LightPath Technologies Provides Quarterly Update on Infrared Initiatives
R&D Has Yielded 30% IR Manufacturing Cost Reductions
Evaluation of Prototypes with Prospective New OEM Customers for Thermal
Imaging Systems Now Underway
ORLANDO, Fla., Jan. 14, 2013
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
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
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
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.
Jim Gaynor, President & CEO Dorothy Cipolla, CFO
LightPath Technologies, Inc. LightPath Technologies, Inc.
Tel: 407-382-4003 Tel: 407-382-4003 x305
Email: email@example.com Email: firstname.lastname@example.org
Web: www.lightpath.com Web: www.lightpath.com
Brett Maas, Managing Partner
SOURCE LightPath Technologies, Inc.
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