Navigation Links
Shamir Optical Industry Ltd. Announces Receipt of Notice from Nasdaq of Noncompliance with Nasdaq Audit Committee Composition Requirements

KIBBUTZ SHAMIR, Israel, April 7 /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 from the Nasdaq Stock Market indicating that the Company no longer complies with the audit committee composition requirements as set forth in Marketplace Rule 4350, which requires a listed company to have an audit committee of at least three independent members. As a result of the resignation of Mr. Joseph Tzur from the Company's board of directors on March 20, 2009, the Company's audit committee as of today has only two independent members.

In accordance with Marketplace Rule 4350(d)(4), Nasdaq has provided the Company a cure period to regain compliance until the earlier of the Company's next annual shareholders' meeting or March 20, 2010; or if the next annual shareholders' meeting is held before September 16, 2009, then the Company must evidence compliance no later than September 16, 2009.

During the cure period, the Company's ordinary shares will continue to trade on Nasdaq, subject to the Company's continued compliance with other Nasdaq listing requirements. The Company has begun the process of identifying a third audit committee member and expects to regain compliance with Nasdaq's audit committee composition requirements within the cure period.


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.

    Contact: Jeffrey Goldberger

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. Optical scientist honored for understanding and improving vision
Post Your Comments:
(Date:11/27/2015)... ... ... A simply groundbreaking television series, "Voices in America", which is hosted by Hollywood ... issues that are presently affecting Americans. Dedicated to providing the world with a wide ... subjects consumers focus on, one episode at a time. , In the latest ...
(Date:11/27/2015)... CA (PRWEB) , ... November 27, 2015 , ... ... on Accreditation of Allied Health Education Programs (CAAHEP) awarded accreditation to its Diagnostic Medical ... of CAAHEP accredited colleges, as only one of twelve colleges and universities in the ...
(Date:11/27/2015)... ... 2015 , ... Avid collector, Andrew Hawley from Vintage Rock Posters, announces his ... is one of Joplin's most famous and beautiful concert posters. The concert was held ... Ann Arbor. The According to Hawley, "It is hard to believe that Joplin's stardom ...
(Date:11/26/2015)... ... November 26, 2015 , ... Inevitably when people think Thanksgiving, they also think ... during the Black Friday and Cyber Monday massage chair sales to receive ... high and low to find the best massage chair deals, they can see all ...
(Date:11/26/2015)... (PRWEB) , ... November 26, 2015 , ... ... of workshops to discuss bioavailability and the need to integrate dose form selection ... in collaboration with OBN, the membership organization supporting and bringing together the UK’s ...
Breaking Medicine News(10 mins):
(Date:11/26/2015)... ) has ... Future Horizons and Growth Strategies in the ... Shares, Country Segment Forecasts, Competitive Intelligence, Emerging ... --> ) has announced the ... and Growth Strategies in the French Drugs ...
(Date:11/26/2015)... , November 26, 2015 ... Juntendo universitetssjukhus ser potential att använda SyMRI ... (MR-bilder) för patienter med multipel skleros ... forskningsavtal med SyntheticMR AB för att kunna ... på sjukhuset. Med SyMRI kan man generera ...
(Date:11/26/2015)... , November 26, 2015 /PRNewswire/ ... --> adds "Global ... and "Investigation Report on China Repaglinide ... 2021 forecasts data and information to ... . --> ...
Breaking Medicine Technology: