Precision Optics Appoints Buell Duncan to Board of Directors; Dr. Richard Miles Retires from Board
Appointment of New Board Member: Precision Optics Corporation has appointed Buell Duncan to its Board of Directors, bringing extensive experience from his previous leadership roles at IBM and venture capital firms, which will aid the company's growth and innovation efforts.
Retirement of Board Member: Dr. Richard Miles has retired from the Board after 20 years of service, with the company expressing gratitude for his contributions during his tenure.
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Precision Optics Unveils Partnership to Create Tailored High-End Borescope for Jet Engine Applications
Product Development Order: Precision Optics Corporation has received a $678,000 order to develop a next-generation borescope system for inspecting jet engines, designed to deliver high-definition performance and withstand extreme conditions.
Competitive Evaluation: The order was awarded after a rigorous evaluation process where Precision Optics was assessed against three other suppliers, highlighting the company's capabilities in optical design and engineering.
Market Positioning: CEO Joe Forkey emphasized that this achievement reflects the company's growing opportunities in the Defense and Aerospace sectors, showcasing their expertise and innovation in advanced optical instruments.
Company Background: Founded in 1982, Precision Optics specializes in micro-optics and imaging technologies for healthcare and defense/aerospace industries, providing comprehensive services from product concept to mass manufacturing.
Precision Optics Unveils Partnership for Developing Advanced Augmented Reality Sub-Systems for Fighter Pilots
Product Development Order: Precision Optics Corporation has received a $723,000 order to develop optical sub-assemblies for an advanced augmented reality (AR) system aimed at enhancing US Air Force fighter pilot training.
AR System Benefits: The AR system will allow pilots to train in-flight without the need for secondary aircraft, reducing costs and minimizing training-related accidents.
Market Growth Potential: The global aviation AR market, particularly for pilot training, is projected to grow at a compound annual growth rate (CAGR) of over 20% from 2023 to 2030, presenting a significant opportunity for Precision Optics.
Company Background: Founded in 1982, Precision Optics specializes in advanced optical technologies for the medical and defense/aerospace sectors, focusing on compact, high-performance optical systems.