ORLANDO, Fla., Oct. 1, 2013 /PRNewswire/ -- LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath," the "Company" or "we"), a leading vertically integrated global manufacturer and distributor of proprietary optical components and high-level assemblies, announced today that in response to accelerating market demand for its molded aspheric lenses it is building 12 new molding stations for its China operations. This investment will result in an increase in capacity and production capability of over 45%.
Demand for LightPath's aspheric lenses has increased in both its North American and Asian sales regions. The Company manufactures products to meet this demand in both its US and China operations. End product markets driving the increased demand for aspheric lenses include laser tools, telecommunications, digital projectors, industrial equipment, medical instruments and increasing use of green laser diodes. LightPath anticipates this increase in demand will phase in over the next three quarters. Given the phase in of this new business and the fact that it will be high-volume low-cost products driving this increase, the Company expects to see a greater than 15% increase in annualized revenues.
LightPath Chief Executive Officer Jim Gaynor said, "It is significant to note that the product demand we are seeing is broad based across several of our larger market segments. It is not limited to any specific industry, market or geographic location. As we have stated previously this growth is driven by four market themes, cloud computing, adoption of digital technology for video distribution, mobile internet demand and machine to machine communication which all require more bandwidth and thus expansion of optical networks. These market drivers combined with the excellent value proposition that we bring to our customers with competitive prices and superior quality is the reason we believe we are experiencing this increase in demand and why we have confidence in our continued growth going forward."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. 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. Company Contacts: Kathy Botticello Marketing Communications Specialist email@example.com 407-382-4003 x316 Rob MyersDirector of Sales firstname.lastname@example.org 407-382-4003 x333 Investor Contact: Jordan DarrowDarrow Associates, Inc. email@example.com SOURCE LightPath Technologies, Inc.
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