ORLANDO, FL / ACCESSWIRE / October 18, 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 two orders totaling over $1.1 million from an industrial manufacturer of surveillance cameras. The orders are for infrared ("IR") optical lenses made from LightPath's proprietary Black DiamondTM ("BD6") material. Manufacturing of the optical lenses for these contracts will take place in LightPath's U.S., Zhenjiang, China and Riga, Latvia facilities, with deliveries expected to begin immediately through mid-2019.
"Industrial applications requiring precision optical lenses are developing at an exciting pace and we are well positioned to benefit from this demand," said Jim Gaynor, President and Chief Executive Officer of LightPath. "We are fielding an increasing number of inquiries from leading manufacturers in diversified industrial vertical markets around the world. Today's sizeable order from an Asian audio/video electronics company demonstrates our increasing acceptance as an optical resource in this emerging field as well as our ability to secure new customers and program contracts. Our success is particularly gratifying since we are supplying lenses from our new line of BD6 products which is off to an incredible start."
The Industrial sector is one of 6 vertical end markets addressed by LightPath. The other markets include Catalogs/Distributors, Commercial, Defense, Industrial, and Telecommunications/Networking. Within these markets, LightPath is defining its brand 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.
BD6 thermal imaging lenses and related assemblies are produced using the Black DiamondTM chalcogenide-based glass compound developed and grown internally by LightPath. LightPath's new BD6 chalcogenide line of infrared lenses is an ideal alternative to products made from germanium. Chalcogenide glass material is inherently optically athermal in addition to offering great transmission over a very wide range of temperature, making it ideal for diversified industrial uses. LightPath is well-positioned with a robust product suite for a broad range of thermal imaging, sensory and measurement applications.
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, 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.
Contacts
At the Company:Devin Standard
Vice President of Corporate Development
407-382-4003 Ext 369
dstandard@lightpath.com
Investor Relations:
Jordan Darrow
Darrow Associates
512-551-9296
jdarrow@darrowir.com
SOURCE: LightPath Technologies, Inc.
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