GARDNER,
Mass., Nov. 9, 2023 /PRNewswire/ -- Precision
Optics Corporation, Inc. (NASDAQ: POCI), a leading designer and
manufacturer of advanced optical instruments for the medical and
defense industries, today announced the receipt of an $890,000 initial production order for a complex
imaging sub-assembly that will be used in the customer's new
robotic laparoscopy system. The imaging subassembly incorporates
cutting edge optical, electronic and mechanical systems designed by
Precision Optics.
The program with this customer initially started with engineers
at Lighthouse Imaging Corp. and then (following our Lighthouse
acquisition) work through the development pipeline to commercial
production was performed by our combined engineering team. This
initial production order is expected to be delivered between
January and October 2024 with follow
on production orders expected; the timing and volume of orders
ultimately depends on end market acceptance of the system.
"Precision Optics continues to be at the forefront of the
development of highly integrated endoscopy systems that help our
clients bring innovative new surgical solutions to the market,"
commented Dr. Joe Forkey, CEO of
Precision Optics. "The Precision Optics and Lighthouse team has
worked closely with this customer for a number of years, and we are
extremely pleased to have the program transition from our
engineering pipeline to production. This program will be a key
driver of the anticipated recovery from lower first quarter revenue
and acceleration of quarterly revenue in the second half of this
fiscal year. We look forward to working closely with this customer
in the years to come to fulfill their commercial production
needs."
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
Telephone: 602-889-9700
poci@lythampartners.com
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SOURCE Precision Optics Corporation