GARDNER, Mass., March 07, 2016 (GLOBE NEWSWIRE) -- Precision Optics Corporation, Inc. (OTCQB:PEYE) (the “Company”) announced today that Mr. Joel R. Pitlor has resigned from the Company’s Board of Directors and Mr. Andrew J. Miclot has been appointed to the Board of Directors.
Mr. Miclot is currently CEO and Director of Micro Machine Company. Prior to joining Micro Machine, he was Executive Vice President of Micro Technologies, a medical device supplier. He has also held senior leadership positions at ArthroCare, ENT, Ascension Orthopedics and Symmetry Medical. While at Symmetry Medical as Senior Vice President, he was part of the team that grew annual revenue from $10 million to over $300 million with $51 million in annual profit. His early experience includes leadership positions with orthopedic companies Orthofix, Zimmer and DePuy. Mr. Miclot earned an MBA from the Lake Forest Graduate School of Management, an MA in audiology, and BA in Speech and Hearing from Indiana University.
Commenting on the appointment, Peter Woodward, Chairman of the Board, said, “As we move forward with the goal of maximizing the value of the opportunities available to Precision Optics, particularly in the area of Microprecision™ based endoscopes and medical devices, I’m glad to welcome Mr. Miclot to the Board. He has extensive and relevant experience in the medical device space and a strong record of success in small medical device companies. I look forward to working with Andy and welcome his perspective based on his many years of experience with both small and large companies in this space.”
Mr. Miclot commented, “I am pleased to join the Board of Precision Optics at a time when the Company is starting to bring its new technology in micro-optics and associated products to the medical device world. I look forward to working with the Board and the senior management team to maximize the opportunities that are enabled by the Company’s leading edge technologies.”
Mr. Woodward continued, “I’d also like to take this opportunity to thank Joel Pitlor for his years of dedication and service to the Company. Mr. Pitlor has been involved with Precision Optics Corporation as a Director, advisor to the CEO and shareholder for over 25 years. His counsel has been critical in helping to shape Precision Optics into the world-recognized leader for small optical technology and devices for medical and defense applications. We wish Joel future success and appreciate all that he has given to POC.”
About Precision Optics Corporation
Since 1982 Precision Optics Corporation has been a leading developer and manufacturer of advanced optical instruments. The Company has developed state of the art visualization and illumination technologies for high-quality camera systems incorporating fiber optics, CMOS sensors, and the Company’s Microprecision™ micro-optics designed specifically by the Company for medical device endoscope applications and defense and industrial products. With dimensions of 1 mm and smaller, these low cost visualization systems have superior image quality and are well suited for re-usable and single use medical device instruments used in minimally invasive medical procedures currently being performed or which are enabled by these unique characteristics. The Company designs and manufactures micro optic lenses and prisms, components and complete devices for its customers, and offers a proprietary and innovative medical instrumentation line including Lenslock™ laparoscopes, arthroscopes, and sinuscopes, as well as endocouplers and a world-class product line of 3D endoscopes. 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 to reflect events or circumstances after the date of this report, except as required by law.