Full Press Release Details
| NEWS RELEASE | Page 1 of 1 | ||
| FOR IMMEDIATE RELEASE | Wednesday, November 23, 2005 |
OPTICS CORPORATION ANNOUNCES RECEIPT OF
Massachusetts - Precision Optics Corporation, Inc. (Nasdaq: POCI) announced
today that, as it anticipated in its earnings release issued last week,
November 17, 2005 it received a letter from the Nasdaq Stock Market regarding
non-compliance with the Nasdaq Capital Market continued listing requirements.
This letter notified the Company that based on the Company's stockholders'
equity of $2,289,724, as provided in the Company's Form 10-QSB for the period
ended September 30, 2005, as well as the Company's market value of listed
securities of $3,504,106 (as of October 31, 2005) and the Company's reported net
losses from continuing operations for the years ended June 30, 2005, 2004
2003, the Company is no longer in compliance with Nasdaq Marketplace Rule
4310(c)(2)(B). This rule requires the Company to have a minimum of $2,500,000
stockholders' equity or $35,000,000 market value of listed securities or
$500,000 of net income from continuing operations for the most recently
completed year or two of the three most recently completed fiscal years.
letter stated that Nasdaq staff members are reviewing the Company's eligibility
for continued listing on The Nasdaq Capital Market, and has asked the Company
submit a specific plan to achieve and sustain compliance with all The Nasdaq
Capital Market listing requirements by December 5, 2005.
Company plans to submit a compliance plan to Nasdaq on or before December
2005 but cannot predict whether Nasdaq will determine its plan to achieve
sustain compliance to be adequate. If, after the conclusion of the review
process, Nasdaq staff determines that the Company's plan does not adequately
address the issues noted, the Company would receive notification that its
securities would be delisted. If Nasdaq staff believes the Company's plan is
adequate to regain compliance with all Nasdaq listing requirements, then
would grant the Company up to105 days in which to achieve compliance.
Optics Corporation, a leading developer and manufacturer of advanced optical
instruments since 1982, designs and produces high-quality optical thin
coatings, medical instruments, and other advanced optical systems. The
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 lenslock technology which ensures lower cost, easier
repairability and enhanced durability. The Company is aggressively pursuing
ultra-small instruments (some with lenses less than one millimeter in diameter)
utilizing patent pending micro-precisionTM lens technology. The Company
exploring new initiatives in single molecule technology and nanotechnology
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
Directive for CE Marking of its medical products. The Company's Internet Website
statements contained in this news release, including those related to the
success of Company's products under development and revenue estimates, are made
under "safe harbor" provisions of the Private Securities Litigation Reform
of 1995 and involve a number of risks and uncertainties that could materially
affect future results. These risks and uncertainties, many of which are
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
regain and maintain compliance with requirements for continued listing
NASDAQ Capital Market; the Company's ability to attract and retain personnel
with the necessary scientific and technical skills, the timing and completion
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
the Company of essential supplies, materials and services; and the other
factors and cautionary statements listed from time to time in the 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 the
ended June 30, 2005.