LightPath Technologies Has Signed a Multi-Year Sales Agreement with a Chinese Industrial Tool Manufacturer.
ORLANDO, Fla., Jan. 10 /PRNewswire-FirstCall/ -- LightPath Technologies, Inc. (NASDAQ:LPTH) -- LightPath Technologies is pleased to announce its subsidiary, LightPath Optical Instrumentation (Shanghai) Co., Ltd., has signed a three year agreement with a Chinese industrial tool manufacturer for the sale of custom precision aspheric lenses at an aggregate sales price in excess of $1 million dollars. This agreement represents a significant step towards the fulfillment of LightPath's business strategy to broaden its market opportunities into high volume, lower cost applications.
According to Jim Gaynor, Interim CEO, "This is LightPath's second contract in high volume low cost asphere applications. These contracts mark LightPath's direct entry into the Asian market. We are able to capture this business as a direct result of the cost reduction initiatives we have recently implemented and the capacity expansion that we have completed in our Shanghai factory." LightPath manufactures optical products including precision molded aspheric optics, precision molded infrared optics, GRADIUM(R) glass products, proprietary collimator assemblies, isolators utilizing proprietary automation technology, higher-level assemblies and packing solutions. LightPath has a strong patent portfolio that has been granted or licensed to us in these fields. LightPath common stock trades on the NASDAQ Capital Market under the symbol "LPTH." Investors are encouraged to go to LightPath's website for additional financial information.
Contact: James Magos, Corporate Vice President, Sales & Marketing
LightPath Technologies, Inc. Phone: (407) 382-4003
Email:
Internet: http://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. 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.
GRADIUM(R) is a registered trademark of LightPath Technologies DATASOURCE: LightPath Technologies, Inc.
CONTACT: James Magos, Corporate Vice President, Sales & Marketing of LightPath Technologies, Inc., +1-407-382-4003, Web site: http://www.lightpath.com/
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