GARDNER, Mass., June 15, 2016 (GLOBE NEWSWIRE) -- Precision Optics Corporation, Inc. (OTCQB:PEYE) (the “Company”) announced today that Jack P. Dreimiller, the Company’s Chief Financial Officer since 2008 and from 1992 to 2005, has decided to retire from the Company. The Company also announced that effective immediately Donald A. Major has resigned from the Board of Directors and has been appointed the new Chief Financial Officer. Mr. Dreimiller has agreed to assist with the transition.
Mr. Major has many years’ experience in numerous companies, including various senior executive positions as Chief Financial Officer and Chief Operating Officer. Mr. Major has performed consulting services in a variety of situations since October 2007, including interim management, turnaround, restructuring and reorganization services, sourcing for a private equity firm, and co-founding a start-up Ecommerce retailing company. Previously, Mr. Major was CFO of multiple publicly held and start-up medical device companies, including BioPlasty, Inc., Uroplasty, Inc., and Advanced Bio-Surfaces, as well as non-medical companies including Digital Excellence, Inc. and Advanced Duplication Services, Inc. From 1983 to 1991 Mr. Major performed professional audit and tax services with Grant Thornton’s Muskegon, Michigan and Minneapolis, Minnesota offices. Mr. Major holds a B.A. in Accounting from Michigan State University and is a Certified Public Accountant (inactive).
Commenting on the appointment Joseph Forkey, Company CEO, said, “I am pleased that Don has agreed to take on this role at Precision Optics. He has been a tremendous asset to the Board of Directors for many years and, in that capacity, has been heavily involved in strategic planning and oversight of all financial aspects of the Company. I expect a quick and smooth transition and look forward to working more closely with Don on a day-to-day basis. His previous experience in CFO and COO positions is ideally suited to our Company’s current needs as we pursue the near term opportunities for increased revenue, driven by the growing market for very small, high quality re-usable and single-use medical imaging systems.”
Mr. Major commented, “I look forward to joining the senior management team of Precision Optics at this critical time in the Company’s history. I am anxious to build on Jack’s many years of work with the finance department and to contribute to the successful execution of the company’s growth strategy based on the significant opportunities in medical device applications of its microprecision™ optics technology.”
Dr. Forkey added, “I want to take this opportunity to recognize Jack’s many contributions to Precision Optics Corporation over more than two decades. I am grateful that he has agreed to help with the transition of this critical role. I want to express on behalf of everyone at Precision Optics, our thanks for his many years of service to the Company. We wish him well in his future endeavors.”
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.