Navigation Links
Shamir Optical Industry Purchases Remaining 49% of Altra Trading GmbH
Date:7/1/2008

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:

Altra is a German distributor and holding company through which Shamir holds all of its European subsidiaries, and through which it markets and sells its products. Sales through Altra accounted for approximately 56% of Shamir's total sales in 2007. Altra has subsidiaries in Portugal, Spain, France, Turkey and the United Kingdom.

About Shamir:

Shamir is a leading provider of innovative products and technology to the 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 Smart(TM) and Shamir Autograph(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 Shamir's business outlook or future economic performance; product introductions and plans and objectives related thereto; 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. These risks, uncertainties and factors include, but are not limited to: The conflicts in the region; the effects of competition in our industry, and changes in our relationships with optical laboratories, distributors, research and development partners and other third parties; the effects of the international expansion of our operations and our ability to manage our growth, including our ability to manage potential future acquisitions; the effect of global economic conditions in general and conditions in Shamir's industry and target markets in particular; shifts in supply and demand; market acceptance of new products and continuing products' demand; the impact of competitive products and pricing on Shamir's and its customers' products and markets; timely product and technology development/upgrades and the ability to manage changes in market conditions as needed; interest rate fluctuations; and other factors detailed in Shamir's filings with the Securities and Exchange Commission. 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.comm


'/>"/>
SOURCE Shamir Optical Industry Ltd.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Shamir Optical Industry Ltd. Reports First Quarter 2008 Results
2. Shamir Optical Industry Ltd. to Host Conference Call Announcing First Quarter 2008 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 Fourth Quarter and Year End 2007 Earnings Results
5. Shamir Optical Industry Ltd. to Host Conference Call Announcing Third Quarter 2007 Earnings Results
6. Essilor Agrees to Acquire Satisloh The World Leader in Optical Manufacturing Solutions
7. AUDIO from Medialink and Transitions Optical: What You Cant See May Harm You
8. Scientists in Japan design first optical pacemaker for laboratory research
9. Optical frequency comb can detect the breath of disease
10. Transitions Optical Promotes Healthy Sight Through a Nationwide Integrated Advertising Campaign and the Launch of an Enhanced Consumer Web Site
11. Optical Coherence Tomography Market to Top $800 Million by 2012
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/13/2017)... ... ... Ellevate Network, the leading network for professional women, brought together some of ... their inaugural Summit in New York City in June. The event was livestreamed with ... 3 million. To watch the Mobilize Women video, click here . , ...
(Date:10/13/2017)... ... 2017 , ... Coveros, a leader in agile coaching services ... by the Center for Medicare and Medicaid Services (CMS). The Enterprise Agile Transformation ... Agile methodologies in a consistent and high value manner across CMS programs. Coveros ...
(Date:10/12/2017)... ... October 12, 2017 , ... ... sleep apnea using cutting-edge Oventus O2Vent technology. As many as 18 ... characterized by frequent cessation in breathing. Oral appliances can offer significant relief to ...
(Date:10/12/2017)... ... 2017 , ... The American College of Medical Informatics (ACMI) will present the ... Opening Session of AMIA’s Annual Symposium in Washington, D.C. AMIA’s Annual Symposium ... a pioneer in the field of medical informatics, this prestigious award is presented to ...
(Date:10/12/2017)... ... October 12, 2017 , ... HMP , a leader in healthcare ... Folio Magazine Eddie Digital Award for ‘Best B-to-B Healthcare Website.’ Winners were announced during ... , The annual award competition recognizes editorial and design excellence across a range of ...
Breaking Medicine News(10 mins):
(Date:10/10/2017)... , Oct. 10, 2017   West Pharmaceutical Services, ... solutions for injectable drug administration, today shared the results ... Adapter for improving the intradermal administration of polio vaccines. ... Vaccination Summit in May 2017 by Dr. Ondrej ... Department, World Health Organization (WHO), and recently published in ...
(Date:10/5/2017)... ROSEMONT, Ill. , Oct. 5, 2017 /PRNewswire-USNewswire/ ... American Association of Oral and Maxillofacial Surgeons (AAOMS) ... than opioids – to be used as a ... post-surgical pain. ... relationship, the AAOMS White Paper "Opioid Prescribing: Acute ...
(Date:10/4/2017)... , Oct. 4, 2017  According to the Centers for Disease Control ... of October . PhysicianOne Urgent Care is helping communities across ... NY , by offering no-cost* flu shots through the end of ... by certain health insurance regulations. ... best time to get a flu shot is by the end of ...
Breaking Medicine Technology: