Full Press Release Details
| PRECISION OPTICS CORPORATION 22 EAST BROADWAY GARDNER, MASSACHUSETTS 01440-3338 Telephone 978 / 630-1800 Telefax 978 / 630-1487 | |
| POC:25-0249 Page 1 of 1 |
OPTICS CORPORATION ANNOUNCES
OF NOTICE FROM NASDAQ
Precision Optics Corporation, Inc. (Nasdaq: POCI) announced today that on June
16, 2005, it received a letter from the Nasdaq Stock Market notifying the
Company that for the 30 consecutive trading days preceding June 16, 2005, the
bid price of the Company's common stock had closed below the $1.00 per share
minimum required for continued inclusion on The Nasdaq SmallCap Market. The
letter further stated that the Company has been provided 180 calendar days,
until December 13, 2005, to regain compliance with the $1.00 per share bid
requirement. To regain compliance with the bid price requirement, the bid price
of the Company's common stock must close at or above $1.00 per share for a
minimum of ten consecutive trading days prior to December 13, 2005. If by
December 13, 2005 the Company has not regained compliance with the minimum
price requirement, the Company may be granted an additional 180 day grace period
to regain compliance under applicable Nasdaq rules, provided it meets The Nasdaq
SmallCap Market initial listing criteria (other than the minimum bid price
requirement) at that time.
Company intends to monitor the bid price for its common stock between now and
December 13, 2005. If its common stock does not trade at a level that is likely
to regain compliance, the Company's Board of Directors will consider options
available to the Company to achieve compliance.
Optics Corporation, a leading developer and manufacturer of advanced optical
instruments since 1982, designs and produces high-quality optical thin film
coatings, medical instruments, and other advanced optical systems. The Company's
medical instrumentation line includes laparoscopes, arthroscopes and
endocouplers and a world-class product line of 3-D endoscopes for use in
minimally invasive surgical procedures.
Company is currently developing specialty instruments incorporating its
patent-pending LENSLOCKTM
technology which ensures lower cost, easier repairability and enhanced
durability as well as ultra-small instruments (some with lenses less than one
millimeter in diameter) utilizing patent-pending micro-precisionTM
technology. The Company is also exploring new initiatives in single-molecule
technology and nanotechnology for biomedical and other applications.
Optics Corporation is certified to the ISO 9001 Quality Standard, and complies
with the FDA Good Manufacturing Practices and the European Union Medical Device
Directive for CE Marking of its medical products. The Company's Internet Website
statements contained in this news release, including those related to the
Company's products under development, are made under "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995 and involve a number of
risks and uncertainties that could materially affect future results. These
and uncertainties, many of which are not within the Company's control, include,
but are not limited to, the uncertainty and timing of the successful development
of the Company's new products; the risks associated with reliance on a few key
customers; the Company's ability to maintain compliance with requirements for
continued listing on the NASDAQ SmallCap Market; the Company's ability to
attract and retain personnel with the necessary scientific and technical skills,
the timing and completion of significant orders; the timing and amount of the
Company's research and development expenditures; the timing and level of market
acceptance of customers' products for which the Company supplies components;
performance of the Company's vendors; the ability of the Company to control
costs associated with performance under fixed price contracts; and the continued
availability to the Company of essential supplies, materials and services;
the other risk factors and cautionary statements listed from time to time in
Company's periodic reports filed with the Securities and Exchange Commission,
including but not limited to, the Company's Annual Report on Form 10-KSB for
year ended June 30, 2004.