LightPath Technologies Provides Quarterly Update on Infrared Initiatives
ORLANDO, Fla., Jan. 14, 2013 /PRNewswire/ — LightPath Technologies, Inc. (NASDAQ: LPTH) (“LightPath”, the “Company” or “we”), a global manufacturer, distributor and integrator of patented optical components and high-level assemblies, today provided an update to shareholders on its progress with infrared lens initiatives.
LightPath continues to cultivate its thermal imaging business and has started delivering production units to several new OEM customers. Sales and technical teams continue to contact OEMs who purchase infrared optics in this space and deliver prototypes of optical assemblies for their respective thermal imaging systems.
To support anticipated growth in its thermal infrared product lines, LightPath continues to implement multiple cost reduction programs and is simultaneously expanding the manufacturing capacity at its Orlando facility. During the past quarter, work has remained focused on molding yield improvement, expanded preform capability, and work station layout. These programs have already reduced manufacturing costs by 30% and the company is on track to achieve its expected cost targets. Additionally, LightPath has deployed new polishing equipment that increases the capacity of its glass preparation facility by 80% in anticipation of an acceleration of orders in the second half of fiscal 2013.
LightPath’s chalcogenide optics provides significant material cost advantages for customers compared to the materials that are currently in use for high volume infrared systems.
Jim Gaynor, President and Chief Executive Officer of LightPath, commented, “We are excited to be in the position to penetrate this $150 million addressable market for infrared products, spanning a diverse customer base. We are continuing to expand our thermal imaging business with OEM customers and see additional opportunities as we introduce additional quantum cascade laser lenses which will be showcased at the upcoming Photonics West exhibition February 5(th) thru February 7(th). These new lenses continue to interest customers in various subsectors, such as infrared countermeasures, gas analysis, and spectroscopy.”
About LightPath Technologies
LightPath manufactures optical products including precision molded aspheric optics, GRADIUM® glass products, proprietary collimator assemblies, laser components utilizing proprietary automation technology, higher-level assemblies and packing solutions. The Company’s products are used in various markets, including industrial, medical, defense, test and measurement and telecommunications. LightPath has a strong patent portfolio that has been granted or licensed to it in these fields. For more information 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.
Contacts: Jim Gaynor, President & CEO Dorothy Cipolla, CFO LightPath Technologies, Inc. LightPath Technologies, Inc. Tel: 407-382-4003 Tel: 407-382-4003 x305 Email: firstname.lastname@example.org Email: email@example.com Web: www.lightpath.com Web: www.lightpath.com Brett Maas, Managing Partner Hayden IR Tel: 646-536-7331 Email: Brett@haydenir.com ------------------------- Web: www.haydenir.com ---------------------
SOURCE LightPath Technologies, Inc.