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Precision Optics Corp. Inc., a designer and manufacturer of advanced optical instruments for the medical and defense industries, has completed the acquisition of certain assets of Ross Optical Industries Inc. for up to $2 million.
The total purchase price comprises $1.5 million in cash at closing and additional payments up to $500,000 subject to a three-year earnout provision. Precision Optics, headquartered in Massachusetts, completed an equity capital raise of $950,000 at a per share price of $1.25 concurrent with the closing of the acquisition.
Ross Optical, based in El Paso, Texas, had revenues of $3.9 million and net income of $410,000 for the 12-month period ended Dec. 31, 2018. As part of the transaction, Precision Optics…READ MORE