ORLANDO, Fla.,
Oct. 11, 2012 /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, has
partnered with NHG, a major manufacturer and provider of optical
materials, and granted to NHG an exclusive license to manufacture
and distribute GRADIUM® glass products in Asia and, in particular, China, using LightPath intellectual property.
The license is exclusive, non-assignable, non-transferable and has
an initial term of five years.
(Logo: http://photos.prnewswire.com/prnh/20120202/FL45310LOGO
)
GRADIUM® lenses are made from LightPath's proprietary axial
gradient index glass, with unique refractive qualities that can be
manipulated to reduce spherical aberrations and yield performance
similar to single-term aspheres, at a fraction of the cost.
GRADIUM® lenses, which have been applied as simple singlets or
doublets in complex multi-element systems, have been very well
received for use in high-power industrial laser systems by many of
the world's largest Nd:YAG laser and fiber laser
manufacturers. These optics are being included in laser
delivery systems spanning a wide variety of products in end markets
that include laser cutting, marking, and welding.
Jim Gaynor, President and CEO of
LightPath Technologies, stated, "We are pleased and excited to have
found such an excellent partner for the distribution of the
GRADIUM® product into the Asian and, specifically, the Chinese
market. NHG is a well known and respected producer of optical
materials in China, and we believe
there is potential for additional partnership opportunities with
NHG in the future. We believe NHG will be very successful in
broadening the exposure of our GRADIUM® products in Asia and that this partnership will continue
to expand LightPath's distribution network and contribute to our
company's growth throughout China
and Asia well into the
future."
Recently LightPath announced its strategic initiatives to apply
the knowledge and experience developed over the last twenty-five
years in the visible optics market to develop a low-cost
manufacturing technique for the production of infrared optics. The
Company expects commercial sales of various infrared products to
launch in the fourth quarter of calendar 2012. 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. These markets are expected to generate
over $20 billion in system-wide sales
in 2014.
About NHG
NHG is a public company traded on the Shanghai Stock
exchange. It is a producer of ophthalmic and optical glass products
with over 800 employees that produces over 6000 tons of optical
materials per year. Its products are used in digital cameras,
projectors and monitors. NHG has over 30 years of business
experience.
About LightPath Technologies
LightPath Technologies is a global leader in the
manufacture and distribution of molded glass optics for a variety
of applications including telecommunications, defense, medical and
industrial-laser optics – markets that exceed $200 million at the component level. 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 in these fields. LightPath common stock
trades on the Nasdaq Capital Market under the stock symbol LPTH.
For more information visit www.lightpath.com
Investor Contact:
Brett Maas, Managing
Partner
Hayden IR
Tel: 646-536-7331
Email: Brett@haydenir.com
Web: www.haydenir.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.
SOURCE LightPath Technologies, Inc.