ORLANDO, Fla., Oct. 31, 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, today provided an update to shareholders on its progress with its infrared lens initiatives.
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LightPath continues to develop its thermal imaging business and is currently in the later stages of upgrading manufacturing capabilities at its Orlando factory to support the anticipated growth in its thermal infrared product lines. Sales and technical teams have been in contact with many large OEMs who purchase infrared optics in this space and LightPath has received initial orders from three such OEMs for prototypes of optical assemblies for their respective thermal imaging systems. LightPath's optics provide significant material cost advantages for its customers through the use of chalcogenide glass compared to the materials that are currently in use today for such systems. LightPath continues to see significant growth opportunities for this business and expects significant orders from these and other customers in the second half of fiscal 2013.
In addition, the infrared development program with Raytheon Vision Systems continues to progress and work is now shifting from producing initial prototypes to developing the necessary production-scale cost reductions to meet the program's cost and performance goals. With a substantial portion of the investment phase now completed, core manufacturing techniques and resources are now in place with significant improvements having been made in the protective coatings for the lenses. As the cost reductions are developed from this work, they are being implemented into LightPath's proprietary process.
Jim Gaynor, President and Chief Executive Officer of LightPath, commented, "We are excited by the growing acceptance of the infrared products we offer as we continue to successfully penetrate this $150 million addressable market serving a diverse customer base. In particular, we see our infrared business being driven by demand for our quantum cascade laser lenses, with interest from 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.
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.