LightPath Technologies Announces a Joint Project for the Development of Light-Weight Broadband Thermal Cameras for Space Applications
July 14, 2021 at 12:00 PM EDT
ORLANDO, FL / ACCESSWIRE / July 14, 2021 / LightPath Technologies, Inc. ("LightPath", the "Company", or "we") (NASDAQ:LPTH), a leading vertically integrated global manufacturer of proprietary optical and infrared components and high-level assemblies, and RP Optical Lab Ltd. from Israel are pleased to announce the launch of a joint development project to develop Thermal Imaging Cameras with optics based on LightPath's proprietary BD6 material for space applications. The project is a joint development effort between LightPath and RP Optical Lab with support from the University of Central Florida's Center for Research and Education in Optics and Lasers (CREOL).
The project is funded by the Space Florida organization in conjunction with Israel's Innovation Authority (OCS) ministry of Science, and as part of an innovative bi-lateral partnership between the State of Florida and the State of Israel. As part of the project, LightPath's proprietary BD6 infrared optical material will be further developed to comply with radiation requirements for Space applications, making it space compatible. This project begins just as LightPath announces that it has resolved the BD6 coating yield problem.
Sam Rubin, LightPath's CEO, said, "LightPath has been providing optical components for use in Space for many years. LightPath parts are currently used in orbiting satellites, the Mars rover and have been on multiple outer space missions. In recent years, we have been witnessing an exponential growth in the launch of space payloads, with more than 1,300 nano satellites having been launched in the first six months of this year. LightPath is seeing growth in demand for optics to be used in such space applications, for imaging, analysis and optical communication between satellites. Optimizing our proprietary BD6 infrared material is a logical step in continuing to provide the space industry with qualified and suitable optics."
Ran Carmeli, CEO at RP Optical Lab, said, "As an Israeli company, we are pleased that Space Florida and Israel's Innovation Authority (OCS) ministry of Science have teamed up to promote this type of international cooperation by selecting our project to provide this critical financial support. The award funds will help to significantly compress the development plan for our new broadband satellite imaging system while making important technical collaboration with LightPath Technologies more seamless. It is quite extraordinary for a group like Space Florida to be actively encouraging successful Israeli-American technical partnerships in space exploration. We look forward to the launch of our new satellite camera system."
About Space Florida
Space Florida was created to strengthen Florida's position as the global leader in aerospace research, investment, exploration and commerce. As Florida's aerospace and spaceport development authority, we are committed to attracting and expanding the next generation of space industry businesses. With its highly trained workforce, proven infrastructure and unparalleled record of achievement, Florida is the ideal location for aerospace businesses to thrive - and Space Florida is the perfect partner to help them succeed. www.spaceflorida.gov.
About RP Optical Lab Ltd
RP Optical Lab Ltd (www.rp-optical-lab.com) is an ISO 9001:2015 certified company, a leading company in the field of developing and producing Thermal (VIS-SWIR-MWIR-LWIR) lenses and Electro-Optical modules. RP specializes in the field of thermal imaging and involved in the defense, homeland security, medical and commercial markets.
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.
For more information on LightPath and its businesses, please visit www.lightpath.com.
This press release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "forecast," "guidance," "plan," "estimate," "will," "would," "project," "maintain," "intend," "expect," "anticipate," "prospect," "strategy," "future," "likely," "may," "should," "believe," "continue," "opportunity," "potential," and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, and include, for example, statements related to the expected effects on the Company's business from the COVID-19 pandemic. These forward-looking statements are based on information available at the time the statements are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or suggested by the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the duration and scope of the COVID-19 pandemic and impact on the demand for the Company products; the ability of the Company to obtain needed raw materials and components from its suppliers; actions governments, businesses, and individuals take in response to the pandemic, including mandatory business closures and restrictions on onsite commercial interactions; the impact of the pandemic and actions taken in response to the pandemic on global and regional economies and economic activity; the pace of recovery when the COVID-19 pandemic subsides; general economic uncertainty in key global markets and a worsening of global economic conditions or low levels of economic growth; the effects of steps that the Company could take to reduce operating costs; the inability of the Company to sustain profitable sales growth, convert inventory to cash, or reduce its costs to maintain competitive prices for its products; circumstances or developments that may make the Company unable to implement or realize the anticipated benefits, or that may increase the costs, of its current and planned business initiatives; and those factors detailed by LightPath Technologies, Inc. in its public filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K and its Quarterly Report on Form 10-Q. Should one or more of these risks, uncertainties, or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. 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.
Mark Palvino, VP of Global Sales
Investor Relations Contact for LightPath:
SOURCE: LightPath Technologies, Inc.
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