LightPath Technologies Announces Order with New Asian Manufacturing Customer for Original High-tech Infrared Product
Commercial Infrared Growth Driven by Rigorous Surveillance Requirements
ORLANDO, FL / ACCESSWIRE / June 26, 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, announced today it has received an order valued at over US$600,000 from one of the world's largest commercial video surveillance manufacturers based in Asia. The contract which will be filled over the next 12 months for thermal imaging lens assemblies includes custom-designed products made with LightPath's Black Diamond™ chalcogenide glass (BD6™).
Jim Gaynor, CEO of LightPath Technologies, commented, "We are very pleased to begin this new partnership with a market leader in video and camera equipment as they continue to expand their market presence around the world. This large order for a new product from our recently launched BD6™ product line reflects our ability to provide high-volume manufacturing of high performance infrared optical assemblies at an excellent value to our customers. Moreover, our efforts demonstrate the successful execution of our vertically integrated manufacturing strategy, creating new opportunities for broader market applications as a result of our investments in infrared technologies that decrease our lens production costs and expand our production capacity while maintaining world class quality. The performance of our infrared lenses are ideally suited for the rigorous requirements of surveillance equipment and other commercial applications."
Mr. Gaynor continued, "We are seeing incredible interest in our leading infrared capabilities, particularly for our BD6™ lenses which benefit from a competitive cost advantage resulting from skyrocketing germanium material prices. As we experience the worldwide emergence of a broad number of applications for infrared and visible light applications, we believe few other industrial technology companies can rival our diverse product offerings in terms of our production capacity, engineering quality and cost. Our vertical integration, including the ability to internally melt our own chalcogenide glass for enhanced supply chain management, provides both pricing and margin benefits for LightPath which enables us to address demand creation opportunities for new and existing customers and profitability improvements for our shareholders."
LightPath's engineering team has been collaborating with Asian original equipment manufacturers and engineers to achieve the optimal balance of performance and cost for long wave infrared lenses. Using BD6™ chalcogenide glass, the lenses are light weight, passively athermal over a broad temperature range and are economically practical. LightPath's advanced precision glass molding expertise and proprietary tooling techniques enable a highly repeatable process that is scalable to high volume production.
About LightPath Technologies:
LightPath 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 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 other advanced technical applications.
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.
At the Company:
Vice President of Corporate Development
407-382-4003 Ext 369
SOURCE: LightPath Technologies, Inc.
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