Item 1.01 Entry into a Material Definitive Agreement.

Unilens Vision Inc. issued a press release today May 24, 2012, reporting the refinancing of the Company's bank loan facilities.

The new loan facilities which have been extended to the Company by Hancock Bank, include a $3.5 million five-year term loan agreement and a $1.5 million revolving credit facility that have replaced existing outstanding term loan borrowings and the unused revolving credit facility with Regions Bank. The terms of the refinancing lower the interest rate on our borrowings to LIBOR plus 3%, eliminate the principal balloon payment to Regions Bank due in January 2015, and incorporate less restrictive covenants. The Company's minimum monthly principal repayment will remain relatively the same at $58,333 compared to the previous payment of $54,762 to Regions Bank.

This press release is attached as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibit 10.1 Credit and Security Agreement

Exhibit 10.2 Commercial Term Note

Exhibit 10.3 Commercial Revolving Line of Credit Note

Exhibit 10.4 Patent Security Agreements

Exhibit 10.5 Continuing Guaranty

Exhibit 99.1 Unilens Vision Inc. News Release issued May 24, 2012.