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Precision Optics Announces Receipt of $2.6 Million Follow-On Production Order from Large Defense Company
GARDNER, Mass., Dec. 14, 2022 /PRNewswire/ -- Precision Optics Corporation, Inc. (NASDAQ:POCI), a leading designer and manufacturer of advanced optical
About this update from Precision Optics Corporation, Inc.
[{"type":"text","content":"GARDNER, Mass., Dec. 14, 2022 /PRNewswire/ -- 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 follow-on production order totaling approximately $2.6 million from a major US defense contractor, to meet increased demand for a highly complex optical assembly. The order is expected to be delivered over the next 12 to 18 months.\n\n \n \n \n \n \n \n\n \nPrecision Optics has supplied this optical assembly to the customer since 2018. The new $2.6 million order represents a three-fold increase from the most recent order received for this optical assembly. Based on discussions with the customer, the end-market product is seeing increased demand and the customer expects continued ongoing renewals of production orders in the years to come.\n\"We have built a strong relationship with this leading US defense contractor. Our technology plays a key role and delivers next-generation optical innovation to their products,\" commented Dr. Joe Forkey, CEO of Precision Optics. \"Our success with this product has provided us access to bid on additional programs for this customer. The increase in volume for this product provides support for our anticipated revenue growth for this fiscal year and beyond.\"\nAbout Precision Optics CorporationFounded 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 rap...