News and research before you hear about it on CNBC and others. Claim your one week free trial for StreetInsider Premium here.
ORLANDO, FL/ACCESSWIRE/August 2, 2022/ LightPath Technologies, Inc. (NASDAQ: LPTH) (“LightPath”, the “Company” or “we”), a vertically integrated leader global manufacturer and integrator of proprietary optical and infrared components and high-level assemblies, today announced a new supply agreement for Precision Molded Optics, with a long-time European customer of precision motion control systems and OEM assemblies. The new supply agreement will come into effect in the second half of our fiscal year 2023 and is expected to last approximately 12 to 18 months.
Commenting on the supply agreement, Sam Rubin, President and CEO of LightPath, said, “We are delighted to see our long-time customers continue to increase their purchases from us, reflecting the growth in the number of units purchased. We believe these continued relationships demonstrate the value we bring to our partners with our molded optics solutions and is a great win for our new European direct sales team.”
Mr. Rubin added, “The $4 million supply agreement is a continuation and extension of the existing supply agreement, and now associated orders will be processed directly through LightPath rather than through our former European distributor. , which will have a favorable impact on LightPath’s revenue. . We have worked with European customers to deliver higher value solutions and this extended partnership is a validation of that work.”
About LightPath Technologies
LightPath Technologies, Inc. (NASDAQ: LPTH) is one of the world’s leading vertically integrated providers of optical, photonic and infrared solutions for the industrial, commercial, defense, telecommunications and medical sectors. LightPath designs and manufactures proprietary optical and infrared components, including molded glass aspherical lenses and assemblies, custom molded glass freeform lensesinfrared lenses and thermal imaging assemblies, fused fiber and proprietary collimators Black DiamondMT (“BD6”) chalcogenide based glass lenses. LightPath also offers custom optical assemblies, including full engineering design support. The company is headquartered in Orlando, Florida, and has manufacturing and sales offices in Latvia and China.
Wholly owned subsidiary of LightPath, ISP Optics Corporation, manufactures a full line 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 uncooled thermal cameras. Manufacturing is done in-house to provide precision optical components, including spherical, aspherical, and diffractively coated infrared lenses. ISP’s optical processes enable it to manufacture its products from all major types of materials and infrared crystals. Manufacturing processes include CNC grinding and polishing, diamond turning, continuous and conventional polishing, optical contact and advanced coating technologies.
For more information about LightPath and its activities, please visit www.lightpath.com.
Brian M. Prenoveau, CFA
MZ Group – MZ North America
+561 489 5315
THE SOURCE: LightPath Technologies, Inc.
See the source version on accesswire.com: