ORLANDO, FL / ACCESSWIRE / June 27, 2019 / 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 a $1.9 million order for 19mm and 24mm infrared ("IR") lens assemblies from a North American manufacturer. The IR optics will be manufactured from LightPath's proprietary Black Diamond™ ("BD6") infrared material. The finished lenses will be used in products sold into the consumer marketplace, including sporting, hunting, and outdoor recreational applications.
"We are pleased to announce our third and largest order to date for BD6 lenses from a major North American sporting goods and outdoor products original equipment manufacturer," said Jim Gaynor, President and Chief Executive Officer of LightPath. "This order reflects some of the increasing demand we are experiencing for our BD6 line of products. Lens assemblies for this contract will be produced and shipped over a 12-month period beginning July 2019. LightPath's recently upgraded and increased volume production capacity enables streamlined delivery and ample room for growth from new and existing customers."
LightPath's proprietary BD6 thermal imaging lenses and related assemblies are produced using the Black Diamond™ chalcogenide-based glass compound developed and grown internally by LightPath. The Company's new BD6 chalcogenide line of infrared lenses are more malleable, contain no rare earths, and are lighter and less expensive to manufacture in terms of material and handling as compared with 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 uses. LightPath is well-positioned with a robust product suite that is increasingly being sought after for a variety of thermal imaging, sensory and measurement applications ranging in effective focal lengths of 1.3mm to over 100mm. Commercial applications for BD6 lenses include cameras and other sporting and outdoor products designed for search and rescue, thermal imaging assemblies for low cost sensors, nature observation, hunting, maritime navigation and other 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, commercial, defense, telecommunications, 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 proprietary Black Diamond™ ("BD6") chalcogenide-based glass 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 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, continued improvements in our financial results,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, 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.
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SOURCE: LightPath Technologies, Inc.
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