KIBBUTZ SHAMIR, Israel, Jan. 14 /PRNewswire-FirstCall/ -- Shamir Optical Industry Ltd. (Nasdaq: SHMR) ("Shamir"), a leading provider of innovative products and technology to the progressive ophthalmic lens market, announced today that its board of directors had declared a dividend distribution in an aggregate amount of US$ 4.0 million (approximately NIS 15.1 million based on the January 11, 2008 representative rate of exchange), or approximately US$ 0.243 (approximately NIS 0.917 based on the January 11, 2008 representative rate of exchange) per ordinary share based on the number of outstanding shares of Shamir as of the date hereof.
The dividend will be payable on or about February 25, 2008, to shareholders of record as of the close of business on February 11, 2008.
The dividend will be paid to Shamir shareholders in US Dollars, except for holders of Shamir shares traded on Tel-Aviv Stock Exchange (i.e., shares registered in the name of the nominee company of Bank Hapoalim Ltd.), who will be paid in NIS according to the representative rate of exchange published by the Bank of Israel on February 22, 2008.
The dividend will be paid to the Shamir shareholders net of taxes to be withheld at source pursuant to Israeli law. The maximum weighted withholding tax rate is 15.07%.
Shamir is a leading provider of innovative products and technology to the progressive spectacle lens market. Utilizing its proprietary technology, the company develops, designs, manufactures, and markets progressive lenses to sell to the ophthalmic market. In addition, Shamir utilizes its technology to provide design services to optical lens manufacturers under service and royalty agreements. Progressive lenses are used to treat presbyopia, a vision condition where the eye loses its ability to focus on close objects. Progressive lenses combine several optical strengths into a single lens to provide a gradual and seamless transition from near to intermediate, to distant vision. Shamir differentiates its products from its competitors' primarily through lens design. Shamir's leading lenses are marketed under a variety of trade names, including Shamir Genesis(TM), Shamir Piccolo(TM), Shamir Office(TM), Shamir Nano(TM) and Shamir Autograph(TM). Shamir believes that it has one of the world's preeminent research and development teams for progressive lenses, molds, and complementary technologies and tools. Shamir developed software dedicated to the design of progressive lenses. This software is based on Shamir's proprietary mathematical algorithms that optimize designs of progressive lenses for a variety of activities and environments. Shamir also has created software tools specifically designed for research and development and production requirements, including Eye Point Technology software, which simulates human vision.
Safe Harbor Statement
Statements concerning Shamir's business outlook or future economic
performance; product introductions and plans and objectives related
thereto; and assumptions made or expectations as to any future events,
conditions, performance or other matters, are "forward-looking statements"
as that term is defined under U.S. federal securities laws. Forward-looking
statements are subject to various risks, uncertainties and other factors
that could cause actual results to differ materially from those stated in
such statements. These risks, uncertainties and factors include, but are
not limited to: the conflicts in the region; the effects of competition in
our industry, and changes in our relationships with optical laboratories,
distributors, research and development partners and other third parties;
the effects of the international expansion of our operations and our
ability to manage our growth, including our ability to manage potential
future acquisitions; the effect of global economic conditions in general
and conditions in Shamir's industry and target markets in particular;
shifts in supply and demand; market acceptance of new products and
continuing products' demand; the impact of competitive products and pricing
on Shamir's and its customers' products and markets; timely product and
technology development/upgrades and the ability to manage changes in market
conditions as needed; interest rate fluctuations; and other factors
detailed in Shamir's filings with the Securities and Exchange Commission.
Shamir assumes no obligation to update the information in this release.
Investor Relations Contacts:
Roni Gavrielov Jeffrey Goldberger / Marybeth Csaby
KM / KCSA Investor Relations KCSA Worldwide
+972-3-516-7620 212-896-1249 / 212-896-1236
|SOURCE Shamir Optical Industry Ltd.|
Copyright©2008 PR Newswire.
All rights reserved