Precision Optics Announces Receipt of $1.5 Million Production Order from Large Defense/Aerospace Customer for New Optical Application
GARDNER, Mass., Feb. 10, 2022 /PRNewswire/ — Precision Optics Corporation, Inc. (OTCQB: PEYE), a leading designer and manufacturer of advanced optical instruments for the medical and defense industries, today announced the receipt of an initial production order for $1.5 million from a large defense/aerospace company addressing a new commercial application leveraging the Company’s unique optical capabilities.
“I am extremely pleased that Precision Optics has been awarded a production contract by this large defense/aerospace company to supply optical products for use in a highly advanced optical system,” commented Dr. Joe Forkey, CEO of Precision Optics. “We have been working with this customer for nearly two years to agree on specifications and to demonstrate manufacturability through multiple rounds of pre-production prototypes. The team at Precision Optics, including our Ross Optical division, has done an excellent job meeting the highly technical specifications required for this application, highlighting our ability to satisfy the most challenging customer requirements. Building on the successful partnership we have developed with this customer, we continue to advance additional pipeline products currently in a range of development stages, from initial evaluation to second round pre-production prototypes. I look forward to the successful delivery of this initial production order and the continued collaboration with this customer going forward.”
Initial shipments under the order are expected to occur in the current fiscal quarter, with the majority of the order shipped over the following two quarters. Based on this customer’s anticipated long-term deployment schedule of their systems, the Company is optimistic this purchase order should be the first of periodic orders of similar size. Future purchase orders for additional products currently in development are also possible. While the potential, timing and quantities of future purchase orders is uncertain, the Company is confident this new customer will be a significant contributor to POC’s long-term growth.
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 that 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 that 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.
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SOURCE Precision Optics Corporation
