Shamir Optical Industry Purchases Remaining 49% of Altra Tr...( Altra is a Wholly Own...),Health

Altra is a Wholly Owned Subsidiary of Shamir

KIBBUTZ SHAMIR, Israel, July 1 /PRNewswire-FirstCall/ -- Shamir Optical Industry Ltd. (Nasdaq: SHMR) ("Shamir"), a leading provider of innovative products and technology to the lens market, announced today that it has signed an agreement yesterday, June 30, 2008, pursuant to which it has purchased 49% of Altra Trading GmbH ("Altra") from its minority shareholder. Prior to this transaction, Shamir held 51% of the share capital of Altra, and upon consummation of the transaction, Altra became a wholly owned subsidiary of Shamir.

Under the terms and conditions of the agreement, Shamir will pay an amount derived from Altra's consolidated net profit for the fiscal years ending December 31, 2008, 2009 and 2010, not to exceed the total amount of Euro 500,000. In addition, Shamir has undertaken to guarantee the repayment by Altra of the loans it received from the minority shareholder from time to time, as well as the interest on such loans. The loans will be repaid in several payments to commence on the date of the closing of the transaction, with the final payment to be paid on June 30, 2011.

"We would like to thank our departing partner for his productive work, loyalty and dedicated service to Altra, and we wish him well in his future endeavors," said Eyal Hayardeny, chief executive officer of Shamir.

Mr. Hayardeny concluded, "I am pleased to announce the completion of this very important transaction. We are confident that it will enable us to better control and manage our European operations. Shamir is committed to increasing its footprint in Europe and it continues to make appropriate investments in leadership, marketing and sales."

About Altra:

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