Precision Molded Optics Required for Performance
ORLANDO, FL / ACCESSWIRE / October 16, 2018 / LightPath Technologies, Inc. (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 single order for $378,000 for precision molded optics (visible light spectrum) from a major medical technology developer to be used for measurement and calibration capabilities. Manufacturing of the optical lenses for this contract will take place in LightPath's Orlando, FL facilities, with deliveries expected to begin immediately through the next 12 months.
"The order announced today for medical optics demonstrates the diversity of our addressable markets and the demand we are experiencing for our products as the most advanced optical technology component provider," said Jim Gaynor, President and Chief Executive Officer of LightPath. "The medical market is particularly appealing to us as high quality standards are paramount. This could not be more important for the contract announced today which was awarded to us from a major division of one of the world's largest suppliers of medical instruments. Where quality, quantity and value in the growing market for optical technology is concerned, LightPath is increasingly the partner of choice."
The Medical sector is one of 6 vertical end markets addressed by LightPath. The other markets include Catalogs/Distributors, Commercial, Defense, Industrial, and Telecommunications/Networking. Customers in each of these markets may now select the best optical technologies that suit their needs from LightPath's entire product family lines, including IR optics (BD6 and germanium-based lenses) and Precision molded optics (PMO) lenses. LightPath is well positioned as a highly diversified optical technology provider offering a selection of materials, production methods and manufacturing locations. Cost competitive delivery of optical components and assemblies are being facilitated by the significant investments LightPath has made in diamond turning, molding technology, coating capabilities, and staffing in its locations around the world.
Lightpath's flexible PMO process allows the use of multiple glass material types, giving the company the ability to design and manufacture high performance, low cost optics. While these benefits bring a high potential value, the design of PMO lenses must be skillfully approached to balance manufacturability and cost considerations. LightPath is recognized globally for its unparalleled design library for PMO lenses in excess of 200 types and its ability to manufacture lenses to stringent specifications in high volumes.
About LightPath Technologies
LightPath Technologies, Inc. (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.
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.
At the Company:
Vice President of Corporate Development
407-382-4003 Ext 369
SOURCE: LightPath Technologies, Inc.