GARDNER,
Mass., June 7, 2023 /PRNewswire/ -- Precision
Optics Corporation, Inc. (NASDAQ: POCI), a leading designer and
manufacturer of advanced optical instruments for the medical and
defense industries, announced that as of June 2, 2023, it entered into a new $750,000 term loan with Main Street Bank. The
term loan has a 5-year term with a competitive fixed interest rate.
The Company also expanded its line of credit facility to
$1,250,000 from $500,000. This new line of credit has a variable
rate tied to the prime rate. Precision Optics also has a current
term loan with Main Street Bank that was originally issued in
connection with the acquisition of Lighthouse Imaging in 2021.
Dr. Joe Forkey, CEO of Precision
Optics, commented, "We are pleased to enter into these expanded
borrowing facilities to support our working capital needs as we
build upon the rapid growth the company has experienced the past
few years. With a number of development pipeline programs
transitioning to commercial production this past year, and more
expected in the coming year, having a banking partner in Main
Street Bank that understands the working capital requirements of
our growth model has been key. We look forward to leveraging these
enhanced facilities as we continue to bring new and innovative
products to the market."
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