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:2/11/2016)... (PRWEB) , ... February 11, 2016 , ... Image ... business to a new market, and it’s the buildings of Nashville that will benefit. ... when I needed to relocate to Nashville, there was no question that I would ...
(Date:2/11/2016)... (PRWEB) , ... February 11, 2016 , ... ... advocates will discuss how to improve care by making data on heart procedures ... disease. The Summit on Transparency and Public Reporting of Pediatric and Congenital Heart ...
(Date:2/11/2016)... Plantation, Fla. (PRWEB) , ... February 11, 2016 ... ... CareTRAK™, an unparalleled clinical decision support technology, with highly adaptable algorithms, has ... cases. When a patient has signs and symptoms consistent with Zikas and a ...
(Date:2/11/2016)... ... February 11, 2016 , ... Life is known for ... men, 60 and older, who gather once a year to play softball to raise ... for the game, the more than 50 players who competed in this year’s softball ...
(Date:2/11/2016)... , ... February 11, 2016 , ... ... practice Village Family Practice , will be presenting at the 2016 HIMSS ... Las Vegas, Nev. , During his session, “ Coding for Care: Using ...
Breaking Medicine News(10 mins):
(Date:2/11/2016)... 2016  MiMedx Group, Inc. (NASDAQ: MDXG ), ... and other birth tissues, human skin and bone, and ... advanced products and therapies, announced today that it will ... Conference in New York , NY.  ... J. Senken , Chief Financial Officer and Chris ...
(Date:2/11/2016)... 11, 2016  AfterPill.com is reporting that this week,s ... for all women who are at risk of unintended ... year and raises the risks of unprotected sex in ... According to the Guttmacher Institute, there are 43 ... child-bearing age, who have sex without the intention of ...
(Date:2/11/2016)... Wearable posture tracker, ALEX , has taken Kickstarter by storm, crowdfunding over $60,000 – or 120% ... ALEX is said to be delivered to backers starting May of this year. ... ... ... Created by NAMU, a team of biomedical engineers out ...
Breaking Medicine Technology: