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.
(Logo:
http://photos.prnewswire.com/prnh/20120202/FL45310LOGO)
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
systems.
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 2013.
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 5th
thru February 7th.
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 www.lightpath.com.
Forward-Looking Statements
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.
Contacts:
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Jim
Gaynor, President & CEO
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Dorothy
Cipolla, CFO
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LightPath
Technologies, Inc.
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LightPath
Technologies, Inc.
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Tel:
407-382-4003
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Tel:
407-382-4003 x305
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Email:
jgaynor@lightpath.com
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Email:
dcipolla@lightpath.com
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Web:
www.lightpath.com
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Web:
www.lightpath.com
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Brett
Maas, Managing Partner
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Hayden
IR
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Tel:
646-536-7331
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Email:
Brett@haydenir.com
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Web:
www.haydenir.com
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SOURCE LightPath Technologies, Inc.