LightPath Technologies Receives $5.8M Renewal Contract

(“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 it has been awarded a renewal of an annual supply agreement valued at over $5.8 million which is a 16% increase over the prior year contract. The contract is for the purchase of a variety of infrared (“IR”) optical lens elements by a major commercial infrared vision products customer.

“We are pleased to announce this major contract renewal today as it demonstrates LightPath’s ability to supply quality infrared optics on a commercial scale for an impactful OEM partner that values our optical expertise and innovative technologies,” stated Mark Palvino, VP of Global Sales at LightPath. “We are seeing strong interest in many product lines as the LightPath Brand is strengthening globally even in the midst of a pandemic.”

This supply agreement is for commercial hand-held thermal monocular and thermal weapon-sight lenses to be supplied to a major European manufacturer of night vision and thermal cameras. LightPath’s optics will be used on cameras and other sporting and outdoor products designed for search and rescue, nature observation, hunting, maritime navigation and other commercial applications.

The large volume of work needed to fulfill this supply agreement will be completed in LightPath’s Riga, Latvia, Orlando, Florida and Zhenjiang, China facilities.

Please contact Mark Palvino at mpalvino@lightpath.com 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.

Contacts:

Rob Myers, Product Manager
LightPath Technologies, Inc.
Tel: 407-382-4003
rmyers@lightpath.com

Mark Palvino, VP of Global Sales
LightPath Technologies, Inc.
Tel: 407-382-4003
mpalvino@lightpath.com

Jordan Darrow
Darrow Associates, Inc.
Tel: 512-551-9296
jdarrow@darrowir.com