ORLANDO, Fla., Aug. 21, 2012 /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, announces today that it has been chosen by the Metro Orlando Economic Development Commission as a 2012 recipient of the William C. Schwartz Industry Innovation Award. The annual award, named in honor of the late William C. Schwartz, an Orlando business pioneer and innovator within the field of optics and photonics, recognizes companies that have a significant effect on the region through innovative practices, products or ideas.
LightPath Technologies was chosen for the award based on its pioneering work in developing infrared optics manufacturing technologies. LightPath Technologies is a global leader in the manufacture and distribution of molded glass optics for a variety of applications including telecommunications, defense, medical and industrial-laser optics. LightPath has applied the knowledge and experience developed over the last twenty five years in the visible optics market to develop a low-cost manufacturing technique for the production of infrared optics. Applications of infrared and thermal imaging technology have grown dramatically over the last ten years into various markets including industrial inspection, automotive safety, chemical and biological sensing and security and surveillance – markets that are expected to generate over $20 billion in system-wide sales in 2014.
"We are excited to announce that we've won the William C. Schwartz Industry Innovation Award for 2012. I believe it is a reflection of the progress we have made in developing groundbreaking manufacturing techniques for infrared optics," said Jim Gaynor, President and CEO of LightPath Technologies. "We are more excited than ever about the technology that we have developed and the growing financial contributions that we expect from these exciting new infrared initiatives this year and beyond. We are very pleased to have been selected to win this prestigious award."
About LightPath Technologies
LightPath manufactures optical products including precision molded aspheric optics, GRADIUM® glass products, proprietary collimator assemblies, laser components utilizing proprietary automation technology, higher-level assemblies and packing solutions. LightPath has a strong patent portfolio that has been granted or licensed to us in these fields. LightPath common stock trades on the Nasdaq Capital Market under the stock symbol LPTH. For more information visit www.lightpath.com
Brian Soller, Vice President, Corporate Development
LightPath Technologies, Inc. (407) 382-4003
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. 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.
SOURCE LightPath Technologies, Inc.