Full Press Release Details
Precision Optics Announces $2.52 Million Private
Placement of Common Stock
GARDNER, Mass, June 15, 2023 /PRNewswire/ -- Precision
Optics Corporation, Inc. (NASDAQ: POCI) (the "Company"), a leading designer and manufacturer of advanced optical instruments
for the medical and defense industries, today announced that it has entered into definitive agreements with institutional and accredited
investors for the purchase and sale of 420,000 shares of the Company's common stock pursuant to a private placement, resulting in
gross proceeds of approximately $2.52 million before deducting placement agent commissions and other estimated offering expenses. The
closing of the offering is expected to occur on or about June 20, 2023, subject to the satisfaction of customary closing conditions. The
definitive agreements contain a representation from the Company to the effect that there have been no material adverse developments with
respect to the Company since the date of filing of its most recent report on Form 10-Q.
A.G.P./Alliance Global Partners is acting as the
sole placement agent for the private placement.
The offer and sale of the foregoing securities
is being made in a transaction not involving a public offering, and the securities have not been registered under the Securities Act of
1933, as amended (the "Securities Act"), or applicable state securities laws. Accordingly, the securities may not be offered
or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements
of the Securities Act and such applicable state securities laws. Under an agreement with the investors, the Company agreed to file a registration
statement with the U.S. Securities and Exchange Commission (the "SEC") covering the resale of the shares of common stock to
be issued to the investors no later than 30 days after the closing and to use commercially reasonable efforts to have the registration
statement declared effective as promptly as practicable thereafter, and in any event no later than 90 days after the filing of the initial
registration statement in the event of a "full review" by the SEC.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any
such state or other jurisdiction.
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.
Forward-Looking Statements
This press release contains forward-looking statements
within the meaning of U.S. federal securities laws. Such forward-looking statements include, but are not limited to, statements regarding
the closing of the private placement of securities and the filing of a registration statement covering the resale of these securities.
Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In addition,
any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying
assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could,"
"estimate," "expect," "intends," "may," "might," "plan," "possible,"
"potential," "predict," "project," "should," "would" and similar expressions
may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking
statements contained in this press release are based on certain assumptions and analyses made by the management of the Company in light
of their respective experience and perception of historical trends, current conditions, and expected future developments and their potential
effects on the Company as well as other factors they believe are appropriate in the circumstances. There can be no assurance that future
developments affecting the Company will be those anticipated. These forward-looking statements involve a number of risks, uncertainties
(some of which are beyond the control of the parties), or other assumptions that may cause actual results or performance to be materially
different from those expressed or implied by these forward-looking statements, including risks that the closing conditions for the private
placement of the securities will not be achieved, the demand for the Company's products, global supply chains and economic activity
in general and other risks and uncertainties identified in the Company's filings with the SEC. Should one or more of these risks
or uncertainties materialize or should any of the assumptions being made prove incorrect, actual results may vary in material respects
from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.
PRECISION OPTICS CORPORATION
Gardner, Massachusetts 01440-3338
Telephone: 978-630-1800
LYTHAM PARTNERS, LLC
Telephone: 602-889-9700