LightPath Technologies Enters into Supply Agreement with Leading Digital Camera Manufacturer
(Orlando, FL, November 29, 2012) - LightPath Technologies, Inc. (Nasdaq: LPTH - News), manufacturer and integrator of precision molded glass aspheric optics, Black DiamondTM infrared aspheres, GRADIUM® glass products and high performance fiber-optic beam delivery systems, announced today that it has entered into a supply agreement with a leading global manufacturer of high-end, digital video recording and playback equipment with an initial stocking order of approximately $1.1 million. Under the terms of this agreement, LightPath will begin deliveries of lenses to this new customer beginning in the first calendar quar ter of 2013.
"The investments we made in designing optics for the digital imaging and projection market have resulted in an outstanding product line that is now being adopted by top players in this market," said Jim Gaynor, CEO of LightPath Technologies, Inc. "Digital imaging applications with capabilities that enable digital resolution in excess of 4X HD quality are just now beginning to proliferate through the video production market, and our products and technology are well-positioned to participate in this area of rapid growth. These high tech optics are a critical element in high performance camera and digital projection systems and our ability to win new business like this validates the price, performance and quality of our optics in a competitive and highly technical marketplace. Expanding into new areas i s one key element of our growth plan and shows the continued progress we’ve made in our strategy to become a leading global supplier of molded glass optics and assemblies that serve a diverse group of end-markets and applications. Our goal is to lead both the technology and price-to-performance curves, and I believe this is a good indication of our successful penetration of a market that is expected to grow to $770 million by 2018."
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. LightPath has a strong patent portfolio that has been granted or licensed to us in these fields. LightPath common stock trades on the Nasdaq Capital Market under the stock symbol LPTH. For more information visit www.lightpath.com