Cost, Quality and Performance Advantages Driving Demand for High Volume Consumer Infrared Products
ORLANDO, FL / ACCESSWIRE / June 28, 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 that it has been awarded a US$1 million purchase contract for two custom designed infrared imaging lenses by a major American thermal imaging camera manufacturer. This contract is with a new customer for LightPath which is active in the commercial, firefighting, law enforcement and outdoor sports markets.
Leveraging its proprietary technologies for IR imaging and its innovative chalcogenide glass lenses made from Black Diamond 6TM (BD6TM), LightPath is well-positioned with a robust product suite for a broad range of thermal imaging, sensory and measurement applications. The company's BD6TM infrared material is gaining acceptance from leading optical engineers as Germanium prices continue to rise.
Jim Gaynor, President and Chief Executive Officer of LightPath, stated, "LightPath was selected by the customer after an evaluation of suppliers based on high-quality volume manufacturing capabilities, optical design strength and cost competitiveness for an optimized value proposition. We are confident that recent investments in our production capacity and sales and marketing initiatives are delivering their intended results."
The Company has the unique, patent-pending capability to produce a cost-competitive molded infrared imaging lens to be positioned inside a high performance optical assembly. As a result, LightPath is being increasingly sought out for its market leading capabilities for IR technology solutions.
According to Maxtech International, Inc., in 2017 the world infrared imaging market experienced a fourth straight year of record unit shipments. The number of uncooled detectors increased by over 30% to reach nearly 1.3 million units. However, research shows that a major challenge for thermal imaging products manufacturers is high cost. LightPath has come to the aid of these manufacturers by lowering the cost and improving the functionality of integrated optical technologies. The cost competitive delivery of these components and assemblies are being facilitated by the significant investments LightPath has made in diamond turning, optical coating, state of the art chalcogenide molding technology and staffing.
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 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, and industry outlook and market trends. 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, including its most recent Annual Report on Form 10-K. 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.
Devin Standard, VP Corp. Development
LightPath Technologies, Inc.
Darrow Associates, Inc.
SOURCE:LightPath Technologies, Inc.
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