Precision Optics Announces First Deliveries by Lighthouse Imaging Division against New Production Order for Next Generation Otoscope Application

GARDNER, Mass., May 11, 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 that its newly acquired Lighthouse Imaging division has successfully transferred into production a next generation otoscope device which leverages the Company's unique optical systems capabilities. This product supports an advanced otoscopy procedure and system already being marketed by the Company's customer.  Initial production units have been shipped against a $600,000 production order which follows on from the product development order received by Lighthouse Imaging, prior to being acquired by Precision Optics.  The Company anticipates shipping the remainder of this order over the next nine to twelve months. Follow-on additional production orders are expected as elective medical procedures continue to recover from the impact of the pandemic.

"The transition of this product from our development pipeline to commercial production is a key milestone for the Company as it represents the first of a number of product launches we anticipate from our recently acquired Lighthouse Imaging division," commented Dr. Joe Forkey, CEO of Precision Optics. "We look forward to continuing to supply this customer with this highly sophisticated medical imaging device, and to a great long-term opportunity for both Precision Optics and our customer. With our engineering teams integrating well and working more closely together on new projects as well as projects drawn from both pre-acquisition pipelines, we anticipate an increase in the number of programs to be supported by the company and an acceleration in the rate at which such programs can be transitioned to production."

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.

SOURCE Precision Optics Corporation