LightPath Updates Shareholders on IR Initiative
ORLANDO, Fla., Oct. 31, 2012 — LightPath Technologies Inc. provided shareholders Tuesday with a quarterly update on its infrared lens initiatives and announced receipt of initial orders from three OEMs for thermal imaging systems.
LightPath announced earlier this month its plans to branch out from the visible to the infrared optics market by developing a low-cost manufacturing technique for producing IR optics. (See: LightPath Licenses Lens Tech to China Fab)
LightPath is in the latter stages of upgrading manufacturing capabilities at its Orlando facility to support the anticipated growth of its thermal IR product lines. The company said it continues to see significant growth opportunities and expects significant orders from customers in the second half of fiscal 2013.
“We are excited by the growing acceptance of the infrared products we offer, as we continue to successfully penetrate this $150 million addressable market, serving a diverse customer base,” said President and CEO Jim Gaynor. “In particular, we see our infrared business being driven by demand for our quantum cascade laser lenses, with interest from customers in various subsectors, such as infrared countermeasures, gas analysis and spectroscopy.”
The orders from the three OEMs are for prototypes of optical assemblies for their respective thermal imaging systems, the company said.
In addition, the company disclosed that its infrared development program with Raytheon Vision Systems continues to progress, with work shifting from prototype production to developing production-scale cost reductions to meet its cost and performance goals.
For more information, visit: www.lightpath.com