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.
Forward-Looking Statements
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.
Contacts:
Devin Standard, VP Corp. Development
LightPath Technologies, Inc.
Tel: 407-382-4003
dstandard@lightpath.com
Jordan Darrow
Darrow Associates, Inc.
Tel: 512-551-9296
jdarrow@darrowir.com
SOURCE: LightPath Technologies, Inc.
