ORLANDO, Fla., April 3, 2012 /PRNewswire/ -- LightPath
Technologies, Inc. (Nasdaq: LPTH), manufacturer and integrator of
precision molded glass aspheric optics, Black Diamond™
infrared aspheres, GRADIUM® glass products and high performance
fiber-optic beam delivery systems, today announces that it has set
a strategy for the future focusing specifically on bringing its
revolutionary manufacturing processes and new products to
industries with large growth potential. Specifically, areas
of focus will be:
- Low cost, molded infrared optics for thermal imaging, security
and surveillance, automotive, sensing and defense applications
- Laser optics for high volume, growing industrial applications:
laser tools for construction, medical instruments and
telecommunications systems
- Optical assemblies for collection and management of laser light
through fiber optics for industrial and laser instrumentation
"Over the course of the past year, our management team and board
members have worked together on a comprehensive analysis of our
products, strengths, market position and market needs," said
Jim Gaynor, CEO of LightPath
Technologies. "We are in a position now to leverage the
manufacturing technology and optical expertise we've developed over
the last 20 years into a specific set of significant growth
applications and industries. We are particularly excited
about our new opportunities in the infrared market.
Applications of infrared and thermal imaging technology have grown
dramatically over the last ten years into various markets including
industrial inspection, automotive safety, chemical and biological
sensing and security and surveillance."
According to Mr. Gaynor, some specifics indicating the strength
of the infrared markets that LightPath is targeting are:
- US defense spending allocated to unmanned systems equipped with
infrared sensors is expected to reach $3.6B by 2013. (Frost and Sullivan
Research).
- The market for biological and chemical sensors is expected to
be worth $13B in 2013 and grow to
$21B by 2016. (BCC Research) The
growth of this total market will generate significant demand for
infrared optics such as those used in mid- and long-wave IR
lasers.
- The market for automotive safety and awareness equipment
employing infrared technology, (night vision systems, blind spot
detection, lane departure warning) grew at a CAGR of 14.1% from
2006 to 2012 and is expected to reach $3.3B in 2012. (Frost and Sullivan
Research).
Mr. Gaynor went on to say, "Cost is now a major barrier to
further expansion into mission-critical defense and high-volume
commercial applications. LightPath has a process that when
completely developed will reduce optics cost by 35-40% or
more. This should have a significant impact on the market and
our business."
"In addition to the outlook for emerging applications like
infrared, which is now close to a $5B
market, our strategy is supported by significant opportunities that
are already making their way through our new product development
pipeline for specific customer applications. These include optics
for revolutionary new medical devices, state-of-the-art industrial
laser range finders and fiber optic laser transmitters that support
new wireless standards like 4G," said Dr. Brian Soller, LightPath's Vice President of
Corporate Development. "A renewed focus on these specific
industries with large growth potential, and in which we currently
have a strong foot-hold, in combination with our penetration into
overseas markets through our facility in Shanghai and our upgraded international sales
channels should provide for significant opportunities for LightPath
and our shareholders in the near future."
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:
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Brian
Soller, Vice President, Corporate Development
|
|
LightPath
Technologies, Inc. (407) 382-4003
|
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Internet: www.lightpath.com
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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.