KIBBUTZ SHAMIR, Israel,
June 14, 2011 /PRNewswire/ -- Shamir
Optical Industry Ltd. (Nasdaq: SHMR) ("Shamir"), a leading provider
of innovative products and technology to the ophthalmic lens
market, today announced that on June 13,
2011, the District Court of Nazareth gave its final approval
for Essilor Corporation to complete its acquisition of 50% of
Shamir, following the approval of the transaction by Shamir's
shareholders. The closing of the transaction remains subject to the
satisfaction of the remaining conditions specified by the
transaction agreements.
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 Creation™, Shamir Piccolo™, Shamir Office™, Shamir
Autograph™, and Shamir Attitude™. 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 the contemplated merger and related
transactions, 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 inability to close the transactions
referred to herein, 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:
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Roni Gavrielov
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Jeffrey Goldberger
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KM / KCSA Investor
Relations
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KCSA Strategic
Communications
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+972-3-516-7620
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212-896-1249
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roni@km-ir.co.il
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jgoldberger@kcsa.com
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SOURCE Shamir