Agreements may be terminated if a franchisee has defaulted on its payment of monies due to the Company, or in its performance of the other terms and conditions of the Franchise Agreement. During 2009, we reacquired the assets of (as well as possession of) two franchised stores.  Substantially all of the assets located in such stores were voluntarily surrendered and transferred back to us in connection with the termination of the related Franchise Agreements. In certain instances, we may re-convey the assets of such a store to a new franchisee, requiring the new franchisee to enter into our then current form of Franchise Agreement.  However, we review each store’s historical performance to consider if we will continue to operate such store (as a Company-owned location) without re-conveying the assets of such store to a new franchisee. |
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| ·   | The current U.S. and global economic conditions have affected and will continue to affect our results of operations and financial position.  The current economic conditions have resulted in decreased revenues, retail store count, operating income and cash flow.  This downturn has lead to and might continue to lead to a reduction of certain overhead expenses as well as stronger restrictions on customer credit.  These uncertainties about future economic conditions make it difficult for us to forecast future operating results and cash flows from operations. |
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| ·   | Our common stock is trading on the OTC Bulletin Board (“OTCBB”). The OTCBB is generally considered a less efficient market that does not have national exposure to prospective shareholders.  As such, shareholders are likely to find it more difficult to trade our common stock on the OTCBB. |
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| ·   | The application of the "penny stock rules" could reduce the liquidity and, therefore, the market price of our common stock.  On April 9, 2010, the last reported sales price of our common stock was $0.08.  Because the trading price of our common stock is less than $5.00 per share and no longer trades on NASDAQ, our common stock comes within the definition of a "penny stock."  The “penny stock rules” impose additional sales practice requirements on broker-dealers who sell our securities to persons other than established customers and accredited investors, generally those with assets in excess of $1,000,000 or annual income exceeding $200,000, or $300,000 together with their spouse.  Before a broker-dealer can sell a penny stock, the Securities and Exchange Commission (the “SEC”) rules require the firm to first approve the customer for the transaction in question and receive from the customer a written agreement to such transaction.  The firm must furnish the customer a document describing the risks of investing in penny stocks.  The broker-dealer must also advise the customer of the current market quotation, if any, for the penny stock and the compensation the firm and its broker will receive for the trade.  Finally, the firm must send monthly account statements showing the market value of each penny stock held in the customer’s account.  These additional burdens imposed on broker-dealers may restrict the ability of broker-dealers to sell our securities and may affect the ability of shareholders to resell our common stock. |
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| ·   | Dr. Alan Cohen, our Chairman of its Board of Directors, and, together with his immediate family members, one of our significant shareholders, owns, operates, manages and/or is otherwise involved with other companies in the retail optical industry, which are in competition with our Sterling Stores and/or Combine Members, and may result in potential conflicts.   Until March 1, 2008, Dr. Cohen and his brother Dr. Robert Cohen were officers and directors of and together with members of their immediate families, were the sole shareholders of Cohen Fashion Optical, Inc. (“CFO, Inc.”), which company operated and franchised retail optical stores similar to Sterling Stores and Combine Member locations in the States of Connecticut, Florida, Massachusetts, New Hampshire, New Jersey, New York and Puerto Rico.  Effective March 1, 2008, CFO, Inc. sold substantially all of its assets to Cohen Fashion Optical, LLC (“CFO, LLC”), a Kentucky limited liability company, which continues to operate and offer franchises for retail optical stores primarily under the name Cohen’s Fashion Optical.  Although, Dr. Alan Cohen does not own any interest in or participate in the management of CFO, LLC, Dr. Cohen is an executive officer and director of Real Optical, LLC and CFO Retail, Inc. (collectively “REAL”), and he and members of his immediate family are principal members and shareholders of said companies.  REAL is a franchisee of CFO, LLC and operates retail optical stores in the States of Connecticut, Florida, New Jersey and New York similar to Sterling Stores and Combine Member locations.  As of December 31, 2009, REAL was the franchisee of 16 Cohen’s Fashion Optical stores, and was also managing an additional store on behalf of CFO, LLC.  In the future, REAL may open additional stores that are located in the same areas as Sterling Stores and/or Combine Member locations.  These competing businesses could reduce the revenues generated at our competing Sterling Stores and/or from Combine Members. |
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| ·   | We significantly depend on the ability and experience of certain members of its management, and their departure may prevent or delay the successful execution of our business plan.  We rely on the skills of certain members of our senior management team to guide its operations, the loss of whom could have an adverse effect on our operations.  We currently have an employment agreement with Mr. Glenn Spina, our Chief Executive Officer, through November 2012; however, no other member of senior management has an employment agreement.  Accordingly, the loss of their services could prevent or delay the successful execution of its business plan and attainment of profitability. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We have no control over the management of most of the Sterling Stores that operate under its name, nor does it control any of the Combine or TOG Members, and these stores may be managed by unsuccessful franchisees, Combine Members and/or TOG Members, which would reduce our revenues from these stores.  We rely, in substantial part, on franchisees, Combine Members and TOG Members for revenues.  Since we do not control the management of these locations, it is possible that a franchisee/owner may not have the business acumen or financial resources to successfully operate his or her franchised Sterling Store, Combine Member location and/or TOG Member location.  We, together with a substantial number of franchisees, have recently experienced a significant decrease in sales, mainly due to current economic conditions, generated from the operation of Sterling Stores, and cannot predict what will happen with the economy in the future.  If a substantial number of franchisees, Combine Members and/or TOG Members experience a future decline in their sales and/or are ultimately not successful; revenues from franchisees, Combine Members and/or TOG Members would decrease.  Some of the factors that could lead to future decline in sales, include, among others:  decreased spending by consumers, continuing current economic climate, increased competition by large discount eyewear chains, which increases the need for franchisees, Combine Members and/or TOG Members to provide more aggressive promotional sales, thus decreasing their profit margins; and the limitations of vision care benefits available under medical and third party benefit plans. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Better financed competitors that provide greater levels of advertising obtain favorable discounts from suppliers and offer customers aggressive discount pricing.   We compete with many types of eyewear providers, which may prevent us from increasing or maintaining market share.  The retail optical business is highly competitive and includes chains of retail optical stores, superstores, individual retail outlets and a large number of individual opticians, optometrists and ophthalmologists that provide professional services and dispense prescription eyewear.  These competitors may take advantage of prompt payment  discount  plans,  aggressive  discounting  and price-cutting  for  customers,  and  increased  advertising.   As retailers of prescription eyewear, we and our franchisees generally service local markets and, therefore, competition varies substantially from one location or geographic area to another.  If we are not successful in dealing with competition, we will not be able to increase or maintain our customer base or market share. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We often offers incentives to its customers, which lower profit margins.  At times when major competitors offer significantly lower prices for their products, it then becomes in our best interest to do the same. Certain of the major competitors offer promotional incentives to their customers including free eye exams, "50% Off" on designer frames and "Buy One, Get One Free" eye care promotions.  In response to these promotions, we have offered the same or similar incentives to its customers.  This practice has resulted in lower profit margins and these competitive promotional incentives may further reduce revenues, gross margins and cash flows.  Although we believe that Sterling Stores provide quality service and products at competitive prices, several of the large retail optical chains have greater financial resources. Therefore, we may not be able to continue to deliver cost efficient products in the event of aggressive pricing by competitors, which would reduce our profit margins, net income and cash flow. |
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| ·   | Laser surgery could eliminate the need for certain eyeglasses and contact lenses.  As refractive laser surgery gains market acceptance, we may lose revenue from traditional eyewear customers.  As traditional eyewear users undergo laser vision correction procedures or other vision correction techniques, the demand for certain contact lenses and eyeglasses will decrease.  Due to the fact that the marketing and sale of eyeglasses and contact lenses is a significant part of our business, a decrease in customer demand for these products could have a material adverse effect on sales of prescription eyewear, as well as those of our franchisees. |
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| ·   | We are subject to a variety of federal, state and local laws, rules and regulations that affect the health care industry, which may affect our ability to generate revenues or subject us to additional expenses.  The regulatory requirements that the Company and our franchisees must satisfy to conduct our businesses, varies from state to state. For example, some states have enacted laws governing the ability of ophthalmologists and optometrists to enter into contracts with business corporations or lay persons, and some states prohibit companies from computing their royalty fees based upon a percentage of the gross revenues generated by optometrists from exam fees.  Various federal and state regulations also limit the financial and non-financial terms of agreements with health care providers and, therefore, potential revenues may differ depending upon the nature of our various health care provider affiliations. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The Company and our franchisees are also subject to the requirements of HIPAA, which governs participation in managed care programs.  We also must comply with the privacy regulations under HIPAA.  In addition, all states have passed laws that govern or affect arrangements with the optometrists who practice in vision centers.  Additionally, we and our franchisees are also subject to regulations regarding franchise business and in-store laboratory operations, as well as the operation, in California, of VCC, which is regulated by the State of California Department of Managed Health Care.  As a franchisor, we are subject to various registrations and disclosure requirements imposed by the Federal Trade Commission and by many of the states in which we conduct franchising operations.  The Federal Occupational Safety and Health Act regulates our in-store laboratory operations.  Although we believe that we are in material compliance with all applicable laws and/or regulations, we may not be able to sustain compliance if these laws and/or regulations change in the future and, in that event, we may have to incur significant expenses to maintain compliance. |
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| ·   | If our subsidiary, VCC, is no longer permitted to employ optometrists, then the revenue generated from its California Sterling Stores would, in all likelihood, decrease materially, thereby decreasing net income and cash flow. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We may be exposed to significant risk from liability claims if it is unable to obtain insurance, at acceptable costs, to protect us against potential liability claims.  The rendering of professional eye care services entails an inherent risk of professional malpractice and other similar claims.  We do not influence or control the practice of optometry by the optometrists that it employs or affiliates with, nor does it have responsibility for their compliance with certain regulatory and other requirements directly applicable to these individual professionals.  As a result of the relationship between we and our employed or affiliated optometrists, we may become subject to professional malpractice actions or claims under various theories relating to the professional services provided by these individuals.  We may not be able to continue to obtain adequate liability insurance at reasonable rates, in which event; our insurance may not be adequate to cover claims asserted against us, thus, potentially decreasing our future cash position and potentially jeopardizing our ability to continue operations. |
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| ·   | Our operations and success are highly dependent upon health care providers, and we may be unable to enter into favorable arrangements with these providers.  Certain states prohibit us from employing optometrists to render professional services.  Accordingly, the success of our operations as full-service eye care providers depends upon our ability to enter into agreements with these health care providers to render professional services at Sterling Stores, Combine Member and/or TOG Member locations.  Due to the increased competition, among large discounters of retail eyewear, to enter into agreements with health care providers and the finite number of available health care providers, the costs of compensating these health care providers has increased materially.  The Company, its franchisees, Combine Members and/or TOG Members may not be able to enter into agreements with these health care providers on satisfactory terms, or these agreements may not be profitable, which would reduce the revenues the Company, its franchisees, Combine Members and/or TOG Members could generate from their operations. |
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| ·   | Certain events could result in a dilution of shareholders’ ownership of our common stock.  As of December 31, 2009, we had 12,563,967 shares that were reserved for issuance under outstanding warrants, options and senior convertible preferred stock.  The exercise and conversion prices, as the case may be, of common stock equivalents range from $0.05 to $8.06 per share.  If converted or exercised, these securities will result in a dilution of shareholders’ percentage ownership of the Company’s common stock.  In addition, if we acquire new companies through the issuance of common or preferred stock, percentages of ownership will be further diluted. |
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| ·   | Our potential limitation on the use of our net operating loss carry-forwards in accordance with Section 382 of the Internal Revenue Code of 1986, as amended, due to certain changes in ownership that have occurred or could occur in the future. Furthermore, in order to limit the potential that future transactions could have a similar effect on our tax attributes, we amended our by-laws to provide the Board of Directors with the ability to void certain transactions in our securities that may impair or limit the future utilization of our tax attributes, including our net operating loss carry-forwards.  However, there can be no assurance that we have been, or will in the future be, successful in preventing an event which could materially impair or limit our utilization of our net operating loss carry-forwards and other tax attributes. |
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| ·   | Combine Members operate retail optical stores similar to Sterling Stores in the states of California, Delaware, Florida, Illinois, Kentucky, Louisiana, Maryland, New Jersey, New York, North Dakota, Pennsylvania, Virginia, West Virginia, Wisconsin, the District of Columbia and the U.S. Virgin Islands.  Currently, many Combine Member locations are in the same shopping center or mall as, or in close proximity to, certain Sterling Stores; and in the future, the Company may open Sterling Stores that are located in the same areas as Combine Members.  These competing businesses could reduce the revenues generated at, both, our Sterling Stores and Combine Member locations, or could cause Combine Members to leave Combine because they view Sterling Stores as the competition. |
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| ·   | Combine and TOG operations and success are highly dependent upon the purchases of eye care products by independent optical retailers (Combine/TOG Members).  If Combine/TOG Members decide to purchase their eye care products through a competing optical purchasing group business or purchase direct from a vendor, then revenues generated from Combine and/or TOG would decrease. A decrease in the number of Combine/TOG Members could reduce Combine and/or TOG profit margins, net income and cash flow. |
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| ·   | Combine and TOG utilize certain key vendors to provide its members with a broad spectrum of product purchasing options.  If one of these key vendors ceases to do business with Combine and/or TOG, or ceases to exist, Combine and/or TOG could see a decrease in the amount of product purchased by its members, thus decreasing its revenues and net income. |
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| ·   | We rely heavily on computer systems in managing financial results.  We are subject to damage and interruption from power outages, computer and telecommunications failures, computer viruses, security breaches, catastrophic events and usage by employees.  This includes any damage to the systems that allow for electronic payments from our franchisees and credit card payments from its Sterling Store customers.  Any repairs necessary to replace and/or fix these systems could result in a significant expense to us.  Additionally, certain of our financial reporting processes are not part of an integrated financial reporting system, which requires additional hours and administrative costs to operate manage and control these systems.  We are working to transition most of the processes to an integrated financial reporting system.  The conversion of these systems and processes to become SOX compliant could result in a significant expense to us and may pose greater risks associated with maintaining internal controls as the systems are integrated. |
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| ·   | Our leasing space for a majority of our Sterling Stores could expose us to possible liabilities and losses.  Our leases are generally for 10 years.  Many of the leases provide for annual increases over the term of the lease in addition to the costs associated with insurance, taxes, repairs, maintenance and utilities.  If an existing Sterling Store becomes non-profitable and we decide to close the location, we may still be required to pay the base rent, taxes and other rental charges for the balance of the lease. |
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| ·   | We may be unable to service our debt obligations.  In connection with the purchases of Combine and TOG, along with other debt obligations, we have approximately $5,325,000 of outstanding debt as of December 31, 2009.  If we are unable to generate sufficient cash flows from operations in the future, we may be unable to make principal and interest payments on such borrowings when they become due and may need to refinance all or a portion of the existing debt, or obtain additional financing. |
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| ·   | We have been able to utilize the earnings from the operations of Combine to support the repayment of its related party debt with the previous owner and current President of Combine (“COM President”).  Management believes it will continue to be able to utilize the earnings of Combine to repay the remaining amounts due, however, commencing on September 29, 2010, and expiring September 28, 2016; COM President may put back to us 2,187,500 options at a put price per share of $0.32 ($700,000).  We believe we may need additional financing should COM President decide to put back such options and are currently exploring certain options to enable us to make such payment.  However, there can be no assurance that we will find financing or that such financing will be on terms favorable to us. |
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| ·   | We are exposed to foreign currency risk associated with TOG operations as the financial position and operating results of TOG, which operations are being calculated in Canadian Dollars and then translated into U.S. Dollars for consolidation.  We have not implemented a hedging strategy to potentially reduce foreign currency risk. |
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|           |   | 2009   |   |   | 2008   |   |
|----------------|--------|--------|--------|--------|--------|--------|
| Quarter Ended: |   | High   |   |   | Low    |   |   | High |   |   | Low |   |
|           |   |   |   |   |   |   |   |   |   |   |   |   |
| March 31       |   | $      | 0.19   |   |   | $      | 0.08 |   |   | $ | 0.25 |   |   | $ | 0.17 |   |
| June 30        |   | $      | 0.19   |   |   | $      | 0.10 |   |   | $ | 0.21 |   |   | $ | 0.16 |   |
| September 30   |   | $      | 0.20   |   |   | $      | 0.10 |   |   | $ | 0.20 |   |   | $ | 0.12 |   |
| December 31    |   | $      | 0.15   |   |   | $      | 0.06 |   |   | $ | 0.19 |   |   | $ | 0.06 |   |

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|                                                |   | For the Year Ended December 31 (in thousands): |   |
|-----------------------------------------------------|--------|------------------------------------------------|--------|
|                                                |   | 2009                                           |   |   | 2008 |   |   | $ Change |   |   | % Change |   |
| Net Revenues:                                       |   |                                           |   |   |   |   |   |   |   |   |   |   |
| Optical purchasing group sales                      |   | $                                              | 50,677 |   |   | $ | 57,935 |   |   | $ | (7,258 | ) |   |   | (12.5 | %) |
| Cost of optical purchasing group sales              |   |                                           | 48,290 |   |   |   | 55,177 |   |   |   | (6,887 | ) |   |   | (12.5 | %) |
| Gross margin                                        |   |                                           | 2,387  |   |   |   | 2,758 |   |   |   | (371 | ) |   |   | (13.5 | %) |
|  Selling, General and Administrative Expenses: |   |                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Goodwill and intangible asset impairment            |   |                                           | 702    |   |   |   | - |   |   |   | 702 |   |   |   | n/a |   |
| Compensation expense                                |   |                                           | 700    |   |   |   | - |   |   |   | 700 |   |   |   | n/a |   |
| Salaries and related benefits                       |   |                                           | 452    |   |   |   | 455 |   |   |   | (3 | ) |   |   | (0.7 | %) |
| Depreciation and amortization                       |   |                                           | 306    |   |   |   | 303 |   |   |   | 3 |   |   |   | 1.0 | % |
| Credit card and bank fees                           |   |                                           | 263    |   |   |   | 277 |   |   |   | (14 | ) |   |   | (5.1 | %) |
| Rent and related overhead                           |   |                                           | 249    |   |   |   | 260 |   |   |   | (11 | ) |   |   | (4.2 | %) |
| Bad debt expense                                    |   |                                           | 263    |   |   |   | 112 |   |   |   | 151 |   |   |   | 134.8 | % |
| Professional fees                                   |   |                                           | 191    |   |   |   | 38 |   |   |   | 153 |   |   |   | 402.6 | % |
| Other general and administrative costs              |   |                                           | 27     |   |   |   | 78 |   |   |   | (51 | ) |   |   | (65.4 | %) |
| Total selling, general and administrative expenses  |   |                                           | 3,153  |   |   |   | 1,523 |   |   |   | 1,630 |   |   |   | 107.0 | % |
| Operating (Loss) Income                             |   |                                           | (766   | ) |   |   | 1,235 |   |   |   | (2,001 | ) |   |   | (162.0 | %) |

| Other Income (Expense):                         |   |   |   |   |   |   |   |   |   |   |   |   |
|-------------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Other income                                    |   |   | 4      |   |   |   | -      |   |   |   | 4      |   |   |   | n/a |   |
| Interest expense, net                           |   |   | (169   | )      |   |   | (260   | )      |   |   | 91     |   |   |   | 35.0 | % |
| Total other expense                             |   |   | (165   | )      |   |   | (260   | )      |   |   | 95     |   |   |   | 36.5 | % |
| (Loss) income before provision for income taxes |   | $      | (931   | )      |   | $      | 975    |   |   | $      | (1,906 | )      |   |   | (195.5 | %) |

|                                                |   | For the Year Ended December 31 (in thousands): |   |
|-----------------------------------------------------|--------|------------------------------------------------|--------|
|                                                |   | 2009                                           |   |   | 2008 |   |   | $ Change |   |   | % Change |   |
| Net Revenues:                                       |   |                                           |   |   |   |   |   |   |   |   |   |   |
| Royalties                                           |   | $                                              | 5,502  |   |   | $ | 6,211 |   |   | $ | (709 | ) |   |   | (11.4 | %) |
| Franchise and other related fees                    |   |                                           | 218    |   |   |   | 299 |   |   |   | (81 | ) |   |   | (27.1 | %) |
| Net revenues                                        |   |                                           | 5,720  |   |   |   | 6,510 |   |   |   | (790 | ) |   |   | (12.1 | %) |
|  Selling, General and Administrative Expenses: |   |                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Salaries and related benefits                       |   |                                           | 1,404  |   |   |   | 1,070 |   |   |   | 334 |   |   |   | 31.2 | % |
| Professional fees                                   |   |                                           | 572    |   |   |   | 513 |   |   |   | 59 |   |   |   | 11.5 | % |
| Convention related expenses                         |   |                                           | 202    |   |   |   | 389 |   |   |   | (187 | ) |   |   | (48.1 | %) |
| Rent and related overhead                           |   |                                           | 567    |   |   |   | 351 |   |   |   | 216 |   |   |   | 61.5 | % |
| Bad debt                                            |   |                                           | 409    |   |   |   | 247 |   |   |   | 162 |   |   |   | 65.6 | % |
| Depreciation and amortization                       |   |                                           | 227    |   |   |   | 127 |   |   |   | 100 |   |   |   | 78.7 | % |
| Other general and administrative costs              |   |                                           | 383    |   |   |   | 195 |   |   |   | 188 |   |   |   | 96.4 | % |
| Total selling, general and administrative expenses  |   |                                           | 3,764  |   |   |   | 2,892 |   |   |   | 872 |   |   |   | 30.2 | % |
| Operating Income                                    |   |                                           | 1,956  |   |   |   | 3,618 |   |   |   | (1,662 | ) |   |   | (45.9 | %) |

| Other Income (Expense):                  |   |   |   |   |   |   |   |   |   |   |   |   |
|------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Interest on franchise notes receivable   |   |   | 28     |   |   |   | 24     |   |   |   | 4      |   |   |   | 16.7 | % |
| Other (expense) income                   |   |   | (91    | )      |   |   | 27     |   |   |   | (118   | )      |   |   | (437.0 | %) |
| Interest expense, net                    |   |   | (49    | )      |   |   | (45    | )      |   |   | (4     | )      |   |   | (8.9 | %) |
| Total operating income                   |   |   | (112   | )      |   |   | 6      |   |   |   | (118   | )      |   |   | (1,966.7 | %) |
| Income before provision for income taxes |   | $      | 1,844  |   |   | $      | 3,624  |   |   | $      | (1,780 | )      |   |   | (49.1 | %) |

|                                                |   | For the Year Ended December 31 (in thousands): |   |
|-----------------------------------------------------|--------|------------------------------------------------|--------|
|                                                |   | 2009                                           |   |   | 2008 |   |   | $ Change |   |   | % Change |   |
| Net Revenues:                                       |   |                                           |   |   |   |   |   |   |   |   |   |   |
| Retail sales                                        |   | $                                              | 1,859  |   |   | $ | 3,210 |   |   | $ | (1,351 | ) |   |   | (42.1 | %) |
| Exam fees                                           |   |                                           | 338    |   |   |   | 505 |   |   |   | (167 | ) |   |   | (33.1 | %) |
| Net revenues                                        |   |                                           | 2,197  |   |   |   | 3,715 |   |   |   | (1,518 | ) |   |   | (40.9 | %) |
| Cost of retail sales                                |   |                                           | 627    |   |   |   | 932 |   |   |   | (305 | ) |   |   | (32.7 | %) |
| Gross margin                                        |   |                                           | 1,570  |   |   |   | 2,783 |   |   |   | (1,213 | ) |   |   | (43.6 | %) |
|  Selling, General and Administrative Expenses: |   |                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Salaries and related benefits                       |   |                                           | 1,214  |   |   |   | 1,667 |   |   |   | (453 | ) |   |   | (27.2 | %) |
| Rent and related overhead                           |   |                                           | 924    |   |   |   | 1,076 |   |   |   | (152 | ) |   |   | (14.1 | %) |
| Advertising                                         |   |                                           | 107    |   |   |   | 267 |   |   |   | (160 | ) |   |   | (59.9 | %) |
| Other general and administrative costs              |   |                                           | 130    |   |   |   | 200 |   |   |   | (70 | ) |   |   | (35.0 | %) |
| Total selling, general and administrative expenses  |   |                                           | 2,375  |   |   |   | 3,210 |   |   |   | (835 | ) |   |   | (26.0 | %) |
| Operating Loss                                      |   | $                                              | (805   | ) |   | $ | (427 | ) |   | $ | (378 | ) |   |   | (88.5 | %) |

|                                                |   | For the Year Ended December 31 (in thousands): |   |
|-----------------------------------------------------|--------|------------------------------------------------|--------|
|                                                |   | 2009                                           |   |   | 2008 |   |   | $ Change |   |   | % Change |   |
| Net Revenues:                                       |   |                                           |   |   |   |   |   |   |   |   |   |   |
| Membership fees                                     |   | $                                              | 3,521  |   |   | $ | 3,551 |   |   | $ | (30 | ) |   |   | (0.8 | %) |
|  Selling, General and Administrative Expenses: |   |                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Salaries and related benefits                       |   |                                           | 3,149  |   |   |   | 3,189 |   |   |   | (40 | ) |   |   | (1.3 | %) |
| Rent and related overhead                           |   |                                           | 166    |   |   |   | 154 |   |   |   | 12 |   |   |   | 7.8 | % |
| Other general and administrative costs              |   |                                           | 207    |   |   |   | 172 |   |   |   | 35 |   |   |   | 20.3 | % |
| Total selling, general and administrative expenses  |   |                                           | 3,522  |   |   |   | 3,515 |   |   |   | 7 |   |   |   | 0.2 | % |
| Operating (Loss) Income                             |   |                                           | (1     | ) |   |   | 36 |   |   |   | (37 | ) |   |   | (102.8 | %) |

| Other Income (Expense):                  |   |   |   |   |   |   |   |   |   |   |   |   |
|------------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Other income                             |   |   | 33     |   |   |   | 8      |   |   |   | 25     |   |   |   | 312.5 | % |
| Total other income (expense)             |   |   | 33     |   |   |   | 8      |   |   |   | 25     |   |   |   | 312.5 | % |
| Income before provision for income taxes |   | $      | 32     |   |   | $      | 44     |   |   | $      | (12    | )      |   |   | (27.3 | %) |

----

|                                               |   | For the Year Ended December 31 (in thousands): |   |
|----------------------------------------------------|--------|------------------------------------------------|--------|
|                                               |   | 2009                                           |   |   | 2008 |   |   | $ Change |   |   | % Change |   |
| Selling, General and Administrative Expenses:      |   |                                           |   |   |   |   |   |   |   |   |   |   |
| Salaries and related benefits                      |   | $                                              | 1,246  |   |   | $ | 2,119 |   |   | $ | (873 | ) |   |   | (41.2 | %) |
| Professional fees                                  |   |                                           | 708    |   |   |   | 609 |   |   |   | 99 |   |   |   | 16.3 | % |
| Insurance                                          |   |                                           | 187    |   |   |   | 276 |   |   |   | (89 | ) |   |   | (32.2 | %) |
| Rent and related overhead                          |   |                                           | 103    |   |   |   | 192 |   |   |   | (89 | ) |   |   | (46.4 | %) |
| Travel and related expenses                        |   |                                           | -      |   |   |   | 173 |   |   |   | (173 | ) |   |   | (100.0 | %) |
| Compensation expense                               |   |                                           | -      |   |   |   | 88 |   |   |   | (88 | ) |   |   | (100.0 | %) |
| Bad debt expense                                   |   |                                           | -      |   |   |   | 30 |   |   |   | (30 | ) |   |   | (100.0 | %) |
| Other general and administrative costs             |   |                                           | -      |   |   |   | 159 |   |   |   | (159 | ) |   |   | (100.0 | %) |
| Total selling, general and administrative expenses |   |                                           | 2,244  |   |   |   | 3,646 |   |   |   | (1,402 | ) |   |   | (38.5 | %) |
| Operating (Loss) Income                            |   |                                           | (2,244 | ) |   |   | (3,646 | ) |   |   | 1,402 |   |   |   | 38.5 | % |

| Other Income (Expense):                |   |   |   |   |   |   |   |   |   |   |   |   |
|----------------------------------------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
| Other expense                          |   |   | (78    | )      |   |   | -      |   |   |   | 78     |   |   |   | n/a |   |
| Total other income (expense)           |   |   | (78    | )      |   |   | -      |   |   |   | 78     |   |   |   | n/a |   |
| Loss before provision for income taxes |   | $      | (2,322 | )      |   | $      | (3,646 | )      |   | $      | 1,324  |   |   |   | 36.3 | % |

----

|                                                |   | For the Year Ended December 31 (in thousands): |   |
|-----------------------------------------------------|--------|------------------------------------------------|--------|
|                                                |   | 2009                                           |   |   | 2008 |   |   | $ Change |   |   | % Change |   |
| Net Revenues:                                       |   |                                           |   |   |   |   |   |   |   |   |   |   |
| Commissions                                         |   | $                                              | 8      |   |   | $ | 96 |   |   | $ | (88 | ) |   |   | (91.7 | %) |
| Other                                               |   |                                           | -      |   |   |   | 2 |   |   |   | (2 | ) |   |   | (100.0 | %) |
| Net revenues                                        |   |                                           | 8      |   |   |   | 98 |   |   |   | (90 | ) |   |   | (91.8 | %) |
|  Selling, General and Administrative Expenses: |   |                                           |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Advertising                                         |   |                                           | -      |   |   |   | 95 |   |   |   | (95 | ) |   |   | (100.0 | %) |
| Salaries and related benefits                       |   |                                           | -      |   |   |   | 30 |   |   |   | (30 | ) |   |   | (100.0 | %) |
| Other general and administrative costs              |   |                                           | 5      |   |   |   | 40 |   |   |   | (35 | ) |   |   | (87.5 | %) |
| Total selling, general and administrative expenses  |   |                                           | 5      |   |   |   | 165 |   |   |   | (160 | ) |   |   | (97.0 | %) |
| Operating Income (loss)                             |   | $                                              | 3      |   |   | $ | (67 | ) |   | $ | 70 |   |   |   | 104.5 | % |

|                          |   | For the Year Ended December 31 (in thousands): |   |
|-------------------------------|--------|------------------------------------------------|--------|
|                          |   | 2009                                           |   |   | 2008 |   |   | $ Change |   |   | % Change |   |
| EBITDA Reconciliation:        |   |                                           |   |   |   |   |   |   |   |   |   |   |
| Net loss                      |   | $                                              | (2,523 | ) |   | $ | (88 | ) |   | $ | (2,435 | ) |   |   | (2,767.0 | %) |
| Interest                      |   |                                           | 218    |   |   |   | 346 |   |   |   | (128 | ) |   |   | (37.0 | %) |
| Provision for income taxes    |   |                                           | 344    |   |   |   | 591 |   |   |   | (247 | ) |   |   | (41.8 | %) |
| Depreciation and amortization |   |                                           | 599    |   |   |   | 654 |   |   |   | (55 | ) |   |   | (8.4 | %) |
| EBITDA                        |   | $                                              | (1,362 | ) |   | $ | 1,503 |   |   | $ | (2,865 | ) |   |   | (190.6 | %) |

|                                                                                                                                                              |   | For the Year Ended December 31, 2009 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|--------|
|                                                                                                                                                              |   | Original                             |   |   | EBITDA |   |   | Difference |   |
| Cash flows from operating activities:                                                                                                                             |   |                                 |   |   |   |   |   |   |   |
| Net loss                                                                                                                                                          |   | $                                    | (2,523 | ) |   | $ | (660 | ) |   | $ | 1,863 |   |
| Adjustments to reconcile net loss to net cash provided by operating activities:                                                                                   |   |                                 |   |   |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                                                                                                                     |   |                                 | 599    |   |   |   | - |   |   |   | (599 | ) |
| Provision for doubtful accounts                                                                                                                                   |   |                                 | 729    |   |   |   | 729 |   |   |   | - |   |
| Provision for inventory loss                                                                                                                                      |   |                                 | 31     |   |   |   | 31 |   |   |   | - |   |
| Deferred tax assets                                                                                                                                               |   |                                 | 344    |   |   |   | - |   |   |   | (344 | ) |
| Disposal of property and equipment                                                                                                                                |   |                                 | 87     |   |   |   | 87 |   |   |   | - |   |
| Loss on sale of Company-owned store assets                                                                                                                        |   |                                 | 73     |   |   |   | 73 |   |   |   | - |   |
| Goodwill and intangible assets impairment                                                                                                                         |   |                                 | 702    |   |   |   | - |   |   |   | (702 | ) |
| Non-cash compensation charges related to put option liability                                                                                                     |   |                                 | 700    |   |   |   | 700 |   |   |   | - |   |
|         Changes in operating assets and liabilities:                                                                      |   |                                 |   |   |   |   |   |   |   |   |   |   |
|                     Franchise and other receivables           |   |                                 | (458   | ) |   |   | (458 | ) |   |   | - |   |
|                     Optical purchasing group receivables      |   |                                 | (636   | ) |   |   | (636 | ) |   |   | - |   |
|                     Notes receivable                          |   |                                 | 54     |   |   |   | 54 |   |   |   | - |   |
|                     Inventories                               |   |                                 | (18    | ) |   |   | (18 | ) |   |   | - |   |
|                     Prepaid expenses and other current assets |   |                                 | 96     |   |   |   | 96 |   |   |   | - |   |
|                     Other assets                              |   |                                 | (33    | ) |   |   | (33 | ) |   |   | - |   |
|                     Accounts payable and accrued liabilities  |   |                                 | 304    |   |   |   | 304 |   |   |   | - |   |
| Optical purchasing group payables                                                                                                                                 |   |                                 | 627    |   |   |   | 627 |   |   |   | - |   |
| Accrual for store closings                                                                                                                                        |   |                                 | (146   | ) |   |   | (146 | ) |   |   | - |   |
|                     Franchise deposits and other liabilities  |   |                                 | (48    | ) |   |   | (48 | ) |   |   | - |   |
| Net cash provided by operating activities                                                                                                                         |   |                                 | 484    |   |   |   | 702 |   |   |   | 218 |   |
|                                                                                                                                                              |   |                                 |   |   |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                                                                                                                             |   |                                 |   |   |   |   |   |   |   |   |   |   |
| Purchases of property and equipment                                                                                                                               |   |                                 | (153   | ) |   |   | (153 | ) |   |   | - |   |
| Costs associated with enhancing trademark value                                                                                                                   |   |                                 | (145   | ) |   |   | (145 | ) |   |   | - |   |
| Net cash used in investing activities                                                                                                                             |   |                                 | (298   | ) |   |   | (298 | ) |   |   | - |   |
|                                                                                                                                                              |   |                                 |   |   |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                                                                                                             |   |                                 |   |   |   |   |   |   |   |   |   |   |
| Borrowings under credit facility                                                                                                                                  |   |                                 | 150    |   |   |   | 150 |   |   |   | - |   |
| Payments under credit facility                                                                                                                                    |   |                                 | (600   | ) |   |   | (766 | ) |   |   | (166 | ) |
| Payments on related party obligations and other debt                                                                                                              |   |                                 | (367   | ) |   |   | (419 | ) |   |   | (52 | ) |
| Net cash used in financing activities                                                                                                                             |   |                                 | (817   | ) |   |   | (1,035 | ) |   |   | (218 | ) |
| Net decrease in cash before effect of foreign exchange rate changes                                                                                               |   |                                 | (631   | ) |   |   | (631 | ) |   |   | - |   |
| Effect of foreign exchange rate changes                                                                                                                           |   |                                 | 117    |   |   |   | 117 |   |   |   | - |   |
| Net decrease increase in cash and cash equivalents                                                                                                                |   |                                 | (514   | ) |   |   | (514 | ) |   |   | - |   |
| Cash and cash equivalents – beginning of year                                                                                                               |   |                                 | 2,090  |   |   |   | 2,090 |   |   |   | - |   |
| Cash and cash equivalents – end of year                                                                                                                     |   | $                                    | 1,576  |   |   | $ | 1,576 |   |   | $ | - |   |

----

----

| TABLE OF CONTENTS                                                          |   |
|----------------------------------------------------------------------------|--------|
|                                                                       |   |
|                                                                       |   |
|                                                                       | PAGE   |
|                                                                       |   |
| REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM                    | 26     |
|                                                                       |   |
| CONSOLIDATED FINANCIAL STATEMENTS                                          |   |
|                                                                       |   |
| Consolidated Balance Sheets as of December 31, 2009 and 2008               | 27     |
|                                                                       |   |
| Consolidated Statements of Operations and Comprehensive Loss for the Years | 28     |
| Ended December 31, 2009 and 2008                                           |   |
|                                                                       |   |
| Consolidated Statements of Shareholders' Equity for the Years              | 29     |
| Ended December 31, 2009 and 2008                                           |   |
|                                                                       |   |
| Consolidated Statements of Cash Flows for the Years Ended                  | 30-31  |
| December 31, 2009 and 2008                                                 |   |
|                                                                       |   |
| Notes to Consolidated Financial Statements                                 | 32-53  |

----

R

| EMERGING VISION, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In Thousands, Except Share Data)                                                                                                    |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| ASSETS                                                                                                                                                                                                |   | December 31, |   |
|                                                                                                                                                                                                  |   | 2009 |   |   | 2008 |   |
| Current assets:                                                                                                                                                                                       |   |   |   |   |   |   |
| Cash and cash equivalents                                                                                                                                                                             |   | $ | 1,576 |   |   | $ | 2,090 |   |
| Franchise receivables, net of allowance of $188 and $140, respectively                                                                                                                                |   |   | 1,665 |   |   |   | 1,744 |   |
| Optical purchasing group receivables, net of allowance of $155 and $172, respectively                                                                                                                 |   |   | 4,594 |   |   |   | 4,221 |   |
| Other receivables, net of allowance of $15 and $7, respectively                                                                                                                                       |   |   | 237 |   |   |   | 322 |   |
| Current portion of franchise notes receivable, net of allowance of $42 and $29, respectively                                                                                                          |   |   | 221 |   |   |   | 107 |   |
| Inventories, net                                                                                                                                                                                      |   |   | 309 |   |   |   | 322 |   |
| Prepaid expenses and other current assets                                                                                                                                                             |   |   | 447 |   |   |   | 543 |   |
| Deferred tax assets                                                                                                                                                                                   |   |   | 276 |   |   |   | 351 |   |
| Total current assets                                                                                                                                                                                  |   |   | 9,325 |   |   |   | 9,700 |   |
|                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Property and equipment, net                                                                                                                                                                           |   |   | 872 |   |   |   | 1,191 |   |
| Franchise notes receivable                                                                                                                                                                            |   |   | 290 |   |   |   | 302 |   |
| Deferred tax assets, net of current portion                                                                                                                                                           |   |   | 534 |   |   |   | 803 |   |
| Goodwill                                                                                                                                                                                              |   |   | 3,651 |   |   |   | 4,127 |   |
| Intangible assets, net                                                                                                                                                                                |   |   | 2,839 |   |   |   | 3,218 |   |
| Other assets                                                                                                                                                                                          |   |   | 238 |   |   |   | 296 |   |
| Total assets                                                                                                                                                                                          |   | $ | 17,749 |   |   | $ | 19,637 |   |
|                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| LIABILITIES AND SHAREHOLDERS' EQUITY                                                                                                                                                                  |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Current liabilities:                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Accounts payable and accrued liabilities                                                                                                                                                              |   | $ | 4,564 |   |   | $ | 4,362 |   |
| Optical purchasing group payables                                                                                                                                                                     |   |   | 4,336 |   |   |   | 3,709 |   |
| Accrual for store closings                                                                                                                                                                            |   |   | - |   |   |   | 146 |   |
| Put option liability – related party                                                                                                                                                            |   |   | 700 |   |   |   | - |   |
| Short-term debt                                                                                                                                                                                       |   |   | 1,116 |   |   |   | 14 |   |
| Related party obligations                                                                                                                                                                             |   |   | 334 |   |   |   | 353 |   |
| Total current liabilities                                                                                                                                                                             |   |   | 11,050 |   |   |   | 8,584 |   |
|                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Long-term debt                                                                                                                                                                                        |   |   | 3,792 |   |   |   | 5,358 |   |
| Related party obligations, net of current portion                                                                                                                                                     |   |   | 83 |   |   |   | 417 |   |
| Franchise deposits and other liabilities                                                                                                                                                              |   |   | 262 |   |   |   | 310 |   |
| Total liabilities                                                                                                                                                                                     |   |   | 15,187 |   |   |   | 14,669 |   |
|                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Commitments and contingencies                                                                                                                                                                         |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |
| Shareholders' equity:                                                                                                                                                                                 |   |   |   |   |   |   |   |   |
| Preferred stock, $0.01 par value per share; 5,000,000 shares authorized:  Senior Convertible Preferred Stock, $100,000 liquidation preference per share; 0.74 shares issued and outstanding |   |   |   74 |   |   |   |   74 |   |
| Common stock, $0.01 par value per share; 150,000,000 shares authorized; 128,992,938 shares issued and 128,810,601 shares outstanding                                                                  |   |   | 1,289 |   |   |   | 1,254 |   |
| Additional paid-in capital                                                                                                                                                                            |   |   | 128,024 |   |   |   | 128,059 |   |
| Accumulated comprehensive loss                                                                                                                                                                        |   |   | (150 | ) |   |   | (267 | ) |
| Accumulated deficit                                                                                                                                                                                   |   |   | (126,471 | ) |   |   | (123,948 | ) |
| Treasury stock, at cost, 182,337 shares                                                                                                                                                               |   |   | (204 | ) |   |   | (204 | ) |
| Total shareholders' equity                                                                                                                                                                            |   |   | 2,562 |   |   |   | 4,968 |   |
| Total liabilities and shareholders' equity                                                                                                                                                            |   | $ | 17,749 |   |   | $ | 19,637 |   |

| EMERGING VISION, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(In Thousands, Except Per Share Data)  |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                          |   | For the Year Ended December 31, |   |
|                                                                                                                                          |   | 2009 |   |   | 2008 |   |
|                                                                                                                                          |   |   |   |   |   |   |
| Revenue:                                                                                                                                      |   |   |   |   |   |   |
| Optical purchasing group sales                                                                                                                |   | $ | 50,677 |   |   | $ | 57,935 |   |
| Franchise royalties                                                                                                                           |   |   | 5,502 |   |   |   | 6,211 |   |
| Retail sales – Company-owned stores                                                                                                     |   |   | 2,197 |   |   |   | 3,715 |   |
| Membership fees – VisionCare of California                                                                                              |   |   | 3,521 |   |   |   | 3,551 |   |
| Franchise related fees and other revenues                                                                                                     |   |   | 226 |   |   |   | 397 |   |
| Total revenue                                                                                                                                 |   |   | 62,123 |   |   |   | 71,809 |   |
|                                                                                                                                          |   |   |   |   |   |   |   |   |
| Costs and operating expenses:                                                                                                                 |   |   |   |   |   |   |   |   |
| Cost of optical purchasing group sales                                                                                                        |   |   | 48,290 |   |   |   | 55,177 |   |
| Cost of retail sales – Company-owned stores                                                                                             |   |   | 627 |   |   |   | 932 |   |
| Goodwill and intangible assets impairment                                                                                                     |   |   | 702 |   |   |   | - |   |
| Selling, general and administrative expenses                                                                                                  |   |   | 14,362 |   |   |   | 14,951 |   |
| Total costs and operating expenses                                                                                                            |   |   | 63,981 |   |   |   | 71,060 |   |
|                                                                                                                                          |   |   |   |   |   |   |   |   |
| Operating (loss) income                                                                                                                       |   |   | (1,858 | ) |   |   | 749 |   |
|                                                                                                                                          |   |   |   |   |   |   |   |   |
| Other income (expense):                                                                                                                       |   |   |   |   |   |   |   |   |
| Interest on franchise notes receivable                                                                                                        |   |   | 28 |   |   |   | 24 |   |
| Other (expense) income                                                                                                                        |   |   | (131 | ) |   |   | 49 |   |
| Interest expense, net                                                                                                                         |   |   | (218 | ) |   |   | (319 | ) |
| Total other income (expense)                                                                                                                  |   |   | (321 | ) |   |   | (246 | ) |
|                                                                                                                                          |   |   |   |   |   |   |   |   |
| (Loss) income before provision for income taxes                                                                                               |   |   | (2,179 | ) |   |   | 503 |   |
| Provision for income taxes                                                                                                                    |   |   | 344 |   |   |   | 591 |   |
| Net loss                                                                                                                                      |   |   | (2,523 | ) |   |   | (88 | ) |
|                                                                                                                                          |   |   |   |   |   |   |   |   |
| Comprehensive loss:                                                                                                                           |   |   |   |   |   |   |   |   |
| Foreign currency translation adjustments                                                                                                      |   |   | 117 |   |   |   | (191 | ) |
| Comprehensive loss                                                                                                                            |   | $ | (2,406 | ) |   | $ | (279 | ) |
|                                                                                                                                          |   |   |   |   |   |   |   |   |
| Net loss per share:                                                                                                                           |   |   |   |   |   |   |   |   |
| Basic and diluted                                                                                                                             |   | $ | (0.02 | ) |   | $ | (0.00 | ) |
|                                                                                                                                          |   |   |   |   |   |   |   |   |
| Weighted-average number of common shares outstanding –                                                                                  |   |   |   |   |   |   |   |   |
| Basic and diluted                                                                                                                             |   |   | 127,140 |   |   |   | 125,293 |   |

----

| EMERGING VISION, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITYFOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008(In Thousands, Except Share Data) |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                       |   | Senior Convertible Preferred Stock |   |   | Common Stock |   |   | Treasury Stock,at cost |   |   | Additional Paid-In |   |   | Accumulated Comprehensive |   |   | Accumulated |   |   | Total Shareholders’ |   |
|                                                                                                                                                                       |   | Shares |   |   | Amount |   |   | Shares |   |   | Amount |   |   | Shares |   |   | Amount |   |   | Capital |   |   | Loss |   |   | Deficit |   |   | Equity |   |
| Balance – December 31, 2007                                                                                                                                          |   |   | 1 |   |   | $ | 74 |   |   |   | 125,292,806 |   |   | $ | 1,254 |   |   |   | 182,337 |   |   | $ | (204 | ) |   | $ | 127,971 |   |   | $ | (76 | ) |   | $ | (123,860 | ) |   | $ | 5,159 |   |
| Issuance of stock options                                                                                                                                                  |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 88 |   |   |   | - |   |   |   | - |   |   |   | 88 |   |
| Effects of foreign currency translation adjustments                                                                                                                        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (191 | ) |   |   | - |   |   |   | (191 | ) |
| Net loss                                                                                                                                                                   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (88 | ) |   |   | (88 | ) |
| Balance – December 31, 2008                                                                                                                                          |   |   | 1 |   |   | $ | 74 |   |   |   | 125,292,806 |   |   | $ | 1,254 |   |   |   | 182,337 |   |   | $ | (204 | ) |   | $ | 128,059 |   |   | $ | (267 | ) |   | $ | (123,948 | ) |   | $ | 4,968 |   |
| Exercise of stock options                                                                                                                                                  |   |   | - |   |   |   | - |   |   |   | 3,517,795 |   |   |   | 35 |   |   |   | - |   |   |   | - |   |   |   | (35 | ) |   |   | - |   |   |   | - |   |   |   | - |   |
| Effects of foreign currency translation adjustments                                                                                                                        |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | 117 |   |   |   | - |   |   |   | 117 |   |
| Net loss                                                                                                                                                                   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | - |   |   |   | (2,523 | ) |   |   | (2,523 | ) |
| Balance – December 31, 2009                                                                                                                                          |   |   | 1 |   |   | $ | 74 |   |   |   | 128,810,601 |   |   | $ | 1,289 |   |   |   | 182,337 |   |   | $ | (204 | ) |   | $ | 128,024 |   |   | $ | (150 | ) |   | $ | (126,471 | ) |   | $ | 2,562 |   |
|                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| EMERGING VISION, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(Dollars in Thousands)                                                            |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                              |   | For the Year Ended December 31, |   |
|                                                                                                                                                              |   | 2009 |   |   | 2008 |   |
| Cash flows from operating activities:                                                                                                                             |   |   |   |   |   |   |
| Net loss                                                                                                                                                          |   | $ | (2,523 | ) |   | $ | (88 | ) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities:                                                                         |   |   |   |   |   |   |   |   |
| Depreciation and amortization                                                                                                                                     |   |   | 599 |   |   |   | 654 |   |
| Provision for doubtful accounts                                                                                                                                   |   |   | 729 |   |   |   | 462 |   |
| Allowance on inventory                                                                                                                                            |   |   | 31 |   |   |   | - |   |
| Deferred tax assets                                                                                                                                               |   |   | 344 |   |   |   | 520 |   |
| Non-cash compensation charges related to put option liability                                                                                                     |   |   | 700 |   |   |   | - |   |
| Non-cash compensation charges related to options and warrants                                                                                                     |   |   | - |   |   |   | 88 |   |
| Goodwill and intangible assets impairment                                                                                                                         |   |   | 702 |   |   |   | - |   |
| Loss on sale of Company-owned store assets                                                                                                                        |   |   | 73 |   |   |   | - |   |
| Disposal of property and equipment                                                                                                                                |   |   | 87 |   |   |   | 250 |   |
|         Changes in operating assets and liabilities:                                                                      |   |   |   |   |   |   |   |   |
|                     Franchise and other receivables           |   |   | (458 | ) |   |   | (513 | ) |
|                     Optical purchasing group receivables      |   |   | (636 | ) |   |   | 619 |   |
|                     Notes receivable                          |   |   | 54 |   |   |   | 99 |   |
|                     Inventories                               |   |   | (18 | ) |   |   | 144 |   |
|                     Prepaid expenses and other current assets |   |   | 96 |   |   |   | (96 | ) |
|                     Other assets                              |   |   | (33 | ) |   |   | 37 |   |
|                     Accounts payable and accrued liabilities  |   |   | 304 |   |   |   | (1,271 | ) |
| Optical purchasing group payables                                                                                                                                 |   |   | 627 |   |   |   | (751 | ) |
| Accrual for store closings                                                                                                                                        |   |   | (146 | ) |   |   | (154 | ) |
|                     Franchise deposits and other liabilities  |   |   | (48 | ) |   |   | (132 | ) |
| Net cash provided by (used in) operating activities                                                                                                               |   |   | 484 |   |   |   | (132 | ) |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |
| Cash flows from investing activities:                                                                                                                             |   |   |   |   |   |   |   |   |
| Purchases of property and equipment                                                                                                                               |   |   | (153 | ) |   |   | (344 | ) |
| Costs associated with enhancing trademark value                                                                                                                   |   |   | (145 | ) |   |   | (601 | ) |
| Net cash used in investing activities                                                                                                                             |   |   | (298 | ) |   |   | (945 | ) |
|                                                                                                                                                              |   |   |   |   |   |   |   |   |
| Cash flows from financing activities:                                                                                                                             |   |   |   |   |   |   |   |   |
| Borrowings under credit facility                                                                                                                                  |   |   | 150 |   |   |   | 950 |   |
| Payments under credit facility                                                                                                                                    |   |   | (600 | ) |   |   | (3 | ) |
| Payments on related party obligations and other debt                                                                                                              |   |   | (367 | ) |   |   | (435 | ) |
| Net cash (used in) provided by financing activities                                                                                                               |   |   | (817 | ) |   |   | 512 |   |
| Net decrease in cash before effect of foreign exchange rate changes                                                                                               |   |   | (631 | ) |   |   | (565 | ) |
| Effect of foreign exchange rate changes                                                                                                                           |   |   | 117 |   |   |   | (191 | ) |
| Net decrease in cash and cash equivalents                                                                                                                         |   |   | (514 | ) |   |   | (756 | ) |
| Cash and cash equivalents – beginning of year                                                                                                               |   |   | 2,090 |   |   |   | 2,846 |   |
| Cash and cash equivalents – end of year                                                                                                                     |   | $ | 1,576 |   |   | $ | 2,090 |   |

----

|                                                                |   |   |   |   |   |   |
|---------------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
| Supplemental disclosures of cash flow information:                  |   |   |   |   |   |   |
| Cash paid during the year for:                                      |   |   |   |   |   |   |
| Interest                                                            |   | $      | 196    |   |   | $      | 294 |   |
| Taxes                                                               |   | $      | 27     |   |   | $      | 33 |   |
|                                                                |   |   |   |   |   |   |   |   |
| Non-cash investing and financing activities:                        |   |   |   |   |   |   |   |   |
| Settlement on accounts payable related to enhancing trademark value |   | $      | 102    |   |   | $      | - |   |

----

EM

----

|     |   | December 31, |   |
|----------|--------|--------------|--------|
|     |   | 2009         |   |   | 2008 |   |
|     |   |         |   |   |   |   |
| Vendor A |   |         | 20.4   | % |   |   | 20.4 | % |
| Vendor B |   |         | 15.8   | % |   |   | 15.2 | % |
|     |   |         | 36.2   | % |   |   | 35.6 | % |

----

|                                       |   | (In thousands) |    |
|--------------------------------------------|--------|----------------|---------|
|                                       |   | 2009           |    |   | 2008 |   |
| Numerator:                                 |   |           |    |   |   |   |
|      Net loss     |   | $              | (2,523  | ) |   | $ | (88 | ) |
|                                       |   |           |    |   |   |   |   |   |
| Denominator:                               |   |           |    |   |   |   |   |   |
| Weighted average common shares outstanding |   |           | 127,140 |   |   |   | 125,293 |   |
|                                       |   |           |    |   |   |   |   |   |
| Net loss per share - basic and diluted     |   | $              | (0.02   | ) |   | $ | (0.00 | ) |

| 2010                                  |   | $      | 263 |   |
|---------------------------------------|--------|--------|-----|--------|
| 2011                                  |   |   | 73  |   |
| 2012                                  |   |   | 77  |   |
| 2013                                  |   |   | 121 |   |
| 2014                                  |   |   | 15  |   |
| Thereafter                            |   |   | 4   |   |
|                                  |   |   | 553 |   |
| Less: allowance for doubtful accounts |   |   | (42 | )      |
|                                  |   | $      | 511 |   |

----

|                                                                                         | (In thousands)     |   |
|----------------------------------------------------------------------------------------------|--------------------|--------|
|                                                                                         | As of December 31, |   |
|                                                                                         |               |   |   |   |   |   |
|                                                                                         |               | 2009   |   |   | 2008 |   |
| Franchise Receivables:                                                                       |               |   |   |   |   |   |
|     Balance, beginning of year                                           |               | $      | 140 |   |   | $ | 147 |   |
|           Charged to expense               |               |   | 395 |   |   |   | 243 |   |
|           Reductions, including write-offs |               |   | (347 | ) |   |   | (250 | ) |
|           Additions and transfers          |               |   | - |   |   |   | - |   |
|      Balance, end of year                                           |               | $      | 188 |   |   | $ | 140 |   |
|                                                                                         |               |   |   |   |   |   |   |   |
| Optical Purchasing Group Receivables:                                                        |               |   |   |   |   |   |   |   |
|      Balance, beginning of year                                     |               | $      | 172 |   |   | $ | 60 |   |
|           Charged to expense               |               |   | 263 |   |   |   | 160 |   |
|           Reductions, including write-offs |               |   | (280 | ) |   |   | (48 | ) |
|           Additions and transfers          |               |   | - |   |   |   | - |   |
|      Balance, end of year                                           |               | $      | 155 |   |   | $ | 172 |   |
|                                                                                         |               |   |   |   |   |   |   |   |
| Franchise Notes Receivables:                                                                 |               |   |   |   |   |   |   |   |
|      Balance, beginning of year                                     |               | $      | 29 |   |   | $ | 38 |   |
|           Charged to expense               |               |   | 14 |   |   |   | - |   |
|           Reductions, including write-offs |               |   | (1 | ) |   |   | - |   |
|           Additions and transfers          |               |   | - |   |   |   | (9 | ) |
|      Balance, end of year                                           |               | $      | 42 |   |   | $ | 29 |   |
|                                                                                         |               |   |   |   |   |   |   |   |
| Other Company Receivables:                                                                   |               |   |   |   |   |   |   |   |
|      Balance, beginning of year                                     |               | $      | 7 |   |   | $ | 5 |   |
|           Charged to expense               |               |   | 57 |   |   |   | 59 |   |
|           Reductions, including write-offs |               |   | (49 | ) |   |   | (57 | ) |
|           Additions and transfers          |               |   | - |   |   |   | - |   |
|      Balance, end of year                                           |               | $      | 15 |   |   | $ | 7 |   |
|                                                                                         |               |   |   |   |   |   |   |   |
| Accrual for Store Closings:                                                                  |               |   |   |   |   |   |   |   |
|      Balance, beginning of year                                     |               | $      | 146 |   |   | $ | 300 |   |
|           Charged to expense               |               |   | 92 |   |   |   | - |   |
|           Reductions, including write-offs |               |   | (238 | ) |   |   | (269 | ) |
|           Additions and transfers          |               |   | - |   |   |   | 115 |   |
|      Balance, end of year                                           |               | $      | - |   |   | $ | 146 |   |

----

|                           |   | (In thousands)As of December 31, |   | Estimated |
|--------------------------------|--------|----------------------------------|--------|-----------|
|                           |   | 2009                             |   |      | 2008 |   | Useful Lives |
|                           |   |                             |   |      |   |   |   |
| Furniture and fixtures         |   | $                                | 348    |      |   | $ | 383 |   | 5-7 years |
| Machinery and equipment        |   |                             | 2,112  |      |   |   | 2,112 |   | 3-5 years |
| Software                       |   |                             | 949    |      |   |   | 920 |   | 3-5 years |
| Leasehold improvements         |   |                             | 1,193  |      |   |   | 1,299 |   | 10 years* |
|                           |   |                             | 4,602  |      |   |   | 4,714 |   |   |
| Less: accumulated depreciation |   |                             | (3,730 | )         |   |   | (3,523 | ) |   |
| Property and equipment, net    |   | $                                | 872    |      |   | $ | 1,191 |   |   |
|                           |   |                             |   |      |   |   |   |   |   |

|                           |   | (In thousands)As of December 31, |   | Estimated |
|--------------------------------|--------|----------------------------------|--------|-----------|
|                           |   | 2009                             |   |      | 2008 |   | Useful Lives |
|                           |   |                             |   |      |   |   |   |
| Customer lists                 |   | $                                | 1,057  |      |   | $ | 1,057 |   | 10 years |
| Non-compete agreement          |   |                             | 391    |      |   |   | 453 |   | 5 years |
| Trade name                     |   |                             | 1,957  |      |   |   | 2,078 |   | Indefinite |
|                           |   |                             | 3,405  |      |   |   | 3,588 |   |   |
| Less: accumulated amortization |   |                             | (566   | )         |   |   | (370 | ) |   |
| Intangible assets, net         |   | $                                | 2,839  |      |   | $ | 3,218 |   |   |
|                           |   |                             |   |      |   |   |   |   |   |

----

|                                |   | As of December 31, |   |
|-------------------------------------|--------|--------------------|--------|
|                                |   | 2009               |   |   | 2008 |   |
|                                |   |               |   |   |   |   |
| Accounts payable                    |   | $                  | 2,544  |   |   | $ | 2,309 |   |
| Accrued payroll and fringe benefits |   |               | 570    |   |   |   | 533 |   |
| Accrued professional fees           |   |               | 76     |   |   |   | 114 |   |
| Accrued advertising                 |   |               | 942    |   |   |   | 871 |   |
| Accrued rent under sublease         |   |               | 218    |   |   |   | 166 |   |
| Accrued income and other taxes      |   |               | 83     |   |   |   | 129 |   |
| Other accrued expenses              |   |               | 131    |   |   |   | 240 |   |
|                                |   | $                  | 4,564  |   |   | $ | 4,362 |   |

|   Year Due |   | Related PartyBorrowings(1) |   |   | Line of Credit(2) |   |   | Other Debt(3) |   |   |  Total |   |
|----------------------|--------|----------------------------|--------|--------|-------------------|--------|--------|---------------|--------|--------|-------------|--------|
|                 |   |                       |   |   |              |   |   |          |   |   |        |   |
| 2010                 |   | $                          | 334    |   |              | $      | 1,100  |          |   | $      | 16          |   |   | $ | 1,450 |   |
| 2011                 |   |                       | 83     |   |              |   | 3,757  |          |   |   | 17          |   |   |   | 3,857 |   |
| 2012                 |   |                       | -      |   |              |   | -      |          |   |   | 18          |   |   |   | 18 |   |
|                 |   | $                          | 417    |   |              | $      | 4,857  |          |   | $      | 51          |   |   | $ | 5,325 |   |

| 1)   | In connection with the acquisition of all of the net tangible assets of Combine Optical Management Corporation (“COMC”), the Company entered into two promissory notes with COMC.  The first note provides for four annual installments, which commenced October 1, 2007, totaling $1,273,000 (which is non-interest bearing with an imputed annual interest rate of 8.1%).  The second note, which commenced October 1, 2006, provides for sixty monthly installments totaling $500,000 at 7% interest per annum.  In order to secure repayment, the Company entered into Security Agreements with COMC granting COMC a security interest in substantially all of the assets of Combine. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2)   | The Company had outstanding borrowings of $4,856,854 under its Credit Facility with Manufacturers and Traders Trust Company (“M&T”), which borrowings are payable (interest only) monthly and bear interest at a rate of London Interbank Offered Rate (“LIBOR”) plus 3.0%.  As of December 31, 2009, the interest rate was 3.25%.  The interest rates on the Credit Facility ranged from 2.28% to 4.08% in 2009.  The principal and any accrued interest are due and payable in April 2011.  In order to secure repayment, the Company and its subsidiaries entered into Security Agreements with M&T granting M&T a security interest in substantially all of the assets of the Company, except for Combine's assets where the bank has a secondary priority interest as described in (1) above. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3)   | In connection with the remodeling of one of the Company-owned stores, the Company obtained $78,000 of equipment financing from De Lage Landen Financial Services, Inc. in November 2007, which borrowings provide for sixty monthly installments and bear interest at a rate of 10.2%. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                         |   | 2009   |    |   | 2008   |   |
|----------------------------------------------|--------|--------|---------|--------|--------|--------|
| Deferred tax assets:                         |   |   |    |   |   |   |
| Reserves and allowances                      |   | $      | 176     |   |   | $      | 143 |   |
| Net operating loss and credits carryforwards |   |   | 16,972  |   |   |   | 15,725 |   |
| Stock compensation expense                   |   |   | 280     |   |   |   | 294 |   |
| Accrued expenses                             |   |   | 55      |   |   |   | 46 |   |
| Total deferred tax assets                    |   |   | 17,483  |   |   |   | 16,208 |   |
|                                         |   |   |    |   |   |   |   |   |
| Deferred tax liabilities:                    |   |   |    |   |   |   |   |   |
| Depreciation and amortization                |   |   | (297    | )      |   |   | (420 | ) |
| Total deferred tax liabilities               |   |   | (297    | )      |   |   | (420 | ) |
|                                         |   |   | 17,186  |   |   |   | 15,788 |   |
| Less: Valuation allowance                    |   |   | (16,376 | )      |   |   | (14,634 | ) |
| Net deferred tax assets                      |   | $      | 810     |   |   | $      | 1,154 |   |

|                       |   | 2009   |   |    | 2008   |   |
|----------------------------|--------|--------|--------|---------|--------|--------|
| Current:                   |   |   |   |    |   |   |
| U.S. Federal               |   | $      | (741   | )       |   | $      | 171 |   |
| U.S. State and local       |   |   | (96    | )  |   |   | 10 |   |
| Foreign – Canada     |   |   | 36     |    |   |   | 67 |   |
| Total current              |   |   | (801   | )       |   |   | 248 |   |
|                       |   |   |   |    |   |   |   |   |
| Deferred:                  |   |   |   |    |   |   |   |   |
| U.S. Federal               |   |   | 973    |    |   |   | 292 |   |
| U.S. State and local       |   |   | 172    |    |   |   | 51 |   |
| Foreign – Canada     |   |   | -      |    |   |   | - |   |
| Total deferred             |   |   | 1,145  |    |   |   | 343 |   |
| Provision for income taxes |   | $      | 344    |    |   | $      | 591 |   |

----

|   |   | Net Operating Loss |   |   | AMT Operating Loss |   |
|--------|--------|--------------------|--------|--------|--------------------|--------|
|   |   |               |   |   |               |   |
| 2011   |   | $                  | 1,164  |   |               | $      | 1,191 |   |
| 2012   |   |               | 3,845  |   |               |   | 3,845 |   |
| 2018   |   |               | 10,810 |   |               |   | 10,810 |   |
| 2019   |   |               | 1,358  |   |               |   | 1,358 |   |
| 2020   |   |               | 20,269 |   |               |   | 20,269 |   |
| 2021   |   |               | 2,369  |   |               |   | 1,808 |   |
| 2022   |   |               | 4,375  |   |               |   | 4,310 |   |
| 2023   |   |               | 166    |   |               |   | 166 |   |
| 2024   |   |               | 25     |   |               |   | 25 |   |
| 2025   |   |               | 21     |   |               |   | 21 |   |
| 2026   |   |               | 24     |   |               |   | 24 |   |
| 2027   |   |               | 496    |   |               |   | 184 |   |
| 2028   |   |               | 1,027  |   |               |   | 683 |   |
| 2029   |   |               | 1,572  |   |               |   | 1,222 |   |
|   |   | $                  | 47,521 |   |               | $      | 45,916 |   |

|                                        |   | 2009   |   |   | 2008   |   |
|---------------------------------------------|--------|--------|--------|--------|--------|--------|
|                                        |   |   |   |   |   |   |
| Federal statutory rate                      |   |   | (34.0  | %)     |   |   | 34.0 | % |
| State and local income taxes                |   |   | (13.7  | %)     |   |   | 0.1 | % |
| Permanent differences                       |   |   | (10.5  | %)     |   |   | 25.4 | % |
| Net operating loss carryforward adjustments |   |   | (67.1  | %)     |   |   | 1.5 | % |
| Change to valuation allowance               |   |   | 109.5  | %      |   |   | 56.5 | % |
| Effective tax rate                          |   |   | (15.8  | %)     |   |   | 117.5 | % |

|                                                            |   | As of December 31, |   |
|-----------------------------------------------------------------|--------|--------------------|--------|
|                                                            |   | 2009               |   |   | 2008 |   |
| Total Assets:                                                   |   |               |   |   |   |   |
|      Optical Purchasing Group Business |   | $                  | 11,161 |   |   | $ | 12,246 |   |
|      Franchise                         |   |               | 4,915  |   |   |   | 5,386 |   |
|      Company Store                     |   |               | 655    |   |   |   | 547 |   |
|      VisionCare of California          |   |               | 630    |   |   |   | 632 |   |
|      Corporate Overhead                |   |               | 386    |   |   |   | 814 |   |
|      Other                             |   |               | 2      |   |   |   | 12 |   |
| Total assets                                                    |   | $                  | 17,749 |   |   | $ | 19,637 |   |

| Capital Expenditures:                                           |   |   |   |   |   |   |
|-----------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|      Optical Purchasing Group Business |   | $      | 48     |   |   | $      | 42 |   |
|      Franchise                         |   |   | 8      |   |   |   | 40 |   |
|      Company Store                     |   |   | 90     |   |   |   | 139 |   |
|      VisionCare of California          |   |   | -      |   |   |   | 2 |   |
|      Corporate Overhead                |   |   | 7      |   |   |   | 121 |   |
|      Other                             |   |   | -      |   |   |   | - |   |
| Total capital expenditures                                      |   | $      | 153    |   |   | $      | 344 |   |

| Total Goodwill:                                                 |   |   |   |   |   |   |
|-----------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|      Optical Purchasing Group Business |   | $      | 2,385  |   |   | $      | 2,861 |   |
|      Franchise                         |   |   | 1,266  |   |   |   | 1,266 |   |
|      Company Store                     |   |   | -      |   |   |   | - |   |
|      VisionCare of California          |   |   | -      |   |   |   | - |   |
|      Corporate Overhead                |   |   | -      |   |   |   | - |   |
|      Other                             |   |   | -      |   |   |   | - |   |
| Total goodwill                                                  |   | $      | 3,651  |   |   | $      | 4,127 |   |

| Total Intangible Assets:                                        |   |   |   |   |   |   |
|-----------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|      Optical Purchasing Group Business |   | $      | 1,885  |   |   | $      | 2,307 |   |
|      Franchise                         |   |   | 954    |   |   |   | 911 |   |
|      Company Store                     |   |   | -      |   |   |   | - |   |
|      VisionCare of California          |   |   | -      |   |   |   | - |   |
|      Corporate Overhead                |   |   | -      |   |   |   | - |   |
|      Other                             |   |   | -      |   |   |   | - |   |
| Total intangible assets                                         |   | $      | 2,839  |   |   | $      | 3,218 |   |

----

| Total Goodwill Impairment:                                      |   |   |   |   |   |   |
|-----------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|      Optical Purchasing Group Business |   | $      | 476    |   |   | $      | - |   |
|      Franchise                         |   |   | -      |   |   |   | - |   |
|      Company Store                     |   |   | -      |   |   |   | - |   |
|      VisionCare of California          |   |   | -      |   |   |   | - |   |
|      Corporate Overhead                |   |   | -      |   |   |   | - |   |
|      Other                             |   |   | -      |   |   |   | - |   |
| Total goodwill impairment                                       |   | $      | 476    |   |   | $      | - |   |

| Total Intangible Asset Additions, Net:                          |   |   |   |   |   |   |
|-----------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|      Optical Purchasing Group Business |   | $      | -      |   |   | $      | - |   |
|      Franchise                         |   |   | 43     |   |   |   | 601 |   |
|      Company Store                     |   |   | -      |   |   |   | - |   |
|      VisionCare of California          |   |   | -      |   |   |   | - |   |
|      Corporate Overhead                |   |   | -      |   |   |   | - |   |
|      Other                             |   |   | -      |   |   |   | - |   |
| Total intangible asset additions                                |   | $      | 43     |   |   | $      | 601 |   |

| Total Intangible Asset Impairment:                              |   |   |   |   |   |   |
|-----------------------------------------------------------------|--------|--------|--------|--------|--------|--------|
|      Optical Purchasing Group Business |   | $      | 226    |   |   | $      | - |   |
|      Franchise                         |   |   | -      |   |   |   | - |   |
|      Company Store                     |   |   | -      |   |   |   | - |   |
|      VisionCare of California          |   |   | -      |   |   |   | - |   |
|      Corporate Overhead                |   |   | -      |   |   |   | - |   |
|      Other                             |   |   | -      |   |   |   | - |   |
| Total intangible asset impairment                               |   | $      | 226    |   |   | $      | - |   |

|                                                            |   | For the Year Ended December 31, |   |
|-----------------------------------------------------------------|--------|---------------------------------|--------|
|                                                            |   | 2009                            |   |   | 2008 |   |
| Net Revenues:                                                   |   |                            |   |   |   |   |
|      Optical Purchasing Group Business |   | $                               | 50,677 |   |   | $ | 57,935 |   |
|      Franchise                         |   |                            | 5,720  |   |   |   | 6,510 |   |
|      Company Store                     |   |                            | 2,197  |   |   |   | 3,715 |   |
|      VisionCare of California          |   |                            | 3,521  |   |   |   | 3,551 |   |
|      Corporate Overhead                |   |                            | -      |   |   |   | - |   |
|      Other                             |   |                            | 8      |   |   |   | 98 |   |
| Net revenues                                                    |   | $                               | 62,123 |   |   | $ | 71,809 |   |
|  (Loss) Income before Provision for Income Taxes:          |   |                            |   |   |   |   |   |   |
|      Optical Purchasing Group Business |   | $                               | (931   | ) |   | $ | 975 |   |
|      Franchise                         |   |                            | 1,844  |   |   |   | 3,624 |   |
|      Company Store                     |   |                            | (805   | ) |   |   | (427 | ) |
|      VisionCare of California          |   |                            | 32     |   |   |   | 44 |   |
|      Corporate Overhead                |   |                            | (2,322 | ) |   |   | (3,646 | ) |
|      Other                             |   |                            | 3      |   |   |   | (67 | ) |
| (Loss) income before provision for income taxes                 |   | $                               | (2,179 | ) |   | $ | 503 |   |
|                                                            |   |                            |   |   |   |   |   |   |
| Depreciation and Amortization:                                  |   |                            |   |   |   |   |   |   |
|      Optical Purchasing Group Business |   | $                               | 306    |   |   | $ | 303 |   |
|      Franchise                         |   |                            | 211    |   |   |   | 127 |   |
|      Company Store                     |   |                            | 60     |   |   |   | 69 |   |
|      VisionCare of California          |   |                            | 22     |   |   |   | 22 |   |
|      Corporate Overhead                |   |                            | -      |   |   |   | 127 |   |
|      Other                             |   |                            | -      |   |   |   | 6 |   |
| Total depreciation and amortization                             |   | $                               | 599    |   |   | $ | 654 |   |
|                                                            |   |                            |   |   |   |   |   |   |
| Interest Expense:                                               |   |                            |   |   |   |   |   |   |
|      Optical Purchasing Group Business |   | $                               | 169    |   |   | $ | 277 |   |
|      Franchise                         |   |                            | 49     |   |   |   | 42 |   |
|      Company Store                     |   |                            | -      |   |   |   | - |   |
|      VisionCare of California          |   |                            | -      |   |   |   | - |   |
|      Corporate Overhead                |   |                            | -      |   |   |   | - |   |
|      Other                             |   |                            | -      |   |   |   | - |   |
| Total interest expense                                          |   | $                               | 218    |   |   | $ | 319 |   |

|                                             |   | For the Year Ended December 31, |   |
|--------------------------------------------------|--------|---------------------------------|--------|
|                                             |   | 2009                            |   |   | 2008 |   |
| Net Revenues:                                    |   |                            |   |   |   |   |
|      United States      |   | $                               | 25,097 |   |   | $ | 30,124 |   |
|      Canada             |   |                            | 37,026 |   |   |   | 41,685 |   |
| Net revenues                                     |   | $                               | 62,123 |   |   | $ | 71,809 |   |
|                                             |   |                            |   |   |   |   |   |   |
| (Loss) Income before Provision for Income Taxes: |   |                            |   |   |   |   |   |   |
|      United States      |   | $                               | (2,308 | ) |   | $ | 350 |   |
|      Canada             |   |                            | 129    |   |   |   | 153 |   |
| (Loss) income before provision for income taxes  |   | $                               | (2,179 | ) |   | $ | 503 |   |
|                                             |   |                            |   |   |   |   |   |   |

|                            |   | United States |   |   | Canada |   |   | Total  |   |
|---------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                            |   |          |   |   |   |   |   |   |   |
| Total Assets                    |   | $             | 14,195 |   |   | $      | 3,554  |   |   | $ | 17,749 |   |
| Depreciation and Amortization   |   |          | 591    |   |   |   | 8      |   |   |   | 599 |   |
| Capital Expenditures            |   |          | 134    |   |   |   | 19     |   |   |   | 153 |   |
| Goodwill                        |   |          | 3,651  |   |   |   | -      |   |   |   | 3,651 |   |
| Goodwill Impairment             |   |          | 476    |   |   |   | -      |   |   |   | 476 |   |
| Intangible Assets               |   |          | 2,839  |   |   |   | -      |   |   |   | 2,839 |   |
| Intangible Asset Impairment     |   |          | 226    |   |   |   | -      |   |   |   | 226 |   |
| Intangible Asset Additions, net |   |          | 43     |   |   |   | -      |   |   |   | 43 |   |
| Interest Expense, net           |   |          | 219    |   |   |   | (1     | )      |   |   | 218 |   |

----

|                            |   | United States |   |   | Canada |   |   | Total  |   |
|---------------------------------|--------|---------------|--------|--------|--------|--------|--------|--------|--------|
|                            |   |          |   |   |   |   |   |   |   |
| Total Assets                    |   | $             | 16,678 |   |   | $      | 2,959  |   |   | $ | 19,637 |   |
| Depreciation and Amortization   |   |          | 645    |   |   |   | 9      |   |   |   | 654 |   |
| Capital Expenditures            |   |          | 344    |   |   |   | -      |   |   |   | 344 |   |
| Goodwill                        |   |          | 4,127  |   |   |   | -      |   |   |   | 4,127 |   |
| Intangible Assets               |   |          | 3,218  |   |   |   | -      |   |   |   | 3,218 |   |
| Intangible Asset Additions, net |   |          | 601    |   |   |   | -      |   |   |   | 601 |   |
| Interest Expense, net           |   |          | 336    |   |   |   | (17    | )      |   |   | 319 |   |

|       |   | Total Lease Obligations |   |   | SubleaseRentals |   |   | Net Company Obligations |   |
|------------|--------|-------------------------|--------|--------|-----------------|--------|--------|-------------------------|--------|
|       |   |                    |   |   |            |   |   |                    |   |
| 2010       |   | $                       | 3,846  |   |            | $      | 3,172  |                    |   | $ | 674 |   |
| 2011       |   |                    | 1,218  |   |            |   | 1,156  |                    |   |   | 62 |   |
| 2012       |   |                    | 1,153  |   |            |   | 1,153  |                    |   |   | - |   |
| 2013       |   |                    | 1,040  |   |            |   | 1,040  |                    |   |   | - |   |
| 2014       |   |                    | 903    |   |            |   | 903    |                    |   |   | - |   |
| Thereafter |   |                    | 2,395  |   |            |   | 2,395  |                    |   |   | - |   |
|       |   | $                       | 10,555 |   |            | $      | 9,819  |                    |   | $ | 736 |   |

----

|                                                         |   | 2009   |       |   | 2008     |   |
|--------------------------------------------------------------|--------|--------|------------|--------|----------|--------|
|                                                         |   |   |       |   | Weighted |   |   |   |   |   | Weighted |   |
|                                                         |   |   |       |   | Average  |   |   |   |   |   | Average |   |
|                                                         |   |   |       |   | Exercise |   |   |   |   |   | Exercise |   |
|                                                         |   | Shares |       |   | Price    |   |   | Shares |   |   | Price |   |
|                                                         |   |   |       |   |     |   |   |   |   |   |   |   |
| Options outstanding, beginning of period                     |   |   | 21,038,907 |   |     | $      | 0.35 |   |   |   | 20,567,907 |   |   | $ | 0.41 |   |
|      Granted                        |   |   | -          |   |     | $      | - |   |   |   | 625,000 |   |   | $ | 0.21 |   |
|      Exercised                      |   |   | (3,517,795 | )      |     | $      | 0.14 |   |   |   | - |   |   | $ | - |   |
|      Canceled, forfeited or expired |   |   | (7,136,549 | )      |     | $      | 0.21 |   |   |   | (154,000 | ) |   | $ | 7.21 |   |
|                                                         |   |   |       |   |     |   |   |   |   |   |   |   |   |   |   |   |
| Options outstanding, end of period                           |   |   | 10,384,563 |   |     | $      | 0.52 |   |   |   | 21,038,907 |   |   | $ | 0.35 |   |
|                                                         |   |   |       |   |     |   |   |   |   |   |   |   |   |   |   |   |
| Options exercisable, end of period                           |   |   | 10,384,563 |   |     | $      | 0.52 |   |   |   | 21,038,907 |   |   | $ | 0.35 |   |

|                                              |   | 2009   |   |   | 2008     |   |
|---------------------------------------------------|--------|--------|--------|--------|----------|--------|
|                                              |   |   |   |   | Weighted |   |   |   |   |   | Weighted |   |
|                                              |   |   |   |   | Average  |   |   |   |   |   | Average |   |
|                                              |   |   |   |   | Exercise |   |   |   |   |   | Exercise |   |
|                                              |   | Shares |   |   | Price    |   |   | Shares |   |   | Price |   |
|                                              |   |   |   |   |     |   |   |   |   |   |   |   |
| Unvested options outstanding, beginning of period |   |   | -      |   |     | $      | - |   |   |   | 100,000 |   |   | $ | 0.21 |   |
| Granted                                           |   |   | -      |   |     | $      | - |   |   |   | 625,000 |   |   | $ | 0.21 |   |
| Vested                                            |   |   | -      |   |     | $      | - |   |   |   | (725,000 | ) |   | $ | 0.21 |   |
| Unvested options canceled, forfeited or expired   |   |   | -      |   |     | $      | - |   |   |   | - |   |   | $ | - |   |
|                                              |   |   |   |   |     |   |   |   |   |   |   |   |   |   |   |   |
| Unvested options outstanding, end of period       |   |   | -      |   |     | $      | - |   |   |   | - |   |   | $ | - |   |

|            |          |   | Options Outstanding |   |       | Options Exercisable |   |
|-----------------|---------------|--------|---------------------|--------|------------|---------------------|--------|
|            |          |   |                |   |       | Weighted-           |   |   | Weighted- |   |   |   |   |   | Weighted- |   |
|            |          |   |                |   |       | Average             |   |   | Average |   |   |   |   |   | Average |   |
| Range of        |          |   |                |   |       | Remaining           |   |   | Exercise |   |   |   |   |   | Exercise |   |
| Exercise Prices |          |   | Outstanding         |   |       | Contractual Life    |   |   | Price |   |   | Exercisable |   |   | Price |   |
|            |          |   |                |   |       |                |   |   |   |   |   |   |   |   |   |   |
| $               | 0.05 to $0.08 |   |                |   | 400,000    |                |   |   | 3.41 |   |   | $ | 0.05 |   |   |   | 400,000 |   |   | $ | 0.05 |   |
| $               | 0.09 to $0.14 |   |                |   | 3,061,770  |                |   |   | 5.33 |   |   | $ | 0.14 |   |   |   | 3,061,770 |   |   | $ | 0.14 |   |
| $               | 0.15 to $0.23 |   |                |   | 5,435,625  |                |   |   | 6.44 |   |   | $ | 0.16 |   |   |   | 5,435,625 |   |   | $ | 0.16 |   |
| $               | 0.24 to $0.36 |   |                |   | 610,500    |                |   |   | 1.34 |   |   | $ | 0.31 |   |   |   | 610,500 |   |   | $ | 0.31 |   |
| $               | 0.37 to $0.54 |   |                |   | 375,000    |                |   |   | 7.45 |   |   | $ | 0.47 |   |   |   | 375,000 |   |   | $ | 0.47 |   |
| $               | 4.51 to $6.77 |   |                |   | 168,334    |                |   |   | 0.22 |   |   | $ | 5.79 |   |   |   | 168,334 |   |   | $ | 5.79 |   |
| $               | 6.78 to $8.25 |   |                |   | 333,334    |                |   |   | 0.15 |   |   | $ | 8.06 |   |   |   | 333,334 |   |   | $ | 8.06 |   |
|            |          |   |                |   | 10,384,563 |                |   |   |   |   |   |   |   |   |   |   | 10,384,563 |   |   |   |   |   |

|                  |   | 2009   |   |   | 2008   |   |
|-----------------------|--------|--------|--------|--------|--------|--------|
|                  |   |   |   |   |   |   |
| Expected life (years) |   |   | n/a    |   |   |   | 5 |   |
| Interest rate         |   |   | n/a    |   |   |   | 2.34 | % |
| Volatility            |   |   | n/a    |   |   |   | 74 | % |
| Dividend yield        |   |   | n/a    |   |   |   | - |   |

|                                                         |   | 2009   |      |   | 2008     |   |
|--------------------------------------------------------------|--------|--------|-----------|--------|----------|--------|
|                                                         |   |   |      |   | Weighted |   |   |   |   |   | Weighted |   |
|                                                         |   |   |      |   | Average  |   |   |   |   |   | Average |   |
|                                                         |   |   |      |   | Exercise |   |   |   |   |   | Exercise |   |
|                                                         |   | Shares |      |   | Price    |   |   | Shares |   |   | Price |   |
|                                                         |   |   |      |   |     |   |   |   |   |   |   |   |
| Warrants outstanding, beginning of period                    |   |   | 2,080,885 |   |     | $      | 0.18 |   |   |   | 1,905,885 |   |   | $ | 0.17 |   |
|      Granted                        |   |   | -         |   |     | $      | - |   |   |   | 175,000 |   |   | $ | 0.25 |   |
|      Exercised                      |   |   | -         |   |     | $      | - |   |   |   | - |   |   | $ | - |   |
|      Canceled, forfeited or expired |   |   | -         |   |     | $      | - |   |   |   | - |   |   | $ | - |   |
|                                                         |   |   |      |   |     |   |   |   |   |   |   |   |   |   |   |   |
| Warrants outstanding, end of period                          |   |   | 2,080,885 |   |     | $      | 0.18 |   |   |   | 2,080,885 |   |   | $ | 0.18 |   |
|                                                         |   |   |      |   |     |   |   |   |   |   |   |   |   |   |   |   |
| Warrants exercisable, end of period                          |   |   | 2,080,885 |   |     | $      | 0.18 |   |   |   | 2,080,885 |   |   | $ | 0.18 |   |

|            |          |   | Warrants Outstanding |   |      | Warrants Exercisable |   |
|-----------------|---------------|--------|----------------------|--------|-----------|----------------------|--------|
|            |          |   |                 |   |      | Weighted-            |   |   | Weighted- |   |   |   |   |   | Weighted- |   |
|            |          |   |                 |   |      | Average              |   |   | Average |   |   |   |   |   | Average |   |
| Range of        |          |   |                 |   |      | Remaining            |   |   | Exercise |   |   |   |   |   | Exercise |   |
| Exercise Prices |          |   | Outstanding          |   |      | Contractual Life     |   |   | Price |   |   | Exercisable |   |   | Price |   |
|            |          |   |                 |   |      |                 |   |   |   |   |   |   |   |   |   |   |
| $               | 0.14          |   |                 |   | 1,380,885 |                 |   |   | 5.00 |   |   | $ | 0.14 |   |   |   | 1,380,885 |   |   | $ | 0.14 |   |
| $               | 0.15 to $0.23 |   |                 |   | 300,000   |                 |   |   | 0.35 |   |   | $ | 0.21 |   |   |   | 300,000 |   |   | $ | 0.21 |   |
| $               | 0.24 to $0.30 |   |                 |   | 400,000   |                 |   |   | 2.48 |   |   | $ | 0.29 |   |   |   | 400,000 |   |   | $ | 0.29 |   |
|            |          |   |                 |   | 2,080,885 |                 |   |   |   |   |   |   |   |   |   |   | 2,080,885 |   |   |   |   |   |

----

----

----

| (a)              The following documents are filed as a part of this Report: |
|----------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                               |
| 1.              Financial Statements.                                        |
|                                                                                                                                               |
| Consolidated Balance Sheets as of December 31, 2009 and 2008                                                                                       |
|                                                                                                                                               |
| Consolidated Statements of Operations and Comprehensive Loss for the Years Ended December 31, 2009 and 2008                                        |
|                                                                                                                                               |
| Consolidated Statements of Shareholders' Equity for the Years Ended December 31, 2009 and 2008                                                     |
|                                                                                                                                               |
| Consolidated Statements of Cash Flows for the Years Ended December 31, 2009 and 2008                                                               |
|                                                                                                                                               |
| Notes to Consolidated Financial Statements                                                                                                         |
|                                                                                                                                               |
| 2.              Financial Statement Schedules:                               |
|                                                                                                                                               |
| Not applicable.                                                                                                                                    |
|                                                                                                                                               |
| 3.              Exhibits                                                     |

EXHIBIT INDEX

| (2.1)Asset Purchase Agreement, dated September 29, 2006, among Emerging Vision, Inc., COM Acquisition, Inc., Combine Optical Management Corp. and Neil Glachman (incorporated by reference to Exhibit 2.1 to the Company’s Quarterly Report on Form 10-Q, dated November 14, 2006)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
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| (2.2)Promissory Note, dated September 29, 2006, made payable by COM Acquisition, Inc. and Emerging Vision, Inc. to the order of Combine Optical Management Corp., in the original principal amount of $1,273,000 (incorporated by reference to Exhibit 2.2 to the Company’s Quarterly Report on Form 10-Q, dated November 14, 2006)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
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| (2.3)Promissory Note, dated September 29, 2006, made payable by COM Acquisition, Inc. and Emerging Vision, Inc. to the order of Combine Optical Management Corp., in the original principal amount of $500,000 (incorporated by reference to Exhibit 2.3 to the Company’s Quarterly Report on Form 10-Q, dated November 14, 2006)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| (2.4)Letter of Intent, dated as of May 23, 2007, by and among OG Acquisition, Inc., 757979 Ontario Inc. (d/b/a The Optical Group), Corowl Optical Credit Services, Inc. and Grant Osborne (Incorporated by reference to Exhibit 2.4 to the Company’s Current Report on Form 8-K, dated May 31, 2007)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
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| (3.1)Restated Certificate of Incorporation of Sterling Vision, Inc., filed on December 20, 1995 (incorporated by reference to Exhibit 3.1 to the Company's Annual Report on Form 10-K/A for the fiscal year ended December 31, 1995)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
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| (3.2)Amended and Restated By-Laws of Sterling Vision, Inc., dated December 18, 1995 (incorporated by reference to Exhibit 3.2 to the Company's Annual Report on Form 10-K/A for the fiscal year ended December 31, 1995)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
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| (3.3)Certificate of Amendment of the Certificate of Incorporation of Sterling Vision, Inc., filed on January 26, 2000 (incorporated by reference to Exhibit 3.3 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2002, Securities and Exchange Commission (“SEC”) File Number 001-14128, Film Number 03630359)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
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| (3.4)Certificate of Amendment of the Certificate of Incorporation of Sterling Vision, Inc., filed on February 8, 2000 (incorporated by reference to Exhibit 10.94 to the Company’s Current Report on Form 8-K, dated February 8, 2000, SEC File Number 001-14128, Film Number 03630359)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
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| (3.5)Certificate of Amendment of the Certificate of Incorporation of Sterling Vision, Inc., filed on February 10, 2000 (incorporated by reference to Exhibit 10.96 to the Company’s Current Report on Form 8-K, dated February 8, 2000, SEC File Number 001-14128, Film Number 03630359)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
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| (3.6)Certificate of Amendment of the Certificate of Incorporation of Sterling Vision, Inc., filed on April 17, 2000 (incorporated by reference to Exhibit 3.6 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2002, SEC File Number 001-14128, Film Number 03630359)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
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| (3.7)Certificate of Amendment of the Certificate of Incorporation of Emerging Vision, Inc., filed on July 15, 2002 (incorporated by reference to Exhibit 3.7 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2002, SEC File Number 001-14128, Film Number 03630359)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
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| (3.8)Second Amendment to Amended and Restated By-Laws of Emerging Vision Inc., (incorporated by reference to Exhibit 3.9 to the Company’s Current Report in Form 8-K, dated May 24, 2004, SEC File Number 001-14128, Film Number 04866428)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
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| (4.1)Specimen of Common Stock Certificate (incorporated by reference to Exhibit 4.1 to the Company's Registration Statement No. 33-98368)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
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| (4.2)Form of Warrant issued to Subject Shareholders in connection with Settlement Agreements (incorporated by reference to Exhibit 4.8 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2003, SEC File Number 001-14128, Film Number 04717075)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
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| (10.1)Sterling Vision, Inc.'s 1995 Stock Incentive Plan (incorporated by reference to Exhibit 10.2 to the Company's Registration Statement No. 33-98368)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
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| (10.2)Form of Sterling Vision, Inc.'s Franchise Agreement (incorporated by reference to Exhibit 10.3 to the Company's Registration Statement No. 33-98368)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
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| (10.3)Form of Franchisee Stockholder Agreement to be entered into between Sterling Vision, Inc. and certain of its Franchisees (incorporated by reference to Exhibit 10.47 to the Company's Registration Statement No. 33-98368)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
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| (10.4)First Amendment to Sterling Vision, Inc.’s 1995 Stock Incentive Plan (incorporated by reference to Exhibit 10.63 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 1996, File Number 000-27394, Film Number 96615244)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| (10.5)Credit Agreement, dated August 19, 2005, between Emerging Vision, Inc. and Manufacturers and Traders Trust Corporation (incorporated by reference to Exhibit 10.14 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2005)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
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| (10.6)Standard LIBOR Grid Note, dated August 19, 2005, between Emerging Vision, Inc. and Manufacturers and Traders Trust Corporation (incorporated by reference to Exhibit 10.15 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2005)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
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| (10.7)Security Agreement, dated August 19, 2005, between Emerging Vision, Inc. and Manufacturers and Traders Trust Corporation (incorporated by reference to Exhibit 10.16 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2005)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
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| (10.8)Trademark Security Agreement, dated August 19, 2005, between Emerging Vision, Inc. and Manufacturers and Traders Trust Corporation (incorporated by reference to Exhibit 10.17 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2005)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
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| (10.9)VisionCare Guaranty, dated August 19, 2005, between Emerging Vision, Inc. and Manufacturers and Traders Trust Corporation (incorporated by reference to Exhibit 10.18 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2005)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
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| (10.10)Employment Agreement, dated September 29, 2006, between Emerging Vision, Inc. and Neil Glachman (incorporated by reference to Exhibit 10.19 to the Company’s Annual Report on Form 10-K for the year ended December 31, 2006)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|  (10.11)Revolving Line of Credit Note and Credit Agreement, dated as of August 7, 2007, executed by Emerging Vision, Inc. in favor of Manufacturers and Traders Trust Company (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, dated August 14, 2007) (10.12)Absolute Assignment of Franchise Notes and Proceeds Due, dated as of August 7, 2007, executed by Emerging Vision, Inc. in favor of Manufacturers and Traders Trust Company (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K, dated August 14, 2007) (10.13)General Security Agreement, dated as of August 7, 2007, executed by Emerging Vision, Inc. in favor of Manufacturers and Traders Trust Company (incorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K, dated August 14, 2007) (10.14)General Security Agreement, dated as of August 7, 2007, executed by Combine Buying Group, Inc. in favor of Manufacturers and Traders Trust Company (incorporated by reference to Exhibit 10.4 of the Company’s Current Report on Form 8-K, dated August 14, 2007) (10.15)General Security Agreement, dated as of August 7, 2007, executed by OG Acquisition, Inc. in favor of Manufacturers and Traders Trust Company (incorporated by reference to Exhibit 10.5 of the Company’s Current Report on Form 8-K, dated August 14, 2007) (10.16)General Security Agreement, dated as of August 7, 2007, executed by 1725758 Ontario Inc. d/b/a The Optical Group in favor of Manufacturers and Traders Trust Company (incorporated by reference to Exhibit 10.6 of the Company’s Current Report on Form 8-K, dated August 14, 2007) (10.17)Continuing Guaranty, dated as of August 7, 2007, executed by Combine Buying Group, Inc. in favor of Manufacturers and Traders Trust Company (incorporated by reference to Exhibit 10.7 of the Company’s Current Report on Form 8-K, dated August 14, 2007) (10.18)Continuing Guaranty, dated as of August 7, 2007, executed by OG Acquisition, Inc. in favor of Manufacturers and Traders Trust Company (incorporated by reference to Exhibit 10.8 of the Company’s Current Report on Form 8-K, dated August 14, 2007) (10.19)Continuing Guaranty, dated as of August 7, 2007, executed by 1725758 Ontario Inc. d/b/a The Optical Group in favor of Manufacturers and Traders Trust Company (incorporated by reference to Exhibit 10.9 of the Company’s Current Report on Form 8-K, dated August 14, 2007) (10.20)Pledge Agreement and Assignment, dated as of August 7, 2007, by and between OG Acquisition, Inc. and Manufacturers and Traders Trust Company (incorporated by reference to Exhibit 10.10 of the Company’s Current Report on Form 8-K, dated August 14, 2007) (10.21)United States Trademark Collateral Assignment and Security Agreement, executed by Emerging Vision, Inc. in favor of Manufacturers and Traders Trust Company (incorporated by reference to Exhibit 10.11 of the Company’s Current Report on Form 8-K, dated August 14, 2007) (10.22)Amendment to Revolving Line of Credit Agreement, dated as of April 1, 2009, executed by Emerging Vision, Inc. in favor of Manufacturers and Traders Trust Company (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K, dated April 13, 2009) (10.23)Allonge – (Revision Agreement of Note), dated as of April 1, 2009, executed by Emerging Vision, Inc. in favor of Manufacturers and Traders Trust Company (incorporated by reference to Exhibit 10.2 of the Company’s Current Report on Form 8-K, dated April 13, 2009) (10.24)Letter of Reaffirmation of General Security Agreement, dated as of April 1, 2009, by Emerging Vision, Inc., Combine Buying Group, Inc., OG Acquisition, Inc. and 1725758 Ontario Inc. d/b/a The Optical Group in favor of Manufacturers and Traders Trust Company (incorporated by reference to Exhibit 10.3 of the Company’s Current Report on Form 8-K, dated April 13, 2009) (10.25)Letter of Reaffirmation of Guaranty, dated as of April 1, 2009, by Combine Buying Group, Inc., OG Acquisition, Inc. and 1725758 Ontario Inc. d/b/a The Optical Group in favor of Manufacturers and Traders Trust Company (incorporated by reference to Exhibit 10.4 of the Company’s Current Report on Form 8-K, dated April 13, 2009) (10.26)Reaffirmation of Pledge Agreement and Assignment and United States Trademark Collateral Assignment and Security Agreement, dated as of April 1, 2009, executed by Emerging Vision, Inc. and OG Acquisition, Inc. in favor of Manufacturers and Traders Trust Company (incorporated by reference to Exhibit 10.5 of the Company’s Current Report on Form 8-K, dated April 13, 2009)  |
| (14.1)Corporate Code of Ethics and Conduct of Emerging Vision, Inc., dated November 14, 2005 (incorporated by reference to Exhibit 14.1 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2005)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
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| (21.1) *List of Subsidiaries                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
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| (23.1) *Auditor’s Consent                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
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| (31.1) *Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
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| (31.2) *Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
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| (32.1) *Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
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| *  Exhibit being filed herewith                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

----

|                    |
|-------------------------|
| By: /s/Glenn Spina      |
| Glenn Spina             |
| Chief Executive Officer |

| Signature | Title | Date |
|-----------|-------|------|

|                  |                                         |                 |
|-----------------------|----------------------------------------------|----------------------|
| /s/Glenn Spina        | Chief Executive Officer and Director         | April 15, 2010  |
| Glenn Spina           | (Principal Executive Officer)                |                 |
|                  |                                         |                 |
| /s/ Brian P. Alessi   | Chief Financial Officer and Treasurer        | April 15, 2010  |
| Brian P. Alessi       | (Principal Financial and Accounting Officer) |                 |
|                  |                                         |                 |
| /s/ Dr. Alan Cohen    | Chairman of the Board of Directors           | April 15, 2010  |
| Dr. Alan Cohen        |                                         |                 |
|                  |                                         |                 |
| /s/ Joel L. Gold      | Director                                     | April 15, 2010  |
| Joel L. Gold          |                                         |                 |
|                  |                                         |                 |
| /s/ Seymour G. Siegel | Director                                     | April 15, 2010  |
| Seymour G. Siegel     |                                         |                 |
|                  |                                         |                 |

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