Jeffrey A. Cole, former chairman, chief executive and shareholder of Cole National, has been appointed as a member of Refac's board of directors and as an initial member of its newly established executive committee. Refac, a licensing company based in New Jersey, has been working with Cole's consulting firm, Cole Limited, in connection with its proposed acquisition of OptiCare Health Systems and U.S. Vision, which run nearly 550 optical stores and licensed departments in the USA and Canada and offer managed vision services. This deal is now expected to close in the 1st or 2nd quarter of this year. Cole Limited purchased shares in Refac last July and he has options to buy more. Following a major reorganization, Refac posted a net loss of $186,000 on revenues from continuing operations of $2,354,000 for the nine months ended last Sept. 30. Jeffrey Cole is still a board member of Pearle Europe.