Represents Significant Win with Fast Growing Thermal Imaging Leader
ORLANDO, FL / ACCESSWIRE / July 25, 2019 / 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 greater than $500,000 purchase order as part of the new Supply Agreement, with Seek Thermal for high-volumes of multiple infrared (“IR”) lenses. Less than one year ago Seek placed their initial order, for a single lens design, with LightPath. LightPath’s BD6 product performance, and Seek Thermal’s extraordinary business growth, resulted in a series of major orders for an enhanced variety of BD6 LWIR optics being placed. As per the supply agreement Seek Thermal will update their forecast and place follow on orders on a quarterly basis.
Based in Santa Barbara, CA, Seek Thermal is a leading and pioneering thermal imaging manufacturer. The finished lenses will be used in products sold into the consumer, industrial and commercial marketplaces, as well as to first responders for law-enforcement and firefighting applications.
“We are very pleased to partner with Seek Thermal where our collective technologies can provide meaningful life and property saving value to customers,” said Jim Gaynor, President and Chief Executive Officer of LightPath. “As a repeat but now significantly larger customer for LightPath, the Seek Thermal order is a material contract for our infrared business and serves as a validation of the performance and demand for our new family of BD6 lenses. In a competitive bidding process, we celebrate the superiority of our BD6 lenses in their first year of development.”
“The order we placed with LightPath reflects their growing prominence in the industry and investments they have made in infrared lens design, manufacturing and coating capabilities,” said Mike Muench, CEO of Seek Thermal. “LightPath has proven to be an excellent supplier and we appreciate their support of our mission to provide cost-competitive, high-performance thermal imaging cameras and OEM thermal imaging cores.”
Earlier this year, Seek Thermal achieved two significant milestones to solidify its position as a leading thermal imaging original equipment manufacturer. The first is the introduction of Seek Shot™ and Seek ShotPRO™ – two powerful handheld thermal cameras built for commercial trade professionals. The second is when Seek Thermal partnered with the Los Angeles Fire Department this past March to outfit every firefighting position with a thermal imaging camera, the Reveal FirePRO™.
LightPath’s proprietary BD6 thermal imaging lenses and related assemblies are produced using the Black Diamond a chalcogenide-based glass compound developed and melted internally by LightPath. The Company’s new BD6 chalcogenide line of infrared lenses are more malleable, contain no rare earths, and are lighter and less expensive to manufacture in terms of material and handling as compared with products made from germanium. Chalcogenide glass material is inherently optically athermal in addition to offering great transmission over a very wide range of temperature, making it ideal for diversified uses. LightPath is well-positioned with a robust product suite that is increasingly being sought after for a variety of thermal imaging, sensory and measurement applications ranging in effective focal lengths of 1.3mm to over 100mm.
About Seek Thermal
Seek Thermal engineers and manufactures cost-competitive, high-performance thermal imaging cameras and OEM thermal imaging cores. Founded by industry pioneers who spent 40 years advancing the state of military and professional-grade thermal technologies, Seek Thermal has developed a breakthrough line of products at disruptive price points making this technology more accessible to end users. The company’s products serve the firefighting, law enforcement, commercial, and automotive markets under its own brand and OEM offering.
For more information, visit https://www.thermal.com
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.
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SOURCE: LightPath Technologies, Inc.
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