LightPath Expands Partnership with Letter of
Intent for Product Development, Manufacturing Localization in
Europe and Volume
Commitments
ORLANDO,
Fla., Oct. 24, 2024 /PRNewswire/ -- LightPath
Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company," or
"we"), a leading provider of next-generation optics and imaging
systems for both defense and commercial applications, today
announced receipt of a follow-on order and Letter of Intent ("LOI")
for a sustained supply of infrared lens assemblies from a European
defense customer for active duty use in first-person view (FPV)
drone applications.
In tandem with the follow-on order, the customer submitted a
non-binding LOI to expand its partnership with LightPath through
collaboration on custom lens assemblies using LightPath BD6 as well
as the localization of its lens assembly manufacturing to
LightPath's Latvia facility to
ensure supply chain stability and reliability. As part of this LOI,
the customer seeks to establish go-forward volume commitments.
"This order and LOI are a validation of our recent efforts to
obtain a European Defense license and to expand the capacity and
capabilities at our Latvia
facility," said Sam Rubin, President
and Chief Executive Officer of LightPath. "Our European Defense
license provides us with the ability to supply products to the
European Defense industry, one of the largest defense markets in
the world. This year we also expanded optical coating capabilities
and capacity in our facility in Latvia, and added a new, high durability
coating from that facility. Taken together, we believe we are well
positioned to provide products directly into the growing defense
business in Europe.
"The order also highlights the growing use of drones and
unmanned aerial vehicles ("UAVs") for a variety of defense
applications. We believe our proprietary BlackDiamond™
chalcogenide-based glass materials will become an important
material for thermal cameras in drones and other systems that must
operate across a large range of temperatures, as well as in
industrial applications such as gas sensing and early fire
detection. We look forward to working with this customer to fulfill
current orders and explore opportunities to expand our
partnership," concluded Rubin.
About LightPath Technologies
LightPath Technologies, Inc. (NASDAQ: LPTH) is a leading
provider of next-generation optics and imaging systems for both
defense and commercial applications. As a vertically integrated
solutions provider with in-house engineering design support,
LightPath's family of custom solutions range from proprietary
BlackDiamond™ chalcogenide-based glass materials – sold under
exclusive license from the U.S. Naval Research Laboratory – to
complete infrared optical systems and thermal imaging assemblies.
The Company's primary manufacturing footprint is located in
Orlando, Florida with additional
facilities in Texas, Latvia and China. To learn more, please visit
www.lightpath.com.
Forward-Looking Statements
This press release includes statements that constitute
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words
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similar expressions that predict or indicate future events or
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forward-looking statements are based on information available at
the time the statements are made and/or management's good faith
belief as of that time with respect to future events and are
subject to risks and uncertainties that could cause actual results
to differ materially from those expressed in or suggested by the
forward-looking statements. Factors that could cause or contribute
to such differences include, but are not limited to, the impact of
varying demand for the Company products; the ability of the Company
to obtain needed raw materials and components from its suppliers;
actions governments, businesses, and individuals take in response
to the pandemic, including restrictions on onsite commercial
interactions; general economic uncertainty in key global markets
and a worsening of global economic conditions or low levels of
economic growth; geopolitical tensions, the Russian-Ukraine
conflict, and the Hamas/Israel
war; the effects of steps that the Company could take to reduce
operating costs; the inability of the Company to sustain profitable
sales growth, convert inventory to cash, or reduce its costs to
maintain competitive prices for its products; circumstances or
developments that may make the Company unable to implement or
realize the anticipated benefits, or that may increase the costs,
of its current and planned business initiatives; and those factors
detailed by LightPath Technologies, Inc. in its public filings with
the Securities and Exchange Commission, including its Annual Report
on Form 10-K and Quarterly Reports on 10-Q. Should one or more of
these risks, uncertainties, or facts materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those indicated or anticipated by the
forward-looking statements contained herein. Accordingly, you are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date they are made.
Forward-looking statements should not be read as a guarantee of
future performance or results and will not necessarily be accurate
indications of the times at, or by, which such performance or
results will be achieved. Except as required under the federal
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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