LightPath Announces Factory Expansion in Riga, Latvia for New Production Coating Facility to Accommodate Increased Infrared Demand
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ORLANDO, FL / ACCESSWIRE / January 21, 2021 / LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company," or "we"), a leading vertically integrated global manufacturer and integrator of proprietary optical and infrared components and high-level assemblies, today announced the completion of its factory expansion for new infrared coating capabilities at its Riga, Latvia facility as part of its global production capacity expansion.
Sam Rubin, President and Chief Executive Officer of LightPath, stated, "Demand for our Infrared products has been increasing as we have been reporting record backlog and facing capacity constraints for some time. The new infrared coating capabilities in our Riga facility will enable us to further streamline our operations, as well as add coating capacity in this high growth part of the business. This expansion is part of our broader capital expenditure program for fiscal 2021 and our strategy for vertically integrating our manufacturing platform for optics and optical assemblies throughout our global facilities. As a result, we have become more responsive to our customers, reduced lead times and production costs, and enabled incremental top line growth."
The newly established coating facility in Riga is primarily focused on infrared coatings. Commercial production has commenced for high durability Diamond Like Carbon (DLC) infrared coatings for optics made from materials such as Germanium, Silicon, and chalcogenides, such as LightPath's proprietary Black Diamond ("BD6") chalcogenide glass.
DLC coatings protect infrared lenses against harsh environmental conditions and are a requirement for many applications that demand resilient coatings that can withstand severe abrasion. Applications such as thermal imaging for firefighting, as well as military and defense applications, benefit from the protections offered by DLC coatings.
"This state-of-the-art coating capability augments the coating capacity already in place at our Orlando headquarters and our high-volume manufacturing facility in Zhenjiang, China," stated Rob Myers, Product Manager at LightPath. "Adding this capability to our Riga factory streamlines the production process in Riga. Optical fabrication, optical assembly, and high-performance coatings can now all be done at a single facility, reducing lead times and expanding our coating capacity worldwide."
Customers and supply chain partners should contact Rob Myers at [email protected] for more information.
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 and manufactures 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 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 such as "forecast," "guidance," "plan," "estimate," "will," "would," "project," "maintain," "intend," "expect," "anticipate," "prospect," "strategy," "future," "likely," "may," "should," "believe," "continue," "opportunity," "potential," and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, and include, for example, statements related to the expected effects on the Company's business from the COVID-19 pandemic. These 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 duration and scope of the COVID-19 pandemic and impact on the 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 mandatory business closures and restrictions on onsite commercial interactions; the impact of the pandemic and actions taken in response to the pandemic on global and regional economies and economic activity; the pace of recovery when the COVID-19 pandemic subsides; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; 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 its Quarterly Report on Form 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 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.
Rob Myers, Product Manager
LightPath Technologies, Inc.
Mark Palvino, VP of Global Sales
LightPath Technologies, Inc.
SOURCE: LightPath Technologies, Inc.
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