Navigation Links
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 the exemption available to "controlled companies" under Listing Rule 5615(c) from the board majority independence requirement of Listing Rule 5605(b)(1).

About Shamir:

Shamir is a leading provider of innovative products and technology to the 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), Shamir Autograph(TM) and Shamir Smart(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 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. 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 Strategic Communications
    +972-3-516-7620                  212-896-1249 / 212-896-1236
    roni@km-ir.co.il                 jgoldberger@kcsa.com / mcsaby@kcsa.com


'/>"/>
SOURCE Shamir Optical Industry Ltd.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Shamir Optical Industry Ltd. to Host Conference Call Announcing Third Quarter 2007 Earnings Results
2. Shamir Optical Industry Ltd. to Host Conference Call Announcing Fourth Quarter and Year End 2007 Earnings Results
3. Shamir Optical Industry Ltd. Reports Fourth Quarter and Year-End 2007 Results
4. Shamir Optical Industry Ltd. to Host Conference Call Announcing First Quarter 2008 Earnings Results
5. Shamir Optical Industry Ltd. Reports First Quarter 2008 Results
6. Shamir Optical Industry Purchases Remaining 49% of Altra Trading GmbH
7. Shamir Optical Industry Ltd. to Host Conference Call Announcing Second Quarter 2008 Earnings Results
8. Shamir Optical Industry Ltd. Reports Third Quarter 2008 Results
9. Shamir Optical Industry Ltd. to Host Conference Call Announcing Fourth Quarter and Year End 2008 Earnings Results
10. Shamir Optical Industry Ltd. Reports Fourth Quarter and Year-End 2008 Results
11. Shamir Optical Industry Ltd. Announces Receipt of Notice from Nasdaq of Noncompliance with Nasdaq Audit Committee Composition Requirements
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/7/2016)... ... February 07, 2016 , ... HealthSmart Holdings, ... and organizations with the tools and information to lower the costs, and increase ... the cost of providing employee healthcare benefits by as much as 22%:, + ...
(Date:2/7/2016)... Scottsdale, AZ (PRWEB) , ... February 07, 2016 ... ... & Neck and Facial Plastics, has added Kybella® to his medical and surgical ... is a newly approved FDA injectable medication used as a non-surgical alternative for ...
(Date:2/6/2016)... , ... February 06, 2016 ... ... 303-368-6225 , MEDIA ADVISORY: 5000 PERIOPERATIVE NURSES EXPECTED AT AORN SURGICAL CONFERENCE ... perioperative nurses in the world with an estimated 5000 perioperative nurses in ...
(Date:2/6/2016)... ... February 06, 2016 , ... US Sports Camps is ... (YUCC) . This event brings together top non-profit leaders, ultimate organizations, and coaches from ... Ultimate”. Valerio Iani, Bay Area Disc Program Director of Youth and Education, describes this ...
(Date:2/6/2016)... Viejo, CA (PRWEB) , ... February 06, 2016 , ... ... quickly and easily add warm color grades to their footage. A LUT is a ... every pixel's color to the corresponding color indicated by the table. By manipulating each ...
Breaking Medicine News(10 mins):
(Date:2/5/2016)... , Feb. 5, 2016  Patients in Alabama ... focused ultrasound (HIFU) therapy no longer have to travel out ... its partnership with Urology Centers of Alabama to ... FDA-cleared procedure for qualifying patients. Alabama ... in the treatment of prostate cancer using many different modalities. ...
(Date:2/5/2016)... 5, 2016 Aethlon Medical, Inc. (Nasdaq: AEMD ... CEO, will be presenting at Source Capital Group,s 2016 Disruptive ... at 2:15 p.m. ET on Wednesday, February 10, ... discussion taking place at 3:15 p.m. ET. http://www.aethlonmedical.com ... hour after the conclusion of the live event. The panel ...
(Date:2/5/2016)... 5, 2016 Dehaier Medical Systems Ltd. ... "Company"), which develops, markets and sells medical devices ... China and international markets, today announced ... to concentrate the Company,s resources to develop its ... and to focus more on its major businesses. ...
Breaking Medicine Technology: