GARDNER,
Mass., Oct. 19, 2023 /PRNewswire/ -- Precision
Optics Corporation, Inc. (NASDAQ: POCI), a leading designer and
manufacturer of advanced optical instruments for the medical and
defense/aerospace industries, today announced $680,000 of initial production orders from a top
tier defense/aerospace company addressing a new commercial
application leveraging the Company's manufacturing IP developed for
high precision micro-optics technology. This becomes the third
commercialized defense/aerospace program for Precision Optics and
builds upon the momentum the company has achieved within the
medical device market.
Precision Optics initially engaged with the customer at the end
of calendar 2022 to help advance a new optical assembly that
is higher on the value chain than other previously developed
defense/aerospace projects. Precision Optics delivered initial
prototypes in early calendar 2023, and following successful
evaluation by the customer, was awarded contracts totaling
$680,000 to transition manufacturing
documentation and process to full production qualification and to
deliver initial production quantities. The initial production order
is expected to be delivered during fiscal 2024 and creates the
opportunity for future follow-on production orders.
"We are extremely pleased to have successfully advanced our
prototypes to commercial production for this top tier
defense/aerospace customer," commented Dr. Joe Forkey, CEO of Precision Optics. "We believe
the long-term opportunity for this program and others like it
extends far beyond this initial commercial production order and
further highlights the opportunities we believe are available for
Precision Optics in the aerospace and defense market. Our unique
capabilities to seamlessly work with customers from the engineering
and design stage all the way to commercial production for
proprietary high precision micro-optics was key in having won this
contract."
"With three commercialized programs in the defense/aerospace
market, it is clear that our approach to this market coupled with
the technical differentiation we have gained from experience with
medical devices is effective and is gaining traction. We look
forward to building on these recent wins to expand our addressable
market, and further pursue the many opportunities we believe are
available to us within defense and aerospace."
About Precision Optics Corporation
Founded in 1982,
Precision Optics is a vertically integrated optics company
primarily focused on leveraging its proprietary micro-optics and 3D
imaging technologies to the healthcare and defense/aerospace
industries by providing services ranging from new product concept
through mass manufacture. Utilizing its leading-edge in-house
design, prototype, regulatory and fabrication capabilities as well
as its Lighthouse Imaging division's electronic imaging expertise
and its Ross Optical division's high volume world-wide sourcing,
inspecting and production resources, the Company is able to design
and manufacture next-generation product solutions to the most
challenging customer requirements. Within healthcare, Precision
Optics enables next generation medical device companies around the
world to meet the increasing demands of the surgical community who
require more enhanced and smaller imaging systems for minimally
invasive surgery as well as 3D endoscopy systems to support the
rapid proliferation of surgical robotic systems. In addition to
these next generation applications, Precision Optics has supplied
top tier medical device companies a wide variety of optical
products for decades, including complex endocouplers and
specialized endoscopes. The Company is also leveraging its
technical proficiency in micro-optics to enable leading edge
defense/aerospace applications which require the highest quality
standards and the optimization of size, weight and power. For more
information, please visit www.poci.com.
About Forward-Looking Statements
This press release
contains forward-looking statements. Forward-looking statements
include, but are not limited to, statements which express the
Company's intentions, beliefs, expectations, strategies,
predictions or any other statements related to the Company's future
activities or future events or conditions. These statements are
based on current expectations, estimates and projections about the
Company's business based, in part, on assumptions made by the
Company's management. These statements are not guarantees of future
performances and involve risks, uncertainties and assumptions that
are difficult to predict. Therefore, actual outcomes and results
may differ materially from what is expressed or forecasted in the
forward-looking statements due to numerous factors, including those
risks discussed in the Company's annual report on Form 10-K and in
other documents we file from time to time with the SEC. Any
forward-looking statements speak only as of the date on which they
are made, and the Company does not undertake any obligation to
update any forward-looking statement, except as required by
law.
Company
Contact:
PRECISION OPTICS CORPORATION
22 East Broadway
Gardner, Massachusetts
01440-3338
Telephone: 978-630-1800
Investor Contact:
LYTHAM PARTNERS, LLC
Robert Blum
Phoenix | New York
Telephone: 602-889-9700
peye@lythampartners.com
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SOURCE Precision Optics Corporation