GARDNER, Mass., April 19, 2012 /PRNewswire/ -- Precision Optics Corporation, Inc. (OTCQB:PEYE) (the "Company") today announced that it has accepted a customer order for $1,032,000 for delivery of endoscopes. The purchase order is contingent upon successful completion of validation testing of prototype units, and execution of a mutually acceptable supply agreement specifying, among other items, the delivery schedule.
The endoscopes ordered represent state-of-the-art medical devices with optical and mechanical specifications that are among the most challenging in the industry. They rely heavily on the Company's proprietary Microprecision™ technology for fabrication and assembly of lenses and prisms with sizes less than 1 mm.
Commenting on the order, Joseph Forkey, Company President and CEO, said, "We have made the development of our Microprecision™ technology a priority over the last few years and are pleased at the recognition in the marketplace of the potential for these new capabilities. We believe many additional applications for our Microprecision™ technology exist, especially in medical devices where the highest quality optical performance coupled with the smallest possible size can produce medical benefits for patients and opportunities for new procedures for our customers. We look forward to satisfying the validation requirements of this order and to beginning production as soon as possible."
About Precision Optics Corporation
Precision Optics Corporation has been a leading developer and manufacturer of advanced optical instruments since 1982. The Company designs and produces next generation medical instruments, Microprecision™ micro-optics with characteristic dimensions less than 1 millimeter, and other advanced optical systems based on the Company's state-of-the-art optical technologies. The Company's innovative medical instrumentation line includes Lenslock™ laparoscopes, arthroscopes, and sinuscopes, as well as endocouplers and a world-class product line of 3D endoscopes for use in minimally invasive surgical procedures. The Company's website is www.poci.com. Investors can find Real-Time quotes and market information for the Company on www.otcmarkets.com/stock/PEYE/quote.
This news release contains forward-looking statements that involve risks and uncertainties. You should not place undue reliance on these forward-looking statements. The Company's actual results could differ materially from those anticipated in the forward-looking statements for many reasons. Such risks are described in reports The Company files with the Securities and Exchange Commission including The Company's annual report on Form 10-K. Although the Company believes the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made. The Company does not intend to update any of the forward-looking statements after the date of this new release to conform these statements to actual results or to changes in its expectations, except as required by law.
SOURCE Precision Optics Corporation, Inc.