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Shamir Optical Industry Ltd. Announces Receipt of Notice from Nasdaq of Failure to Satisfy Continued Listing Requirements
Date:5/11/2009

KIBBUTZ SHAMIR, Israel, May 11 /PRNewswire-FirstCall/ -- Shamir Optical Industry Ltd. (Nasdaq: SHMR) (the "Company") a leading provider of innovative products and technology to the ophthalmic lens market, today announced that the Company received a letter on May 7, 2009 from the Nasdaq Stock Market notifying the Company that it does not meet the independent director and audit committee composition requirements for continued listing on the Nasdaq Stock Market under Listing Rules 5605(b)(1) and 5605(c)(2)(A) (the "Rules"), respectively. Listing Rule 5605(b)(1) requires that a majority of a listed company's board of directors be comprised of independent directors, and Listing Rule 5605(c)(2)(A) requires a listed company to have an audit committee comprised of at least three independent members. The Company's audit committee currently consists of one member, who is the only independent member of the Company's board of directors.

The Company was informed that it is not eligible for the cure period provided in Listing Rule 5605 and that, as a result, the staff of Nasdaq is reviewing the Company's eligibility for continued listing on the Nasdaq Stock Market. To facilitate this review, Nasdaq has asked the Company to provide a specific plan and timetable to achieve compliance with the Rules on or before May 22, 2009. The Company is in the process of preparing the requested plan and timetable and expects to provide the requested information to Nasdaq by the May 22, 2009 deadline.

The Company will hold a special general meeting of its shareholders on June 11, 2009 to elect two new independent directors to its board of directors who shall join the audit committee upon their election. Following their election, the Company shall have an audit committee comprised of three independent members. The Company is relying currently on
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SOURCE Shamir Optical Industry Ltd.
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