LightPath Technologies Announces New Orders for 500,000 Lenses From HDOEI
ORLANDO, FL--(Marketwired - Feb 26, 2014) - LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company" or "we"), a leading vertically integrated global manufacturer and distributor of proprietary optical components and high-level assemblies, announced today it has received new orders from laser component manufacturer Changzhou Huada Kejie Opto-Electro Instrument CO., LTD ("HDOEI") for approximately 500,000 molded aspheric lenses. The Company expects to deliver these lenses to HDOEI over a 12-month period.
HDOEI, located in Changzhou, Jiangsu Province, China, manufactures laser surveying instruments and accessories for Fortune 500 construction engineering companies worldwide. The lenses being sold to HDOEI were selected from LightPath's aspheric lens laser tool line. The strong demand for this laser tool line lens product was one of the major drivers in LightPath's recently announced decision to open its second high volume production facility in China.
Jim Gaynor, CEO of LightPath Technologies, commented, "We are very pleased to be working with HDOEI, a market leader in laser surveying equipment manufacturing. These new orders further demonstrate our capabilities in providing a low cost platform for the manufacture of high precision glass molded aspheres."
Mr. Ou Zhang, General Manager and CEO of HDOEI, added, "We are pleased to have the opportunity to continue to expand our business and strengthen our partnership with LightPath. Utilizing LightPath's molded aspheres to replace traditional spherical lenses allows us to reduce our component count, reduce assembly labor time, and build more compact and higher performance laser modules to serve our customers. We look forward to a continued partnership with LightPath in the future."
About LightPath Technologies:
LightPath Technologies, Inc. (NASDAQ: LPTH) provides optics and photonics solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries. LightPath designs, manufactures, and distributes 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. For more information, visit www.lightpath.com.
About Changzhou Huada Kejie Opto-Electro Instrument CO., LTD ("HDOEI")
HDOEI is an enterprise that specializes in the manufacturing of laser precision and surveying instruments, and accessories for construction engineering and geological surveying. HDOEI is equipped with advanced technology machines and measuring instruments, and has established excellent cooperation with well known construction engineering companies. HDOEI produces custom solutions and products. For more information, visit www.huadalasers.com/english.
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.
