LightPath Technologies, Inc.
Under the Symbol:
LightPath Technologies Addresses High Demand for New Proprietary Infrared Optics from Commercial Market
Tuesday, June 25, 2019 1:15 PM
ORLANDO, FL / ACCESSWIRE / June 25, 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 that it is experiencing significant interest in its new line of infrared optics for commercial applications fueled by the use of proprietary chalcogenide glass material. This demand is for infrared ("IR") optical lenses and lens assemblies made from LightPath's Black DiamondTM material which is marketed under the BD6 brand. BD6 products were first introduced in mid-2018 and initially sold into industrial markets.
"Consistent with our strategy to diversify our end markets and portfolio of products, we are very excited by the demand for our new BD6 line of infrared lenses for use in commercial applications," said Jim Gaynor, President and Chief Executive Officer of LightPath. "Since the introduction of our BD6 line last year, we have made tremendous progress in expanding our addressable market beyond industrial customers. Over the past few months we have experienced heightened interest from commercial customers where our BD6 lenses are displacing and preferred over conventional germanium IR lenses."
LightPath's proprietary BD6 lenses are made from chalcogenide glass which is more malleable, contains no rare earths, and is lighter and less expensive to manufacture in terms of material and handling. 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. 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.
Mr. Gaynor continued, "LightPath recently emerged from a period of investment and product development that nearly doubled our budgets as compared with prior years. The focus of this spending was on the build out of the Company's infrared business, including the creation and launching of a completely new line of IR lenses made from chalcogenide glass material. Capital has been allocated to the expansion of manufacturing facilities as well as efforts toward improvements in productivity and profitability. BD6 lenses are expected to lead to an increase in contracts, market share attainment and higher margins for LightPath. When we initially introduced BD6 lenses we viewed them as an ideal alternative to products made from germanium. Now, based on customer feedback and the high level of intertest over the past few months, we believe BD6 is the technology of choice for many products both commercial and industrial."
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 DiamondTM ("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.