GARDNER,
Mass., June 15, 2023 /PRNewswire/ -- Precision
Optics Corporation, Inc. (NASDAQ: POCI) (the "Company"), a leading
designer and manufacturer of advanced optical instruments for the
medical and defense industries, today announced that it has entered
into definitive agreements with institutional and accredited
investors for the purchase and sale of 420,000 shares of the
Company's common stock pursuant to a private placement, resulting
in gross proceeds of approximately $2.52
million before deducting placement agent commissions and
other estimated offering expenses. The closing of the offering is
expected to occur on or about June 20,
2023, subject to the satisfaction of customary closing
conditions. The definitive agreements contain a representation from
the Company to the effect that there have been no material adverse
developments with respect to the Company since the date of filing
of its most recent report on Form 10-Q.
A.G.P./Alliance Global Partners is acting as the sole placement
agent for the private placement.
The offer and sale of the foregoing securities is being made in
a transaction not involving a public offering, and the securities
have not been registered under the Securities Act of 1933, as
amended (the "Securities Act"), or applicable state securities
laws. Accordingly, the securities may not be offered or sold in
the United States except pursuant
to an effective registration statement or an applicable exemption
from the registration requirements of the Securities Act and such
applicable state securities laws. Under an agreement with the
investors, the Company agreed to file a registration statement with
the U.S. Securities and Exchange Commission (the "SEC") covering
the resale of the shares of common stock to be issued to the
investors no later than 30 days after the closing and to use
commercially reasonable efforts to have the registration statement
declared effective as promptly as practicable thereafter, and in
any event no later than 90 days after the filing of the initial
registration statement in the event of a "full review" by the
SEC.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
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.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of U.S. federal securities laws. Such forward-looking
statements include, but are not limited to, statements regarding
the closing of the private placement of securities and the filing
of a registration statement covering the resale of these
securities. Any statements contained herein that are not statements
of historical fact may be deemed to be forward-looking statements.
In addition, any statements that refer to projections, forecasts,
or other characterizations of future events or circumstances,
including any underlying assumptions, are forward-looking
statements. The words "anticipate," "believe," "continue," "could,"
"estimate," "expect," "intends," "may," "might," "plan,"
"possible," "potential," "predict," "project," "should," "would"
and similar expressions may identify forward-looking statements,
but the absence of these words does not mean that a statement is
not forward-looking. The forward-looking statements contained in
this press release are based on certain assumptions and analyses
made by the management of the Company in light of their respective
experience and perception of historical trends, current conditions,
and expected future developments and their potential effects on the
Company as well as other factors they believe are appropriate in
the circumstances. There can be no assurance that future
developments affecting the Company will be those anticipated. These
forward-looking statements involve a number of risks, uncertainties
(some of which are beyond the control of the parties), or other
assumptions that may cause actual results or performance to be
materially different from those expressed or implied by these
forward-looking statements, including risks that the closing
conditions for the private placement of the securities will not be
achieved, the demand for the Company's products, global supply
chains and economic activity in general and other risks and
uncertainties identified in the Company's filings with the SEC.
Should one or more of these risks or uncertainties materialize or
should any of the assumptions being made prove incorrect, actual
results may vary in material respects from those projected in these
forward-looking statements. We undertake no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise, except as may be required
under applicable securities laws.
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
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SOURCE Precision Optics Corporation