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Precision Optics Announces Receipt of $1.26 Million Follow-On

GARDNER, Mass., April 25, 2024 (GLOBE NEWSWIRE) — 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 a next-production order totaling approximately $1.25 million from a major U.S. defense contractor to to meet the continued demand for a highly complex optical assembly developed by Precision Optics. Approximately half of the order is expected to be delivered over the next six months, with the remainder delivered over the next six to 12 months.

Precision Optics has been supplying this complex assembly to this customer since 2018. The customer is experiencing increasing internal demand for this product and in response, Precision Optics expects to be able to supply continuous orders over the coming years, limiting the periodic gaps in production that have occurred. has taken place before.

“We are pleased to have received yet another significant follow-on production order from this leading US defense contractor,” said Dr. Joe Forkey, CEO of Precision Optics. “This order immediately follows the completion of a 15-month production order for the same unique assembly, allowing our team to maintain a high degree of continuity with the program and achieve production efficiencies. We look forward to a continued strong relationship with this customer for years to come.”

“Precision Optics continues to innovate in micro-optics, supplying components and assemblies for a range of defense applications, with optical lenses as small as 0.37mm. When size and weight are critical to mission success, Precision Optics’ engineering and US-based manufacturing can meet challenging program requirements. As a proven partner in the Department of Defense supply chain, POC previously received the federal government’s prestigious Small Business Subcontractor of the Year award for outstanding quality and performance.”

Dr. Forkey continued, “Because of our unique capabilities, we are increasingly being approached by aerospace and defense companies to address their highly advanced applications that require extremely small size and weight. I am pleased with the traction we have built in recent years to expand this important market segment for us and I believe this will be a key growth driver for us in the future.”

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 for the healthcare and defense/aerospace industries by offering services ranging from new product concepts to mass production. Leveraging the industry-leading in-house design, prototyping, regulatory and manufacturing capabilities, as well as the electronic imaging expertise of the Lighthouse Imaging division and the large-scale global purchasing, inspection and manufacturing resources of the Ross Optical division, the company’s next-generation product solutions for the most challenging customer requirements. Within healthcare, Precision Optics is enabling the next generation of 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, including medical devices for single-use, as well as 3D endoscopy systems to support the rapid spread of surgical robotic systems. In addition to these next-generation applications, Precision Optics has been supplying top medical device companies with a wide variety of optical products for decades, including complex endocouplers and specialized endoscopes. The company also leverages its technical prowess in micro-optics to enable leading defense/aerospace applications that 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 that express the Company’s intentions, beliefs, expectations, strategies, forecasts or other statements regarding the Company’s future operations or future events or circumstances. These statements are based on current expectations, estimates and projections about the Company’s operations, based in part on assumptions made by the Company’s management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from those expressed or predicted in the forward-looking statements as a result of numerous factors. All forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statements, except as required by law.

Company contact:
PRECISION OPTICS CORPORATION
22 East Broadway
Gardner, MA 01440-3338
Phone: 978-630-1800

Contact person for investors:
LYTHAM PARTNERS, LLC
Robert Blum
Phone: 602-889-9700
[email protected]