LightPath Technologies Receives $4.2 Million Renewal Contract for Infrared Optical Lens Elements
LightPath Technologies (NASDAQ: LPTH) announced a renewal of an annual supply agreement valued at over $4.2 million for infrared optical lens elements from a leading commercial infrared vision products customer. The agreement includes lenses for thermal monocular and weapon sights for outdoor and rescue applications. LightPath anticipates additional orders for next-generation products throughout the year, based on its history of high-quality optics production. Operations to fulfill this agreement will take place in Latvia, Florida, and China.
- Renewal of a $4.2 million supply agreement, indicating strong customer relationships.
- Expectations for additional orders related to next-generation products.
- None.
ORLANDO, FL / ACCESSWIRE / December 13, 2021 / LightPath Technologies, Inc. (NASDAQ:LPTH) ("LightPath," the "Company," or "we"), a leading vertically integrated global manufacturer 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 over
Given LightPath's track record of consistently delivering large volumes of high-quality optics, the Company expects to receive additional orders from this customer in the coming year for next generation products currently under development.
"We are pleased to announce this major contract renewal today as it demonstrates LightPath's ability to supply high-quality infrared optics on a commercial scale for an impactful OEM partner that values our optical expertise and innovative technologies," stated Mark Palvino, VP of Global Sales at LightPath. "We are seeing strong demand across our growing portfolio as the LightPath brand is strengthening globally."
This supply agreement 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 sights. LightPath's optics will be used on sights 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 this supply agreement will be completed in LightPath's Riga, Latvia, Orlando, Florida and Zhenjiang, China facilities.
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 and manufactures proprietary optical and infrared components including molded glass aspheric lenses and assemblies, custom molded glass freeform lenses, 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.
Forward-Looking Statements
This press release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "forecast," "guidance," "plan," "estimate," "will," "would," "project," "maintain," "intend," "expect," "anticipate," "prospect," "strategy," "future," "likely," "may," "should," "believe," "continue," "opportunity," "potential," and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, and include, for example, statements related to the expected effects on the Company's business from the COVID-19 pandemic. These forward-looking statements are based on information available at the time the statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the duration and scope of the COVID-19 pandemic and impact on the demand for the Company products; the ability of the Company to obtain needed raw materials and components from its suppliers; actions governments, businesses, and individuals take in response to the pandemic, including restrictions on onsite commercial interactions; the impact of the pandemic and actions taken in response to the pandemic on global and regional economies and economic activity; the pace of recovery when the COVID-19 pandemic subsides; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the effects of steps that the Company could take to reduce operating costs; the inability of the Company to sustain profitable sales growth, convert inventory to cash, or reduce its costs to maintain competitive prices for its products; circumstances or developments that may make the Company unable to implement or realize the anticipated benefits, or that may increase the costs, of its current and planned business initiatives; and those factors detailed by LightPath Technologies, Inc. in its public filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on 10-Q. Should one or more of these risks, uncertainties, or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. 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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Company Contacts:
Rob Myers, Product Manager
LightPath Technologies, Inc.
Tel: 407-382-4003
rmyers@lightpath.com
Mark Palvino, VP of Global Sales
LightPath Technologies, Inc.
Tel: 407-382-4003
mpalvino@lightpath.com
Investor Contact:
Jordan Darrow
Darrow Associates
Tel. 631-766-4528
Jdarrow@darrowir.com
SOURCE: LightPath Technologies, Inc.
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