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July 9, 2014

Precision Optics gains $1M from stock offering

Precision Optics of Gardner has received more than $1 million from a recent agreement to sell stock, the manufacturer of optical instruments announced.

Precision Optics said it sold more than 1.7 million shares at 60 cents per share.

The lead investor in the offering, which closed Monday, is Hershey Strategic Capital, based in New York City. In a statement, Precision Optics said the money from the deal will be used for working capital and general corporate purposes.

“Precision Optics is at an inflection point, and well positioned for future profitable growth,” said Adam Hershey, managing member of Hershey Capital Growth, in a statement. “I am excited to work with the company’s board and management to help realize the company’s full potential.”

In its most recent fiscal quarter, Precision Optics’ revenue climbed to more than $833,000 as sales jumped 27 percent. Although it declared an operating loss of nearly $350,000 for the quarter, the company cut losses for its last fiscal year from $1.6 million to $843,608.

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