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Precision Optics lands $2M private investment

October 19, 2018
Photo | Courtesy
Photo | Courtesy
Precision Optics is located in Gardner.

Gardner medical equipment firm Precision Optics Corp. has raised $2 million in a private placement with a group of private investors.

The deal includes the sale of 1.6 million shares of the company's stock at $1.25 a piece.

The company hopes to use the proceeds for general working capital purposes, according to a press release announcing the deal.

The offering was lead by the Pessin family, an existing shareholder, President and CEO Joe Forkey said in a statement.

Along with the Pessin family was a group of new investors hoping to capitalize on the company's recent gains, as Precision Optics Corp. closed out its fiscal year in June with a 28-percent increase in revenue and a much slimmer net loss of $351,000 compared to the $1 million lost in 2017.

"These funds come at an opportune time for the company, following the successful initiation of key production orders and record quarterly results that we reported a few weeks ago," Forkey said, citing the Sept. 27 financial report for 2017." This investment provides working capital to strengthen our balance sheet in support of ongoing sales increases. Proceeds also provide us resources to invest strategically in our business to drive the next level of growth."

The company's fiscal year-end report cited increasing demand for its equipment, including microprecision technology and advanced CMOS technology.