ORLANDO, Fla., Aug. 28, 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
announced the expansion of its Infrared Optics group with the
addition of Glenn Breeze in a newly
created position. Mr. Breeze will lead worldwide
commercialization and sales efforts for the Company's Infrared
products, which includes its world class molded chalcogenide
optics.
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Mr. Breeze brings to LightPath Technologies over 30 years
experience in sales, marketing and business development, including
significant direct experience in the infrared, advanced technical
materials and optical markets. He previously held executive level
business development and technical sales positions in finished
infrared optical components and lens assemblies which are
integrated into multiple sensor camera systems for defense,
security, reconnaissance and commercial applications. Most
recently, he was Director of Sales and Marketing for Ophir Optics
(now Newport Corporation), where he was primarily responsible for
the sales growth of the US division of Ophir Optics.
"The addition of Glenn Breeze to
our team strengthens our molded infrared optic business, which
represents a significant component of our growth strategy," said
Jim Gaynor, CEO of LightPath.
"Glenn's impressive track record of delivering sales growth within
our addressable markets as well as his demand creation and sales
leadership experience complement our existing strengths in product
development and manufacturing. His experience and knowledge
of the infrared market is a tremendous asset that we expect will
enhance our prospects for future success."
At LightPath, Mr. Breeze will direct strategic planning,
business development and sales management activities for the
Company's expanding line of infrared lenses, including assuming
responsibility for key commercial, government and military accounts
and growth of LightPath's existing direct sales and indirect
distribution network.
"One of our competitive advantages in the infrared markets is
the leverage we have in molding processes as a disruptive
technology," added Mr. Gaynor. "Molding is a key enabling
technology to the commercialization of new applications in infrared
systems and provides further benefit through manufacturing cost
reduction. Due to LightPath's investment in technologies and
process improvements that have significantly reduced the cost of
optical components and increased manufacturing output, we now have
exposure to what we believe is a segmented addressable market of
$100 million annually for infrared
optics derived from an overall infrared systems market estimated at
$35 billion. These markets have
a multitude of growth catalysts and include defense, para-military,
law enforcement, automotive and other large scale commercial
applications. We are now very well positioned to implement
our growth strategy and access these markets."
Infrared systems include applications such as thermal imaging
cameras, gas sensing devices, spectrometers, night vision systems,
automotive driver awareness systems such as blind spot detection,
thermal weapon gun sights and infrared counter measure systems,
among others. LightPath has proprietary manufacturing and
material technology to manufacture molded optics that fit these
applications. For example, utilizing precision molded
aspheric optics significantly reduces the number of lenses required
for typical thermal imaging systems and the cost to manufacture
these lenses as compared to traditional methods.
The aspheric design of LightPath's lenses enables system
designers to reduce the lens elements in a system and provide
similar performance at a lower cost. As a result,
LightPath's aspheric molding process is becoming an enabling
technology for the cost reduction and commercialization of infrared
imaging systems. The Company has enhanced its precision
molded infrared aspheric optics products for imaging applications
in firefighting, predictive maintenance, homeland security,
surveillance, automotive and defense. In addition,
LightPath has targeted niche markets, such as infrared laser
systems that are used in gas sensing and environmental monitoring,
because the demand for infrared imaging systems has been growing
significantly based on the steep decline in prices of the infrared
detectors. These growing markets provide a unique
opportunity for high volume molded infrared aspheres.
About LightPath Technologies
LightPath 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, 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.
General Contact:
Kathy
Botticello
Marketing Communications Specialist
kbotticello@lightpath.com
407-382-4003 x316
Investor Relations Contact:
Jordan
Darrow
Darrow Associates, Inc.
jdarrow@darrowir.com
631-367-1866
SOURCE LightPath Technologies, Inc.