ORLANDO, FL – July 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 componentsand high-level optical sub-systems, announced today that it has experienced significant growth as a result of orders with several original equipment manufacturers to produce high volume custom designed optical lens products. This recurring value added business has contributed to the growth of the Company’s Specialty Products segment which in 2015 has more than doubled in sales as compared to the same period in 2014. The segment now accounts for more than $2.9 million in annual revenue.
The three primary product segments for LightPath include Custom Design Specialty Products, Aspheric Molded Lenses and Infrared. The growth of the Specialty Products group highlights LightPath’s capabilities, technical expertise and the positive effect of the change in sales strategy announced in February of this year. Sales of optical sub systems, mounted lenses, optical arrays, Gradium lenses and Fiber Delivery Systems, which comprise this segment, has grown 161% in annualized revenues for LightPath.
Jim Gaynor, President and Chief Executive Officer of LightPath, commented, “Due to the continued efforts to improve our sales strategy, ongoing product innovation and value added to our customers we are seeing the results of these energies in obtaining an increased number of orders with major defense, medical, scientific, laser tools and measurement system partners around the world. Our total addressable markets have been expanding and new opportunities are being created for continued incremental growth.”
LightPath has been selected as the OEM optics design and manufacture partner for increasingly complex and challenging technical product developments and projects. Offering a talented team of experienced optical designers and engineers, LightPath is able to provide lens design, prototyping, testing and precision lens manufacturing services of the highest quality and excellent value. Smaller sized lenses are increasingly being sought after for confocal microscopy, flow cytometry, DNA sequencing, and medical imaging applications. Based on research published in the Laser Focus World market report in April 2015, products developed for the medical industry alone have resulted in markedly increased demand for optical product technologies, which are available from LightPath from its operations in the United States and China.
LightPath continues to develop improved capabilities for its product line that will cover most requirements in the commercial and military high-volume and small-size application markets. 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 these products can be found at www.lightpath.com (click here).
About LightPath Technologies:
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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