ORLANDO, FL / ACCESSWIRE / April 20, 2017 / 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 it has signed a joint development agreement with Hangzhou (Changzhou) OLE-Systems Laser Technology Co., Ltd., a subsidiary of GreatStar Group ("OLE"), to design and manufacture an optical system assembly based on LightPath's proprietary high power fiber delivery technology.
LightPath's President and CEO, Jim Gaynor, stated, "We have a long history as a supplier to OLE and are very excited to now have this opportunity to partner on a development basis. The goal of our new project is to develop a low-cost, high-quality Laser Diode to Fiber Coupling System with 16 multimode fiber arrangements. This product is based on technology LightPath developed and improved upon over the past 15 years, and we believe that no one in the world can rival today. Our work with OLE will result in the development of a fiber delivery system for production level position mapping for mission critical applications such as for use with autonomous vehicle instrumentation where accuracy and calibration are of paramount concern. We expect this to be the first of many collaborations between the two companies."
"The expertise of OLE is in the development of laser sensors. For the last few years, we have seen that the market demand of laser distance sensing had been increasing rapidly; however, the quality and price of the existing products cannot meet the application requirements. OLE's latest laser distance sensor demonstrates innovative design aimed at improving sensor performance and quality while reducing cost. LightPath's unique capabilities and products can definitely help us to achieve our goals," said Ou Zhang, OLE's CEO.
According to a new market research report from BCC Research, the global tools and components for photonic applications market should reach nearly $10.6 billion and $19.2 billion in 2016 and 2021, respectively, demonstrating a five-year compound annual growth rate (CAGR) of 12.7%. The sensor segment should grow from $2.5 billion in 2016 to nearly $4.6 billion by 2021, at a five-year CAGR of 12.6%.
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.
About OLE
OLE System, Co. Ltd. is one of the subsidiaries of GreatStar Industry Ltd., who is the largest hand tool company in Asia with $2.05 billion revenue in 2016. OLE's business focus is to develop and manufacture sensors for a variety of applications such as automatic control, autonomous vehicle and autonomous robots, and provides comprehensive solutions for those applications utilizing OLE's products and resources from other subsidiaries of GreatStar.
OLE has organized an innovative team and developed a number of proprietary technologies, including 1D, 2D and 3D distance sensors, high precision position sensors, high precision tilt sensors, and more. OLE supplies GreatStar and its subsidiaries with a high volume of sensors while exploring new applications for next generation sensors.
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.
Contact:
Kimberly Clifton
Director of Sales Operations and Marketing
407-382-4003 Ext 337
[email protected]
Investor Relations:
Jordan Darrow
Darrow Associates, Inc.
512-551-9296
[email protected]
SOURCE: LightPath Technologies, Inc.