|
GARDNER, Mass., Nov. 23 /PRNewswire-FirstCall/ -- Precision Optics
Corporation, Inc. (Nasdaq: POCI) announced today that, as it anticipated in
its earnings release issued last week, on November 17, 2005 it received a
letter from the Nasdaq Stock Market regarding non-compliance with the Nasdaq
Capital Market continued listing requirements. This letter notified the
Company that based on the Companys stockholders equity of $2,289,724, as
provided in the Companys Form 10-QSB for the period ended September 30, 2005,
as well as the Companys market value of listed securities of $3,504,106 (as
of October 31, 2005) and the Companys reported net losses from continuing
operations for the years ended June 30, 2005, 2004 and 2003, the Company is no
longer in compliance with Nasdaq Marketplace Rule 4310(c)(2)(B). This rule
requires the Company to have a minimum of $2,500,000 in stockholders equity
or $35,000,000 market value of listed securities or $500,000 of net income
from continuing operations for the most recently completed year or two of the
three most recently completed fiscal years. The letter stated that Nasdaq
staff members are reviewing the Companys eligibility for continued listing on
The Nasdaq Capital Market, and has asked the Company to submit a specific plan
to achieve and sustain compliance with all The Nasdaq Capital Market listing
requirements by December 5, 2005.
The Company plans to submit a compliance plan to Nasdaq on or before
December 5, 2005 but cannot predict whether Nasdaq will determine its plan to
achieve and sustain compliance to be adequate. If, after the conclusion of
the review process, Nasdaq staff determines that the Companys plan does not
adequately address the issues noted, the Company would receive notification
that its securities would be delisted. If Nasdaq staff believes the Companys
plan is adequate to regain compliance with all Nasdaq listing requirements,
then Nasdaq would grant the Company up to 105 days in which to achieve
compliance.
About Precision Optics
Precision Optics Corporation, a leading developer and manufacturer of
advanced optical instruments since 1982, designs and produces high-quality
optical thin film coatings, medical instruments, and other advanced optical
systems. The Companys medical instrumentation line includes laparoscopes,
arthroscopes and endocouplers and a world-class product line of 3-D endoscopes
for use in minimally invasive surgical procedures.
The Company is currently developing specialty instruments incorporating
its patent-pending lenslock(TM) technology which ensures lower cost, easier
repairability and enhanced durability. The Company is aggressively pursuing
ultra-small instruments (some with lenses less than one millimeter in
diameter) utilizing patent pending micro-precision(TM) lens technology. The
Company is also exploring new initiatives in single molecule technology and
nanotechnology for biomedical and other applications.
Precision Optics Corporation is certified to the ISO 9001 Quality
Standard, and complies with the FDA Good Manufacturing Practices and the
European Union Medical Device Directive for CE Marking of its medical
products. The Companys Internet Website is http://www.poci.com .
Forward-looking statements contained in this news release, including those
related to the future success of Companys products under development and
revenue estimates, are made under "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and involve a number of risks and
uncertainties that could materially affect future results. These risks and
uncertainties, many of which are not within the Companys control, include,
but are not limited to, the uncertainty and timing of the successful
development of the Companys new products; the risks associated with reliance
on a few key customers; the Companys ability to regain and maintain
compliance with requirements for continued listing on the NASDAQ Capital
Market; the Companys ability to attract and retain personnel with the
necessary scientific and technical skills, the timing and completion of
significant orders; the timing and amount of the Companys research and
development expenditures; the timing and level of market acceptance of
customers products for which the Company supplies components; performance of
the Companys vendors; the ability of the Company to control costs associated
with performance under fixed price contracts; and the continued availability
to the Company of essential supplies, materials and services; and the other
risk factors and cautionary statements listed from time to time in the
Companys periodic reports filed with the Securities and Exchange Commission,
including but not limited to, the Companys Annual Report on Form 10-KSB for
the year ended June 30, 2005.
|
|
