ORLANDO, FL / ACCESSWIRE / November 14, 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 renewal of an annual supply agreement valued at $5.0 million. The contract is for the purchase of a variety of infrared ("IR") optical lens elements by a major commercial infrared vision products customer. The agreement includes an option to increase the contract to $6.0 million upon the acceptance of new designed chalcogenide lenses within 6 months from the date of the contract. Products under this contract will be shipped over the next 12 months beginning December 2019.
"We are pleased to announce this major contract today as it represents LightPath's ability to supply quality infrared optical products enhanced by our leading technological processes at high volumes." stated Jim Gaynor, President and Chief Executive Officer of LightPath. "This is a clear indication of our leadership in the infrared market and substantiates the need for the investments we have made in our infrared product line innovations and production capacity over the last two years. We are seeing strong interest in many product lines as the LightPath brand is strengthening globally."
This supply agreement from the industrial market is for commercial hand-held thermal monocular and thermal weapon-sight lenses to be supplied to a major European manufacturer of night vision and thermal cameras. LightPath's optics will be used on cameras and other sporting and outdoor products designed for search and rescue, nature observation, hunting, maritime navigation and other commercial applications.
The large volume of work needed to fulfill the supply agreement renewal will be completed in LightPath's Riga, Latvia, Orlando, Florida and Zhenjiang, China locations.
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.
Jim Gaynor, President & CEO
Donald O. Retreage, Jr., CFO
SOURCE: LightPath Technologies, Inc.