LightPath Technologies Wins $2.8 million Order for BD6 Thermal Imaging Assemblies from Major Defense Contractor
ORLANDO, FL / ACCESSWIRE / February 14, 2020 / LightPath Technologies, Inc. (NASDAQ:LPTH) ("LightPath," the "Company," or "we"), a leading vertically integrated global manufacturer, distributor and integrator of proprietary optical and infrared components and high-level assemblies, today announced it has been awarded a $2.8 million contract for 20,000 BD6 thermal imaging assembly units from a major defense contractor specializing in electro-optic and navigation systems. The contract will be fulfilled ratably over the next 24 months and will be completely manufactured in the Company's recently expanded facilities in Orlando, Florida.
Jim Gaynor, LightPath's CEO, said, "I am delighted to announce that LightPath has been able to win this long-term supply agreement for the purchase of these thermal imaging lens assemblies and demonstrate the success of our strategy to differentiate through our technology to increase our defense business. The contract reflects the rapidly growing market acceptance of LightPath's BD6 as the infrared optical material of choice for defense applications as well as for high-volume commercial customers."
LightPath's thermal imaging assembly will be utilized on the E-COTI (Enhanced Clip On Thermal Imager) that is primarily being used in a USMC program awarded to ELBIT (Formerly L3 Harris) for a minimum of 14,000 Squad Binocular Night Vision Goggles. The magnitude of this program offers the opportunity for additional assembly quantities to be required as the military has a need for up to 37,500 Night Vision units with expected delivery requirements to ramp to 400-500 per month. The E-COTI is also used in other programs that have quantities in the thousands which may further increase the total expected lifetime volume requirements.
LightPath's BD6 chalcogenide technology replaces an existing germanium product with a thermal imaging lens assembly comprised of two molded BD6 lenses. Glass manufacture and all molding, coating, and assembly will be done in LightPath's facility in Orlando, Florida. Mr. Gaynor added, "Recent investments in BD6 glass fabrication, molding processes, and a state-of-the-art optical coating facility as well as in optical assembly capabilities demonstrates LightPath's ability to bring tremendous value to our customers and deliver quality products in a timely fashion. We believe these attributes enable us to stand virtually unrivaled in our industry and uniquely capable of supporting U.S. defense programs and first responders."
About LightPath Technologies
LightPath Technologies, Inc. (NASDAQ: LPTH) is a leading global, vertically integrated provider of optics, photonics and infrared solutions for the industrial, commercial, defense, telecommunications, and medical industries. LightPath designs, manufactures, and distributes proprietary optical and infrared components including molded glass aspheric lenses and assemblies, infrared lenses and thermal imaging assemblies, fused fiber collimators, and proprietary Black DiamondTM ("BD6") chalcogenide-based glass lenses. LightPath also offers custom optical assemblies, including full engineering design support. The Company is headquartered in Orlando, Florida, with manufacturing and sales offices in Latvia and China.
LightPath's wholly-owned subsidiary, ISP Optics Corporation, manufactures a full range of infrared products from high performance MWIR and LWIR lenses and lens assemblies. ISP's infrared lens assembly product line includes athermal lens systems used in cooled and un-cooled thermal imaging cameras. Manufacturing is performed in-house to provide precision optical components including spherical, aspherical and diffractive coated infrared lenses. ISP's optics processes allow it to manufacture its products from all important types of infrared materials and crystals. Manufacturing processes include CNC grinding and CNC polishing, diamond turning, continuous and conventional polishing, optical contacting and advanced coating technologies.
For more information on LightPath and its businesses, please 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, continued improvements in our financial results,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, including its most recent Annual Report on Form 10-K. 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.
Jim Gaynor, President & CEO
LightPath Technologies, Inc.
Donald O. Retreage, Jr., CFO
LightPath Technologies, Inc.
Tel: 407-382-4003 x329
SOURCE: LightPath Technologies, Inc.