Concord Camera (LENS) Receives Shareholder Approval for Plan of Dissolution and Liquidation

December 22, 2008 5:27 PM EST

Concord Camera Corp. (Nasdaq: LENS) announced that its shareholders approved the plan of dissolution and liquidation of the Company at the annual meeting on December 18, 2008.

The Plan of Liquidation contemplates an orderly wind down of the Company's business and operations, the monetization of the Company's non-cash assets, the satisfaction or settlement of its remaining liabilities and obligations and one or more distributions to its shareholders.

As previously reported, pending the shareholders' vote on the Plan of Liquidation, the Company ceased manufacturing, except as necessary to complete the manufacture of materials and products remaining in inventory, and terminated certain of its employees. Following the shareholder approval of the Plan of Liquidation, the Company will terminate its remaining employees throughout the wind down period. In addition, the Company intends to file a certificate of dissolution, sell and monetize its non-cash assets, satisfy or settle its remaining liabilities and obligations, including contingent liabilities and claims, and make one or more distributions to its shareholders of cash available for distribution. The Company also expects to delist its shares from NASDAQ.[SM]

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