GARDNER,
Mass., Nov. 16, 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 the
receipt of initial purchase orders towards a $1.4 million total program development project to
develop a highly complex imaging sub-assembly for a next generation
ophthalmoscope for one of the world's largest technology-focused
medical device companies.
"We are extremely pleased to have been selected by this
market leading company to help advance their next generation
ophthalmoscope," commented Dr. Joe
Forkey, CEO of Precision Optics. "We have received initial
purchase orders from the customer for $170,000 towards the initial development budget
which will be completed over the next 18 months. Assuming key
benchmarks are achieved, the program is anticipated to move to
initial production shortly thereafter."
"This new device will enable increased access to
high-quality retinal exams. This is important for early detection
of diabetic retinopathy, the leading cause of blindness in
working-aged adults, and other treatable retina-based conditions.
In the United States alone, there
are approximately 1.2 million new cases of diabetes each year.
While early detection and treatment can prevent most
diabetes-related vision loss, only slightly more than half of all
adults with diabetes have the recommended yearly retinal
screening."
"This program is another example of our ability to attract
new development programs while others are transitioning to
commercial production. This product development agreement further
reinforces Precision Optics' position in the market as a leading
enabler of medical device innovation," Forkey concluded.
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