ORLANDO, FL / ACCESSWIRE / September 27, 2023 / LightPath Technologies, Inc. (NASDAQ:LPTH) ("LightPath," the "Company," or "we"), a leading vertically integrated global manufacturer and integrator of proprietary optical and infrared technologies, today announced its subsidiary, Visimid Technologies ("Visimid"), has been chosen by Lockheed Martin to develop a key imaging technology, as part of its bid to produce a design of a major defense program for the US Army.
Visimid will receive up to $7.5 million for design and development in several stages over the next three years. Visimid and LightPath will be developing a new electro-optical infrared solution for a key program of Lockheed Martin. Should the program move into production, a decision expected by 2028, LightPath is expected to deliver the complete subsystem and receive follow-on production orders for the duration of the program's lifetime.
"This opportunity is a tremendous example of the potential of our strategy to pair cutting-edge optical system design, provided by Visimid, with the manufacturing capabilities of LightPath. And while the R&D funding is significant by itself, the production orders down the road is where our strategy will demonstrate the full impact of such activities," said Sam Rubin, CEO of LightPath Technologies.
Mr. Rubin continued: "Three years ago we set out on a path to transform the company from a pure components manufacturer to a developer and producer of optical solutions that leverage our unique technologies and capabilities to deliver customized, value-added subsystems. We took our first major step in this direction last year with the release of our innovative infrared camera Mantis, followed this summer with the acquisition of Visimid. Having a major Prime such as Lockheed Martin selecting us for a key program and entrusting us with the development of the electro-optic imaging subsystem, we believe is the result of the focus on our new strategic direction and is a significant achievement for our organization. We look forward to working with the team at Lockheed Martin toward a successful system integration."
About LightPath Technologies
LightPath Technologies, Inc. is a leading global, vertically integrated provider of optics, photonics and infrared solutions for the industrial, commercial, defense, telecommunications, and medical industries. LightPath designs and manufactures proprietary optical and infrared components including molded glass aspheric lenses and assemblies, custom molded glass freeform lenses, infrared lenses and thermal imaging assemblies, fused fiber collimators, and proprietary Black Diamond ("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 Dallas Tx, Latvia and China.
LightPath's wholly-owned subsidiary, Visimid technologies was acquired in July 2023, and specializes in the design and development of customized infrared cameras, for Industrial and Defense. Such customized cameras often are sold together with customized optical assemblies from LightPath.
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.
For more information on LightPath and its businesses, please visit www.lightpath.com.
Investor Contact:
Brian M. Prenoveau, CFA
MZ Group - MZ North America
LPTH@mzgroup.us
+561 489 5315
SOURCE: LightPath Technologies
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