KIBBUTZ SHAMIR, Israel, Jan. 17, 2011 /PRNewswire/ --
Shamir Optical Industry Ltd. (Nasdaq: SHMR) ("Shamir"),
a leading provider of innovative products and technology to the
ophthalmic lens market, today announces that Shamir and Inray
Ltd., its partly owned subsidiary, were served with a lawsuit by
Dymotech Ltd., Shamir's co-shareholder in Inray Ltd. The lawsuit
was filed with the Central District Court, located in Petach-Tikva,
Israel.
The claim alleges, among others, that Shamir illegally used the
intellectual property of the Technion Israel Institute of
Technology to seek unjust enrichment. In addition to the
request for an order to pay damages and other monetary orders,
Dymotech requested a restraining order against future use of its
alleged intellectual property. The total amount claimed (limited
for court filing fee purposes) is NIS 100
million (approximately US$ 28.17
million based on the January 14,
2011 representative rate of exchange).
Shamir is reviewing and assessing the lawsuit and is unable, at
this preliminary stage, to evaluate, with any degree of certainty,
the probability of success of the lawsuit or the range of potential
exposure.
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(TM), Shamir Piccolo(TM), Shamir
Office(TM), Shamir Autograph(TM), Shamir Attitude(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.
Safe Harbor Statement
Statements concerning 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 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.com
|
|
|
|
SOURCE Shamir Optical Industries Ltd.