GARDNER,
Mass., Dec. 4, 2023 /PRNewswire/ -- Precision
Optics Corporation, Inc. (NASDAQ: POCI), a leading designer and
manufacturer of advanced optical instruments for the medical and
defense / aerospace industries, today announced it has signed a
production and technology license agreement with a leading surgical
robotics company to supply a single-use endoscope assembly used in
their cystoscopy robotic surgery system.
The agreement arises following joint product development
initiatives between the two companies over the past eighteen
months, relying heavily on Precision Optics Corporation's (POC's)
unique micro-optics and digital imaging technologies. Production of
the endoscope assembly is expected to occur at POC's facilities
beginning in the next six to twelve months and to continue for the
foreseeable future. Should our customer later decide, however, to
transfer production to one of their facilities or to a third-party
manufacturer, POC would support the transfer and reap the benefits
under the agreement's multi-year royalty provisions governing
manufacturing at non-POC facilities.
"We are extremely pleased to conclude this agreement with one of
the industry leaders in surgical robotic systems to bring to market
a next generation single-use cystoscope solution," commented Dr.
Joe Forkey, CEO of Precision Optics.
"This production and technology license agreement mirrors the
agreement we announced a year ago for a single-use ophthalmic
product. In both cases, these agreements provide mutual
benefit to POC and our customer to address the unique economics
required for single-use applications. We are already scaling up for
initial production in calendar 2024 with an expectation for full
system commercialization in the next twelve to eighteen
months."
Forkey continued, "The market for medical devices continues to
be robust with the single-use device segment growing at two to
three times faster than the market in general. We believe
this is due in part to the desire of the medical community to
replace reusable products with single-use equivalents and the
efforts of device companies to design and manufacture new products
as single-use wherever possible. The combination of POC's
unique technical capabilities in the design and manufacture of
single-use devices, combined with the successful business model
demonstrated by the production and technology licensing agreements
we have successfully negotiated with customers, position us well to
capitalize on this rapidly growing 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