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Computer & Technology

LightPath Technologies Announces $759,000 in New Orders for Defense

PR-Inside.com: 2018-10-11 18:42:28
Orders Leverage Company's Expertise in Precision Glass Molding and Diamond Turning for Visible Light Products and Infrared Lenses Made from BD6™ and GermaniumORLANDO, FL / ACCESSWIRE / October 11, 2018 / LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company," or "we"), a leading vertically integrated global manufacturer, distributor and integrator of proprietary optical and infrared components and high-level assemblies, today announced it has been awarded 4 orders totaling $759,000 for a variety of precision molded optics (visible light spectrum) and infrared (IR) optics from 3 different defense contractors/electronics original equipment manufacturers (OEMs).LightPath's optics are integral components in products with exacting standards. The OEMs placing orders with LightPath will be manufacturing missile systems with electro-optical guidance capabilities, hand-held and weapon-mounted infrared night vision sights, and next generation IR cameras with an industry-leading compact size (small pixel pitch format). IR optics will be made from LightPath's proprietary Black Diamond 6™ (BD6™) infrared material as well as the more traditional germanium raw material. Visible light optics (also referred to as precision molded optics or PMO) will be made from traditional glass material which will be molded and finished."The LightPath brand is now more than ever being recognized as the world's leading vertically integrated supplier for all optical technology requirements. We are experiencing strong demand for our products from multiple vertical markets," said Jim Gaynor, President and Chief Executive Officer of LightPath. "The defense market has been a solid contributor to our business mix as industry players globally are increasingly relying on enhanced light and sensory technologies. The orders announced today are from domestic and foreign defense contractors, both new and existing customers. Their supply agreements involve lenses selected from our IR and PMO product families which are made from a variety of substrate materials where we have deep domain expertise. Manufacturing of these products will take place in our facilities in the U.S. and Latvia, with deliveries expected to begin immediately through the next 12 months."The Defense sector is one of 6 vertical end markets addressed by LightPath. The other markets include Catalogs/Distributors, Industrial, Medical, Telecommunications/Networking, and Commercial. Customers in each of these markets may now select the best optical technologies that suit their needs from LightPath's entire product family lines, including IR optics (BD6 and germanium-based lenses) and PMO lenses. LightPath is well positioned as a highly diversified optical technology provider offering a selection of materials, production methods and manufacturing locations. Cost competitive delivery of optical components and assemblies are being facilitated by the significant investments LightPath has made in diamond turning, molding technology, coating capabilities, and staffing in its locations around the world.About LightPath TechnologiesLightPath Technologies, Inc. (NASDAQ: LPTH) is a leading global, vertically integrated provider of optics, photonics and infrared solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries. LightPath designs, manufactures, and distributes proprietary optical and infrared components including molded glass aspheric lenses and assemblies, infrared lenses and thermal imaging assemblies, fused fiber collimators, and gradient index GRADIUM® lenses. LightPath also offers custom optical assemblies, including full engineering design support. The Company is headquartered in Orlando, Florida, with manufacturing and sales offices in New York, Latvia and China.LightPath's wholly-owned subsidiary ISP Optics Corporation manufactures a full range of infrared products from high performance MWIR and LWIR lenses and lens assemblies. ISP's infrared lens assembly product line includes athermal lens systems used in cooled and un-cooled thermal imaging cameras. Manufacturing is performed in-house to provide precision optical components including spherical, aspherical and diffractive coated infrared lenses. ISP's optics processes allow it to manufacture its products from all important types of infrared materials and crystals. Manufacturing processes include CNC grinding and CNC polishing, diamond turning, continuous and conventional polishing, optical contacting and advanced coating technologies.For more information on LightPath and its businesses, please visit www.lightpath.com.This news release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding our ability to expand our presence in certain markets, future sales growth, continuing reductions in cash usage and implementation of new distribution channels. This information may involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, factors detailed by LightPath Technologies, Inc. in its public filings with the Securities and Exchange Commission. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.ContactsAt the Company:Devin StandardVice President of Corporate Development 407-382-4003 Ext 369 dstandard@lightpath.comInvestor Relations:Jordan DarrowDarrow Associates512-551-9296jdarrow@darrowir.comSOURCE: LightPath Technologies, Inc.
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