LightPath Technologies Enters into Supply Contract with Leading Digital Camera
Initial Orders Valued at $1.1 Million; Signals Penetration into Emerging
Digital Imaging Market
ORLANDO, Fla., Nov. 29, 2012
ORLANDO, Fla., Nov. 29, 2012 /PRNewswire/ --LightPath Technologies, Inc.
(Nasdaq: LPTH), manufacturer and integrator of precision molded glass aspheric
optics, Black Diamond^TM infrared aspheres, GRADIUM® glass products and high
performance fiber-optic beam delivery systems, announced today that it has
entered into a supply agreement with a leading global manufacturer of
high-end, digital video recording and playback equipment with an initial
stocking order of approximately $1.1 million. Under the terms of this
agreement, LightPath will begin deliveries of lenses to this new customer
beginning in the first calendar quarter of 2013.
"The investments we made in designing optics for the digital imaging and
projection market have resulted in an outstanding product line that is now
being adopted by top players in this market," said Jim Gaynor, CEO of
LightPath Technologies, Inc. "Digital imaging applications with capabilities
that enable digital resolution in excess of 4X HD quality are just now
beginning to proliferate through the video production market, and our products
and technology are well-positioned to participate in this area of rapid
growth. These high tech optics are a critical element in high performance
camera and digital projection systems and our ability to win new business like
this validates the price, performance and quality of our optics in a
competitive and highly technical marketplace. Expanding into new areas is one
key element of our growth plan and shows the continued progress we've made in
our strategy to become a leading global supplier of molded glass optics and
assemblies that serve a diverse group of end-markets and applications. Our
goal is to lead both the technology and price-to-performance curves, and I
believe this is a good indication of our successful penetration of a market
that is expected to grow to $770 million by 2018."
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. LightPath has a strong patent portfolio that
has been granted or licensed to us in these fields. LightPath common stock
trades on the Nasdaq Capital Market under the stock symbol LPTH. For more
information visit www.lightpath.com.
Jim Gaynor, President & CEO Dorothy Cipolla, CFO
LightPath Technologies, Inc. LightPath Technologies,
Tel: Tel: 407-382-4003 x305
Email: email@example.com Email:
Web: www.lightpath.com Web: www.lightpath.com
Brett Maas, Managing Partner
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. 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.
SOURCE LightPath Technologies, Inc.
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