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ORLANDO, FL – June 9, 2015 --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 optical sub-systems, announced today that
its Infrared (“IR”) 40 degree Field of View (“FOV”) molded optical
lens assembly has been selected for use in the manufacture of
firefighting thermal imaging cameras by a leading supplier of integrated
products and technologies for defense departments and federal, state and
municipal government agencies worldwide.
Based on a report published in December 2014 by
the National Institute of Standards and Technology, a division of the
Technology Administration of the U.S. Department of Commerce, there is
increased attention being given to thermal imaging research needs in an
effort to support fire fighters, among other first responders.
LightPath’s thermal imaging IR product line enables the advancement of
firefighting technologies and supports a key objective of reducing
line-of-service deaths and burn injuries. The report cites the need
for creating an information rich environment for greater situational
awareness, which may be attained by incorporating the precision and
accuracy available through LightPath’s molded IR optics.
According to Maxtec International, Inc., a market
research firm covering the infrared and thermal imaging industries, the
Uncooled Thermography market in 2014 was $582 million and the demand for thermal
imagers has been growing. There are over 5 million fire fighters
worldwide. In the U.S., there are 1.1million firefighters and more
than 35,000 fire departments that respond to nearly 2,000,000 fires every
year, according to the National Fire Data Center.
Jim Gaynor, President and Chief Executive Officer of
LightPath, commented, “We believe the availability of cutting edge
infrared lenses and optical technologies to original equipment
manufacturers, including some of the leading defense suppliers in the
world, will drive increased adoption of this type of camera that enables
fire departments and other first responders to more safely conduct their
duties for mission critical success. This is a very large and vital
market where increased levels of government spending are being allocated
to ensure the safety of both the firefighters and the people they
protect.”
A thermographic camera (also called
an infrared camera or thermal imaging camera) is a device
that forms an image using infrared radiation, similar to a
common camera that forms an image
using visible light. Instead of the 450–750 nanometer range of
the visible light camera, infrared cameras operate
in wavelengths as long as 14,000 nm (14 µm).
Fire fighters may rely in part on a thermal imaging camera
to navigate their way through a burning structure; therefore most imagers
employ a wide FOV in the range of 40º to 60º. There are few cases in
which a fire fighter would need to focus on an object less than 1 meter
away, which encourages the use of relatively robust and lower cost fixed
focal length optics that focus from 1 meter to infinity.*
LightPath’s catalog offers an optic products line that meets
these and other specifications.
LightPath continues to develop improved capabilities for its
IR product line and now offers two types of chalcogenide IR glass
materials and several anti-reflective coating options that will cover
most requirements in the commercial and military high-volume and
small-size application markets. LightPath’s new catalog offering of
IR lens assemblies is stimulating interest in many areas of the market.
LightPath is working closely with customer partners to develop both
build-to-print and custom optics for new markets. Product
descriptions and other information on LightPath’s IR line can be found
online here.
LightPath Technologies, Inc. (NASDAQ: LPTH) 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
and thermal imaging assemblies, fused fiber collimators, and gradient
index GRADIUM® lenses. LightPath also offers custom optical sub-systems,
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.
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Contact:
Glenn
Breeze
Executive
Director Sales and Marketing
407-382-4003
Ext 310
Investor Contact:
Jordan Darrow
Darrow Associates, Inc.
631-367-1866
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