Navigation Links
Shamir Optical Industry Ltd. Announces Receipt of Notice from Nasdaq of Noncompliance with Nasdaq Audit Committee Composition Requirements
Date:4/7/2009

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.

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.

    Contact: Jeffrey Goldberger
             212-896-1249


'/>"/>
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:
*Name:
*Comment:
*Email:
(Date:3/23/2017)... ... March 23, 2017 , ... ... Angeles based healthcare technology company California Healthcom Group (CHG). , The HUG ... healthcare arena. With headquarters in California, CHG is a growing, internationally recognized healthcare ...
(Date:3/23/2017)... ... March 23, 2017 , ... Michael Lanteri Agency, an insurance ... Collins area, has unveiled a collaboration with nonprofit Big Bones Canine Rescue as ... worthy cause may now be made at http://bigbonescaninerescue.com/ . , Big Bones ...
(Date:3/23/2017)... Laguna Hills, CA (PRWEB) , ... March 23, ... ... in document management and workflow solutions, today named The Resource Group as their ... annual customer and partner conference in Newport Beach, CA. The award recognizes ...
(Date:3/23/2017)... ... , ... Sharon Kleyne, host of the nationally syndicated radio program, The Sharon ... talked on her program about how she is looking forward to World Water Day ... important distinction. World Water Day, Kleyne pointed out, is an occasion for looking ahead ...
(Date:3/23/2017)... , ... March 23, 2017 , ... It’s that time ... many students are thinking about summer internships , which can be frustrating when ... The pros at Garden Media Group, a boutique public relations firm outside of Philadelphia, ...
Breaking Medicine News(10 mins):
(Date:3/23/2017)... 23, 2017  Cornerstone Pharmaceuticals, Inc., a ... milestone today.  Following successful End-of-Phase I (EOP1) ... and Drug Administration (FDA), the Company has ... path forward to conduct pivotal trials of ... acute myeloid leukemia (AML) and pancreatic cancer. ...
(Date:3/23/2017)... March 23, 2017 Piramal ... Limited, anuncia el nombramiento de Stuart E. ... plataforma de servicios integrados completa para su base ... cargo clave en el crecimiento y ejecución de ... responsable de impulsar todas las actividades de desarrollo ...
(Date:3/23/2017)... Merrimack Pharmaceuticals, Inc. (NASDAQ: MACK ) ... a Phase 1 study of MM-310 in solid tumors. ... novel taxane and targets the EphA2 receptor, a protein ... major tumor types, including prostate, ovarian, bladder, gastric, pancreatic ... study is an important step in evaluating MM-310,s safety ...
Breaking Medicine Technology: