PPGI secures funding to improve lens manufacturing

Jan. 6, 2006
Photonic Products Group, Inc. (PPGI) received $700,000 in proceeds from the issuance of a secured promissory note to a major shareholder, Clarex Holdings. Dan Lehrfeld, president and CEO of PPGI commented, "We are deploying the proceeds from this note immediately into acquisition of additional capital assets which will enable us to capture and perform on a range of organic growth opportunities at both our Laser Optics and MRC Optics businesses."

Northvale, NJ--Photonic Products Group, Inc. (PPGI) received $700,000 in proceeds from the issuance of a secured promissory note to a major shareholder, Clarex Holdings. Dan Lehrfeld, president and CEO of PPGI commented, "We are deploying the proceeds from this note immediately into acquisition of additional capital assets which will enable us to capture and perform on a range of organic growth opportunities at both our Laser Optics and MRC Optics businesses."

"Our Laser Optics business unit is expanding its lens and lens assembly production operations with the addition of the very latest, state-of-the-art CNC lens generating, polishing, centering, and edging equipment and related metrology," Lehrfeld continued. "This newest manufacturing cell will be operational in February of 2006. At MRC Optics we are augmenting our lens metrology and production capabilities for single-point diamond-turned aspheric lenses. Laser Optics and MRC Optics are now positioned to produce highly accurate spherical and aspheric lenses, respectively, more quickly and more efficiently. Working across the full spectrum of materials, both crystalline and glasses, and with in-house control of optical coatings, we are now able to rapidly and affordably produce and deliver specialty optical components of high complexity and accuracy for our customers."

Photonic Products Group develops, manufactures, and markets products and services for use in diverse Photonics industry sectors via its expanding portfolio of distinctly branded businesses. INRAD specializes in crystal-based optical components and devices, laser accessories and instruments. Laser Optics specializes in precision custom optical components, assemblies, and optical coatings. MRC Optics' business specializes in precision diamond-turned optics, metal optics, and opto-mechanical and electro-optical assemblies. PPGI's customers include leading corporations in the defense and aerospace, laser systems, and process control and metrology sectors of the photonics industry, as well as the U.S. government. Its products are also used by researchers at national laboratories and Universities worldwide.

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