LightPath Technologies Adding Molding Capacity to Accommodate Increasing
Investing in China Facilities to Increase Capacity Over 45%
ORLANDO, Fla., Oct. 1, 2013
ORLANDO, Fla., Oct. 1, 2013 /PRNewswire/ --LightPath Technologies, Inc.
(NASDAQ: LPTH) ("LightPath," the "Company" or "we"), a leading vertically
integrated global manufacturer and distributor of proprietary optical
components and high-level assemblies, announced today that in response to
accelerating market demand for its molded aspheric lenses it is building 12
new molding stations for its China operations.This investment will result in
an increase in capacity and production capability of over 45%.
(Logo: http://photos.prnewswire.com/prnh/20130122/FL45558LOGO )
Demand for LightPath's aspheric lenses has increased in both its North
American and Asian sales regions. The Company manufactures products to meet
this demand in both its US and China operations. End product markets driving
the increased demand for aspheric lenses include laser tools,
telecommunications, digital projectors, industrial equipment, medical
instruments and increasing use of green laser diodes. LightPath anticipates
this increase in demand will phase in over the next three quarters. Given the
phase in of this new business and the fact that it will be high-volume
low-cost products driving this increase, the Company expects to see a greater
than 15% increase in annualized revenues.
LightPath Chief Executive Officer Jim Gaynor said, "It is significant to note
that the product demand we are seeing is broad based across several of our
larger market segments. It is not limited to any specific industry, market or
geographic location. As we have stated previously this growth is driven by
four market themes, cloud computing, adoption of digital technology for video
distribution, mobile internet demand and machine to machine communication
which all require more bandwidth and thus expansion of optical networks. These
market drivers combined with the excellent value proposition that we bring to
our customers with competitive prices and superior quality is the reason we
believe we are experiencing this increase in demand and why we have confidence
in our continued growth going forward."
About LightPath Technologies:
LightPath Technologies, Inc. (NASDAQ: LPTH) provides optics and photonics
solutions for the industrial, defense, telecommunications, testing and
measurement, and medical industries. LightPath designs, manufactures, and
distributes optical and infrared components including molded glass aspheric
lenses and assemblies, infrared lenses and thermal imaging assemblies, fused
fiber collimators, and gradient index GRADIUM® lenses. LightPath also offers
custom optical assemblies, including full engineering design support. 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.
Marketing Communications Specialist
Director of Sales
Darrow Associates, Inc.
SOURCE LightPath Technologies, Inc.
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