LightPath Technologies Receives $5.8M Renewal Contract
LightPath Technologies (NASDAQ:LPTH) has secured a renewal of an annual supply agreement worth over $5.8 million, reflecting a 16% increase compared to the previous year. This contract involves the purchase of infrared optical lens elements for a major customer in the commercial infrared vision products sector. The lenses will be utilized in devices such as thermal monoculars and weapon sights, aimed at various applications including search and rescue and nature observation. Fulfillment will occur across facilities in Latvia, Florida, and China.
- Renewal of supply agreement valued at over $5.8 million.
- 16% increase from prior year contract.
- Demonstrates strong market demand for infrared optics.
- None.
ORLANDO, FL / ACCESSWIRE / December 3, 2020 / 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
"We are pleased to announce this major contract renewal today as it demonstrates LightPath's ability to supply 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 interest in many product lines as the LightPath Brand is strengthening globally even in the midst of a pandemic."
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 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 this supply agreement will be completed in LightPath's Riga, Latvia, Orlando, Florida and Zhenjiang, China facilities.
Please contact Mark Palvino at mpalvino@lighpath.com for more information.
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, 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 mandatory business closures and 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 its Quarterly Report on Form 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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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
SOURCE: LightPath Technologies, Inc.
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