ORLANDO, Fla., March 15, 2012 /PRNewswire/ -- LightPath
Technologies (NASDAQ: LPTH) announces today that it has entered
into a $1.1 million research &
development contract with Raytheon Vision Systems (NYSE:
RTN). The contract is for development of low cost
manufacturing processes for infrared optics and is in support
of Raytheon Vision Systems' $13.4
million Defense Advanced Research Projects Agency (DARPA),
Low Cost Thermal Imaging Manufacturing (LCTI-M) program. The goal
of LCTI-M is to develop a wafer scale manufacturing process that
will result in a camera on a chip, making thermal imagers
affordable, accessible, and ubiquitous to every
warfighter.
(Logo:
http://photos.prnewswire.com/prnh/20120202/FL45310LOGO)
"Applications of infrared and thermal imaging technology have
grown explosively over the last ten years into various markets
including industrial inspection, automotive vision and
security. Cost is now a major barrier to further expansion
into mission-critical defense and high-volume commercial
applications. The lower-cost infrared optics that should result
from our work on the LCTI project may not only enhance our
warfighter's capabilities, but could open significant new market
and application opportunities in thermal imaging for LightPath,"
said Jim Gaynor, President and CEO
of LightPath. "This contract allows us to continue our work
to develop even lower cost materials and processes for infrared
optics which we believe will enable critical defense capabilities,
and expanded commercial applications as well. With this technology,
we are currently targeting multiple high growth markets and
applications such as infrared countermeasures, thermography, gas
sensing and commercial night vision systems and we are proud to
partner with a global technology leader like Raytheon to develop
new capabilities for these markets."
Related to the overall objective of the LCTI-M program,
Charlie Cartwright, vice president
of Raytheon Network Centric Systems' Advanced Programs, which
includes Raytheon Vision Systems, adds "Making high-performance
thermal imagers available to every vehicle, surveillance device and
dismounted soldier will give them greater situational awareness in
low light, adverse weather and obscured environments."
LightPath Technologies has more than 25 years of experience
molding visible and infrared aspherical optics. In addition
to its ongoing commercial activities, LightPath was previously
awarded and completed a Phase II Small Business Innovative Research
(SBIR) grant from the Naval Air Warfare Center to develop molding
technologies for infrared optical components. The LCTI-M
contract will provide an opportunity to further develop LightPath's
molding technology and provide enhanced capabilities for thermal
imaging lenses in the mid- and long-wavelength infrared
spectrum.
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
Contacts:
|
Ray Pini,
Director of Infrared Programs
|
|
LightPath
Technologies, Inc.
|
|
Phone:
+1-407-382-4003 x354
|
|
Email:
rpini@lightpath.com
|
|
Internet: 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.
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.
GRADIUM® is a registered trademark of LightPath Technologies
Approved for Public Release, Distribution Unlimited
SOURCE LightPath Technologies