Syntec Optics, a scientific and technical instruments, and
aerospace and defense supplier that, over the past two decades,
enabled polymer optics for missile laser guides and extremely
wide field of view light weight augmented reality head mounted
display for military pilots, announced today the launch of new
light-weight eyepieces and objectives lenses for night vision
goggles, called Viper. Syntec Optics’ volume production of Viper
began in October 2023 by utilizing its integrated advanced
manufacturing platform capabilities to enable the next-generation
design and production.
Syntec’s Viper launch will address, (i) the backlog of pent-up
demand for replacement optics components in the existing night
vision goggle global installed base, and (ii) the new demand for
improved optics to fit into next-generation night vision goggles.
Per valuate.com, it is estimated that by 2027, the global
market size for image intensifiers used in night vision goggle
systems will be nearly one billion dollars.
“Shifting tailwinds of reshoring of American advanced
manufacturing due to FAR Buy American Act requirements
favors continued growth for Syntec Optics,” said Syntec Optics CEO,
Joe Mohr. "Syntec is focused on the design of light weight, high
performance night vision optics that offers functionality exceeding
that of offshore, heavy, all glass alternatives. This creates
further advantage over existing foreign suppliers for both domestic
and global supply and is going to add new jobs in the
U.S.”
US Army veteran and Syntec Optics Program Manager Richard Swartz
said, "Syntec Optics is well-positioned in the next generation
augmented reality head mounted displays and is now using its
world-class design capabilities with vertically integrated and
optimized optics manufacturing to offer a domestic and lightweight
alternative for night vision optics.”
"Syntec Optics’ use of a hybrid glass and polymer lens
architecture delivers light weight, high performance imaging
solutions to serve both the defense and consumer night vision
markets", said Jim Olson, industry expert and Syntec Optics VP of
Advanced Optics Systems. About Syntec
Optics
Syntec Optics Inc., headquartered in Rochester,
NY, is one of the largest custom optics and photonics manufacturers
in the United States. Operating for more than two decades, Syntec
Optics runs a state-of-the-art, nearly 90, 000 sq. ft.
manufacturing facility with extensive core capabilities of various
optics manufacturing processes both horizontally and vertically
integrated to provide advantage for systems integrators. Syntec
Optics’ mission is to provide a U.S.-based scalable platform of
optics and photonics manufacturing that keeps American soldiers
from harm's way, offers doctors technology tools for patient care,
and delivers photonics enabled precision to consumer products and
services. To learn more, visit www.syntecoptics.com.
Syntec Optics previously announced an agreement
for a business combination with OmniLit Acquisition Corp.
(“OmniLit”) (Nasdaq: OLIT), which is expected to result in Syntec
Optics becoming a public company listed on the Nasdaq Stock
Exchange under the new ticker symbol “OPTX” in Q4 2023, subject to
customary closing conditions.
Cautionary Statement Regarding Forward Looking
Statements
This press release contains statements that constitute
"forward-looking statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995, Section
27A of the Securities Act of 1933, as amended (the "Securities
Act") and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements other than statements of historical fact,
including statements as to the transactions contemplated by the
business combination, future results of operations and financial
position, revenue and other metrics, planned products and services,
business strategy and plans, objectives of management for future
operations of Syntec Optics, market size and growth opportunities,
competitive position and technological and market trends, are
forward-looking statements. Some of these forward-looking
statements can be identified by the use of forward-looking words,
including "may," "should," "expect," "intend," "will," "estimate,"
"anticipate," "believe," "predict," "plan," "targets," "projects,"
"could," "would," "continue," "forecast" or the negatives of these
terms or variations of them or similar expressions. All
forward-looking statements are subject to risks, uncertainties, and
other factors (some of which are beyond the control of Syntec
Optics) which could cause actual results to differ materially from
those expressed or implied by such
forward-looking statements. For example, forward-looking
statements include statements regarding the expected benefits to
Syntec Optics customers of the Viper product. Actual results could
differ materially from the forward-looking statements made in this
press release. Factors that might cause these differences include
but are not limited to: unanticipated technical and other
challenges that arise with the product manufacturing; unanticipated
technical or other delays with the product; customer and strategic
partner responses; potential future changes to the pricing or other
terms; and potential unforeseen costs or expenses of providing the
products and services. All forward-looking statements are
based upon estimates, forecasts and assumptions that, while
considered reasonable by Syntec Optics and its management, are
inherently uncertain and many factors may cause the actual results
to differ materially from current expectations which include, but
are not limited to statements with respect
to OmniLit’s search for an initial business combination
and OmniLit’s ability to enter into a business
combination agreement with a counterparty, the risk that the
transaction may not be completed, and the other risks and
uncertainties set forth in the sections entitled "Risk Factors" and
"Cautionary Note Regarding Forward-Looking Statements"
in OmniLit’s Form S-4 (File No. 333-271822) filed with
the SEC. Copies are available on the SEC's
website, www.sec.gov. Syntec Optics or OmniLit undertakes
no obligation to update these statements for revisions or changes
after the date of this release, except as required by
law.
Additional Information and Where to Find
It
This press release relates to a proposed transaction between
OmniLit and Syntec Optics. OmniLit has filed a registration
statement on Form S-4 with the SEC, which is subject to change
and includes a document that serves as a prospectus and proxy
statement of OmniLit, referred to as a proxy statement/prospectus.
The definitive proxy statement/prospectus will be sent to all
OmniLit stockholders. OmniLit has also filed other documents
regarding the proposed transaction with the SEC. Before making any
voting decision, investors and security holders of OmniLit are
urged to read the registration statement, the proxy
statement/prospectus and all other relevant documents filed or that
will be filed with the SEC in connection with the proposed
transaction because they contain important information about the
proposed transaction.
Investors and security holders are able to obtain free copies of
the registration statement, the proxy statement/prospectus and all
other relevant documents filed or that will be filed with the SEC
by OmniLit through the website maintained by the SEC
at www.sec.gov.
The documents filed by OmniLit with the SEC also may be obtained
by contacting OmniLit Acquisition Corp. by
emailing info@omnilitac.com.
NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS
APPROVED OR DISAPPROVED THE TRANSACTIONS DESCRIBED IN THIS PRESS
RELEASE, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS
COMBINATION OR RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR
ACCURACY OF THE DISCLOSURE IN THIS PRESS RELEASE. ANY
REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL
OFFENSE.
Participants in the Solicitation
Syntec Optics, OmniLit and certain of their respective
directors, executive officers and other members of management and
employees may, under SEC rules, be deemed to be participants in the
solicitation of proxies from OmniLit’s shareholders in connection
with the proposed business combination. A list of the names of such
persons and information regarding their interests in the proposed
business combination are contained in the definitive proxy
statement/prospectus. You may obtain free copies of these documents
free of charge by directing a written request to OmniLit or Syntec
Optics. The definitive proxy statement will be mailed to OmniLit’s
shareholders as of a record date to be established for voting on
the proposed business combination when it becomes
available.
No Offer or Solicitation
This press release and the information contained therein are not
intended to and do not constitute an offer to sell or the
solicitation of an offer to buy, sell or solicit any securities or
any proxy, vote or approval, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. No offer of
securities shall be deemed to be made except by means of a
prospectus meeting the requirements of Section 10 of the
Securities Act or an exemption therefrom.
For further information, please contact: Joe
Mohr Chief Executive
Officer info@syntecoptics.com To learn more
about this new capability please
visit www.SyntecOptics.com and watch the video or call
Sara Hart at Syntec Optics at 585.768.2513 x101 or
650.616.4229.
SOURCE: Syntec Optics, Inc., OmniLit Acquisition Corp.
(Nasdaq: OLIT)
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