LightPath Technologies Taps Experienced Operations Professional Steven Garcia as Orlando General Manager

Rhea-AI Summary

LightPath Technologies (NASDAQ: LPTH) has appointed Steven Garcia as General Manager of its Orlando, Florida production facility. Garcia brings over 20 years of experience in domestic and international manufacturing, specializing in lean operations, plant layout optimization, and facility management. His expertise includes employee training, adaptability, and safety.

This appointment marks a significant milestone for LightPath, reflecting the transition of the Orlando facility from corporate headquarters to a state-of-the-art manufacturing center. The move aligns with LightPath's commitment to manufacturing in America for American industry needs, with additional operations in Latvia to address European defense opportunities.

CEO Sam Rubin emphasized that this shift positions LightPath as a leading provider to the defense industry, reducing supply chain risks and leveraging strategic CapEx investments for future growth.

Positive

• Appointment of experienced operations professional as General Manager
• Transition of Orlando facility to state-of-the-art manufacturing center
• Strategic focus on manufacturing in America for defense industry needs
• Expansion of operations to NATO partner country Latvia for European defense opportunities
• Reduction of supply chain risks through domestic manufacturing

Negative

• None.

ORLANDO, Fla., Oct. 1, 2024 /PRNewswire/ -- LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company," or "we"), a leading global, vertically integrated provider of thermal imaging cores, custom optical assemblies, photonics and infrared solutions for the industrial, commercial, defense, telecommunications, and medical industries, today announced the appointment of experienced operations professional Steven Garcia as General Manager of the Company's production facility in Orlando, Florida.

Mr. Garcia brings over two decades of expertise in domestic and international manufacturing to LightPath, specializing in lean operations, optimizing plant layouts for efficiency, continuous improvement, and facility management with a strong focus on employee training, adaptability and safety.

Prior to joining LightPath, he served as Director of Operations at HT Global Circuits, where he oversaw equipment procurement, M&A integration and regulatory compliance including ISO9001, AS9100, ISO13485, Mil-Spec and ITAR Certifications. Prior to HT Global Circuits, Mr. Garcia held leadership roles in the areas of quality management and international business operations, effectively building offshore business units and managing supply chain relationships across Asia.

"I am pleased to welcome Steven Garcia to the LightPath family as General Manager of our Orlando facility," said Sam Rubin, President and Chief Executive Officer of LightPath. "The creation of the role of General Manager in Orlando represents an incredible milestone, reflective of the transition of the facility's use from corporate headquarters to state-of-the-art manufacturing. This speaks volumes to the profound shift we are currently experiencing as we emerge as a leading provider to the defense industry.

"LightPath has committed to manufacturing in America, for the needs of American industry. We continue to shift our manufacturing footprint stateside – with supplemental operations in NATO partner country Latvia to address European defense opportunities – reducing supply chain risks. I firmly believe that the strategic CapEx investments we have made in these facilities will serve to empower our growth for years to come."

Steven Garcia added: "I am incredibly thrilled to join LightPath at such a critical junction in the Company's growth trajectory. As the Company works through its pipeline of critical defense projects in the near-term – particularly during the transition from manufacturing components to complex, high-value sub-systems – a world-class production footprint will be essential. I look forward to working closely with Sam and the production team at LightPath as we strive to deliver enduring value to both our customers and shareholders."

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 Diamond™ ("BD") 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 Dallas Texas, Latvia and China.

LightPath's wholly-owned subsidiary, Visimid Technologies, was acquired in July 2023, and specializes in the design and development of customized infrared cameras, for the industrial and defense industries. Such customized cameras are often sold together with customized optical assemblies from LightPath.

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.

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. 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 impact of varying 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; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; geopolitical tensions, the Russian-Ukraine conflict, and the Hamas/Israel war; 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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SOURCE LightPath Technologies

FAQ

Who is the new General Manager of LightPath Technologies' Orlando facility?

Steven Garcia has been appointed as the new General Manager of LightPath Technologies' production facility in Orlando, Florida.

What is the significance of creating a General Manager role for LPTH's Orlando facility?

The creation of this role represents a milestone in transitioning the Orlando facility from corporate headquarters to a state-of-the-art manufacturing center, positioning LightPath as a leading provider to the defense industry.

How is LightPath Technologies (LPTH) addressing supply chain risks?

LightPath is shifting its manufacturing footprint to the United States, with supplemental operations in Latvia, to reduce supply chain risks and better serve American industry needs.

What industries does LightPath Technologies (LPTH) serve?

LightPath Technologies serves the industrial, commercial, defense, telecommunications, and medical industries with thermal imaging cores, custom optical assemblies, photonics, and infrared solutions.