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Precision Optics Corporation, Inc. Announces Receipt of $2.2 Million Order For Custom Designed Cardiovascular Endoscope

817 Days ago

GARDNER, Mass., April 29, 2019 (GLOBE NEWSWIRE) -- Precision Optics Corporation, Inc. (OTCQB: PEYE) today announced that it has received a follow-on order totaling $2,216,000 from CardioFocus, Inc. for the manufacture of a cardiovascular endoscope to support the HeartLight Endoscopic Ablation System. Deliveries are scheduled to be made over two years beginning in April 2019.

The HeartLight System allows physicians to treat atrial fibrillation with a minimally invasive procedure that offers real-time imaging, precise laser energy delivery and full-color perspective. Precision Optics partnered with CardioFocus from design through prototyping, clinical trials, and production.  Improving on early CardioFocus designs, Precision Optics was able to achieve a manufacturable and robust 500-micron diameter endoscope with a wide, 110-degree field of view for insertion into the balloon catheter, allowing the physician to precisely monitor and adjust the location of energy delivery.

The successful treatment of over 6,000 patients in the US, Europe and Japan with the HeartLight Endoscopic Ablation System, has led to a need for ongoing endoscope production, furthering CardioFocus’ and Precision Optics’ multi-year partnership.

Precision Optics’ CEO, Joseph Forkey, commented, “Miniaturization of optics is enabling entirely new approaches to diagnostics and treatment, allowing for less invasive procedures and improved outcomes. The CardioFocus product is a great example of the value of our enabling Microprecision™ technology that can be used to provide sub-millimeter imaging devices for medical applications.  We value our long-standing engineering development and manufacturing relationship with CardioFocus, and we are proud to partner on such an innovative product.”

Burke Barrett, President and Chief Operating Officer of CardioFocus, commented “Precision Optics’ expertise in optical assembly design and production has allowed us to bring to market a new device to treat atrial fibrillation in more patients, less invasively, and with never before seen direct visualization. The micro-endoscope manufactured by Precision Optics meets our performance requirements at a size that enables real-time direct anatomical visualization during ablation therapy inside the heart. This purchase order is based on the success of our HeartLight System in the US, European and Japanese markets, and reflects our shared commitment to medical device innovation.”

This order is one of several such programs supported by Precision Optics, in endoscopy and other fields of medical imaging. To learn more about Precision Optics custom optical assembly design and manufacturing capabilities, visit www.poci.com.

About Precision Optics Corporation
Precision Optics Corporation enables innovation in minimally invasive surgery, diagnostics and treatment through optics and photonics. Precision Optics Corporation has been a leading developer and manufacturer of advanced optical instruments since 1982. Using proprietary optical technologies, the Company designs and produces next generation medical instruments, MicroprecisionTM micro-optics with characteristic dimensions less than 1 millimeter, and other advanced optical systems for market-leading medical device companies. The Company’s innovative medical instrumentation line includes state-of-the-art endoscopes and endocouplers as well as custom illumination and imaging products for use in minimally invasive surgical procedures. The Company believes that current advances in its proprietary micro-optics and 3D imaging technologies present significant opportunities for expanding applications to numerous potential medical products and 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 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 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 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

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/db428b18-5216-409e-8cdf-0fea17e8190e

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