LightPath Technologies Announces Expansion of Infrared Business Team New Sales Leadership Complements LightPath's Existing Strengths in Product Development and Manufacturing
ORLANDO, Fla., Aug. 28, 2013 /PRNewswire/ -- LightPath Technologies, Inc. (NASDAQ: LPTH) ("LightPath", the "Company" or "we"), a global manufacturer, distributor and integrator of patented optical components and high-level assemblies, today announced the expansion of its Infrared Optics group with the addition of Glenn Breeze in a newly created position. Mr. Breeze will lead worldwide commercialization and sales efforts for the Company's Infrared products, which includes its world class molded chalcogenide optics.
Mr. Breeze brings to LightPath Technologies over 30 years experience in sales, marketing and business development, including significant direct experience in the infrared, advanced technical materials and optical markets. He previously held executive level business development and technical sales positions in finished infrared optical components and lens assemblies which are integrated into multiple sensor camera systems for defense, security, reconnaissance and commercial applications. Most recently, he was Director of Sales and Marketing for Ophir Optics (now Newport Corporation), where he was primarily responsible for the sales growth of the US division of Ophir Optics.
"The addition of Glenn Breeze to our team strengthens our molded infrared optic business, which represents a significant component of our growth strategy," said Jim Gaynor, CEO of LightPath. "Glenn's impressive track record of delivering sales growth within our addressable markets as well as his demand creation and sales leadership experience complement our existing strengths in product development and manufacturing. His experience and knowledge of the infrared market is a tremendous asset that we expect will enhance our prospects for future success."
At LightPath, Mr. Breeze will direct strategic planning, business development and sales management activities for the Company's expanding line of infrared lenses, including assuming responsibility for key commercial, government and military accounts and growth of LightPath's existing direct sales and indirect distribution network.
"One of our competitive advantages in the infrared markets is the leverage we have in molding processes as a disruptive technology," added Mr. Gaynor. "Molding is a key enabling technology to the commercialization of new applications in infrared systems and provides further benefit through manufacturing cost reduction. Due to LightPath's investment in technologies and process improvements that have significantly reduced the cost of optical components and increased manufacturing output, we now have exposure to what we believe is a segmented addressable market of $100 million annually for infrared optics derived from an overall infrared systems market estimated at $35 billion. These markets have a multitude of growth catalysts and include defense, para-military, law enforcement, automotive and other large scale commercial applications. We are now very well positioned to implement our growth strategy and access these markets."
Infrared systems include applications such as thermal imaging cameras, gas sensing devices, spectrometers, night vision systems, automotive driver awareness systems such as blind spot detection, thermal weapon gun sights and infrared counter measure systems, among others. LightPath has proprietary manufacturing and material technology to manufacture molded optics that fit these applications. For example, utilizing precision molded aspheric optics significantly reduces the number of lenses required for typical thermal imaging systems and the cost to manufacture these lenses as compared to traditional methods.
The aspheric design of LightPath's lenses enables system designers to reduce the lens elements in a system and provide similar performance at a lower cost. As a result, LightPath's aspheric molding process is becoming an enabling technology for the cost reduction and commercialization of infrared imaging systems. The Company has enhanced its precision molded infrared aspheric optics products for imaging applications in firefighting, predictive maintenance, homeland security, surveillance, automotive and defense. In addition, LightPath has targeted niche markets, such as infrared laser systems that are used in gas sensing and environmental monitoring, because the demand for infrared imaging systems has been growing significantly based on the steep decline in prices of the infrared detectors. These growing markets provide a unique opportunity for high volume molded infrared aspheres.
About LightPath Technologies
LightPath 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, 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.
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SOURCE LightPath Technologies, Inc.