Contact Information: Contact: Jim Magos Senior Vice President, Sales & Marketing LightPath Technologies, Inc. Phone: (407) 382-4003 Email: Internet: www.lightpath.com
LightPath Technologies Signs Two New Multi-Year Contracts Worth $1 Million
LightPath Technologies Has Signed Two New Multi-Year Contracts With a Combined Value of $1 Million With Chinese Manufacturers for Applications in Closed Circuit Television and Communications
| Source: LightPath Technologies
ORLANDO, FL--(Marketwire - June 25, 2008) - LightPath Technologies, Inc. (NASDAQ : LPTH ) is
pleased to announce it has signed two new multi-year contracts with a
combined value of $1 million with Asian manufacturers for custom precision
aspheric lenses for applications in closed circuit television and
communications. The signing of these contracts brings the total number of
Asian contracts to five. Three of the contracts are for new business in
markets that LightPath has not previously entered. These agreements
represent continued success towards the fulfillment of LightPath's business
strategy to broaden its market opportunities in Asia into high volume,
lower cost applications. These custom lens programs are being designed in
LightPath's Shanghai design center and product will be produced from
LightPath's Shanghai manufacturing facility.
According to Jim Gaynor, President & CEO, "These contracts further
demonstrate LightPath's successful direct entry into the Asian market and
brings the total number of contracts won to date in China to five.
LightPath's total backlog is approaching $5 million with 40% of that
backlog in the Asian market. Of the total backlog, 60% is scheduled to ship
within the next year. These contracts were enabled by our improvement
initiatives which include the opening of the new LightPath Shanghai design
center, the reduction of our manufacturing costs through the utilization of
our recently upgraded, state of the art VIPER press stations, and the
locally installed production capacity in our Shanghai manufacturing plant."
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® is a registered trademark of LightPath Technologies