ORLANDO, FL / ACCESSWIRE / October 23, 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 production order valued at over $400,000 from a leading Asian telecommunications and data networking original equipment manufacturer. LightPath's precision molded visible optics (PMO) will be used in the customer's transmission and receiving equipment for next-generation high speed, 5G optical networks.
"We are very pleased to have received this order from a longstanding customer which continues to rely on our optical technologies as the industry requires faster speeds and higher quality of data transport," said Jim Gaynor, President and Chief Executive Officer of LightPath. "While our Telecommunications/Networking vertical market has been on the downward side of the cycle for over 4 quarters, today's order is a strong signal that the sector is recovering and, as we have said, 5G network requirements is one of the growth drivers."
"Within the past 2 years we have worked on over 40 engineering projects related to the development of 5G technologies for some of the largest telecommunications OEMs in the world. We have made the requisite investments in product development, manufacturing capacity and personnel such that we are ready to respond to industry demand for cutting edge optical technologies."
Manufacturing of the optical lenses for the order announced today will take place in LightPath's Zhenjiang, China facilities, with deliveries expected to begin immediately through mid-2019. The lenses are expected to be used for coupling and/or collimating laser light signal between optical fibers and decoders to increase the transmission efficiency and speed of data transport.
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 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 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.