MP MENASHE, Israel--(BUSINESS WIRE)--
Caesarstone Sdot-Yam Ltd. (NASDAQ:CSTE), a manufacturer of high quality
engineered quartz surfaces, announced that following the resignation of
its director, Ram Belinkov, as it previously announced the Company's
board of directors consisted of 10 members, five of whom satisfied the
independence requirements of the NASDAQ Stock Market ("NASDAQ"). As a
result, the Company was non-compliant with the Nasdaq rule requiring
that a majority of its board be comprised of directors that satisfy
NASDAQ's independence requirements. The Company informed NASDAQ of this
fact and, on September 24, 2015, the Company received a notice of
deficiency (the "Notice") from NASDAQ. The Notice indicated that,
consistent with NASDAQ Listing Rule 5605(b)(1)(A), NASDAQ would provide
the Company a cure period in order to regain compliance within the time
period set forth in those rules.
Following the resignation of its director, Mr. Avner Naveh, as announced
by the Company today, the Company's board of directors consists of nine
members, five of whom satisfy the independence requirements of
NASDAQ. As a result, the Company has regained compliance with the NASDAQ
rule requiring that a majority of its board be comprised of directors
that satisfy NASDAQ's independence requirements. The Company has
informed NASDAQ of this fact.
About Caesarstone
Caesarstone manufactures high quality engineered quartz surfaces, which
are used in both residential and commercial buildings as countertops,
vanities, wall cladding, floors and other interior surfaces. The wide
variety of colors, styles, designs and textures of Caesarstone®
products, along with Caesarstone's inherent characteristics such as
hardness, non-porous, scratch and stain resistance and durability,
provide consumers with excellent surfaces for their internal spaces
which are highly competitive to granite, manufactured solid surfaces and
laminate, as well as to other engineered quartz surfaces. Caesarstone's
four collections of products — Classico, Supremo, Motivo and Concetto —
are available in over 50 countries around the world. For more
information about the Company, please visit our website www.caesarstone.com.
(CSTE-E)
Forward-Looking Statements
Information provided in this press release may contain statements
relating to current expectations, estimates, forecasts and projections
about future events that are "forward-looking statements" as defined in
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements generally relate to the Company's plans,
objectives and expectations for future operations, including its
projected results of operations and the expected timing of expanding its
manufacturing facilities. These forward-looking statements are based
upon management's current estimates and projections of future results or
trends. Actual results may differ materially from those projected as a
result of certain risks and uncertainties. These factors include, but
are not limited to: the strength of the home renovation and construction
sectors; economic conditions within any of our key existing markets;
actions by our competitors; changes in raw material prices, particularly
polymer resins and pigments; fluctuations in currency exchange rates;
the success of our expansion efforts in the United States; the outcome
of silicosis claims and the claim by our former quartz processor;
unpredictability of seasonal fluctuations in revenues; delays in
manufacturing if our suppliers are unable to supply raw materials; and
other factors discussed under the heading "Risk Factors" in our most
recent annual report on Form 20-F and other documents filed with the
Securities and Exchange Commission. These forward-looking statements are
made only as of the date hereof, and the Company undertakes no
obligation to update or revise the forward-looking statements, whether
as a result of new information, future events or otherwise.
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Investor Relations
ICR, Inc.
James Palczynski,
+1-203-682-8229
Partner
Source: Caesarstone Sdot-Yam Ltd.
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