GARDNER, Mass., Oct. 26, 2015 (GLOBE NEWSWIRE) -- Precision Optics Corporation, Inc. (OTCQB:PEYE) (the “Company”) announced today that it has sold stock to accredited investors in a private placement of 1,044,776 shares of common stock at $0.67 per share.
The Company has received $700,000 in gross proceeds from the offering. The offering closed on October 19, 2015. Net proceeds from the offering will be used for working capital needs and for general corporate purposes.
Joe Forkey, Company President and CEO, commented, “We are pleased to have completed this offering with the ongoing support of Hershey Strategic Capital and other existing shareholders, insiders, including Peter Woodward, through MHW Partners, and Dolphin Offshore Partners, who acted as the lead investor of the offering. We continue to see near and long term opportunities for our unique capabilities in developing customized micro optic components and devices with exceptional image quality. New customer activity is strong and we expect a number of existing engineering projects to transition to production level orders in coming quarters. We are also pleased with the clean structure of this offering which balances shareholder value and our operating cash needs as we continue our growth plan towards profitability.”
This press release is neither an offer to sell, nor a solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
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.
About Forward-Looking Statements
This press release contains forward-looking statements. Forward-looking statements include, but are not limited to, statements that express our intentions, plans, beliefs, expectations, strategies, predictions or any other statements related to our future activities or future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by our 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 our annual report on Form 10-K and in other documents that 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 we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this report, except as required by law.