SOURCE: LightPath Technologies

LightPath Technologies

September 30, 2014 08:30 ET

LightPath Technologies Announces Order With HDOEI for New Application

New Consumer Tool Line Requires One Million Aspheric Lenses

ORLANDO, FL--(Marketwired - Sep 30, 2014) - LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company" or "we"), a leading vertically integrated global manufacturer and distributor of proprietary optical components, infrared lenses and high-level assemblies, announced today it has received a new order from laser component manufacturer Changzhou Huada Kejie Opto-Electro Instrument CO., LTD ("HDOEI") for 1,000,000 molded aspheric lenses. The lenses will be used in a new line of surveying equipment for the do-it-yourself home improvement market. LightPath expects delivery of the lenses to be completed before the end of 2015.

Jim Gaynor, CEO of LightPath Technologies, commented, "We are very pleased to strengthen our partnership with HDOEI, a market leader in laser surveying equipment, as they continue to expand their market presence and enter the home improvement market in China and other countries in Asia. This order reflects our ability to provide high-volume manufacturing of precision glass molded aspheres at an excellent value to our customers. Moreover, our efforts with HDOEI demonstrate the successful execution of our demand-creation strategy. We are benefiting from a substantial increase in revenue generating opportunities and broader market applications as a result of our investments in technologies that decreased our lens production costs and expanded our production capacity."

HDOEI, located in Changzhou, Jiangsu Province, China, manufactures laser surveying instruments and accessories for Fortune 500 construction engineering companies worldwide. The lenses chosen for this latest contract awarded to LightPath is part of its laser tool lens line. The lenses will be produced in LightPath's recently opened high volume production facility in Zhenjiang, China.

Mr. Ou Zhang, General Manager and CEO of HDOEI, added, "We are proud of the continued partnership with LightPath Technologies and look forward to future endeavors with this leading optical manufacturer. With cooperation from LightPath, HDOEI will begin the development of the modern smart home market in China and Asia."

About LightPath Technologies:
LightPath Technologies, Inc. (NASDAQ: LPTH) provides optics and photonics solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries. LightPath designs, manufactures, and distributes optical and infrared components including molded glass aspheric lenses and assemblies, infrared lenses and thermal imaging assemblies, fused fiber collimators, and gradient index GRADIUM® lenses. LightPath also offers custom optical assemblies, including full engineering design support. For more information, visit www.lightpath.com.

About Changzhou Huada Kejie Opto-Electro Instrument CO., LTD ("HDOEI")
HDOEI is an enterprise that specializes in the manufacturing of laser precision and surveying instruments, and accessories for construction engineering and geological surveying. HDOEI is equipped with advanced technology machines and measuring instruments, and has established excellent cooperation with well known construction engineering companies. HDOEI produces custom solutions and products. For more information, visit www.huadalasers.com/english.

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, including statements regarding our ability to expand our presence in certain markets, future sales growth, continuing reductions in cash usage and implementation of new distribution channels. 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.

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