LightPath Technologies Announces Completion of Coating Operations Expansion at European Facility

ORLANDO, FL / ACCESSWIRE / January 19, 2022 / LightPath Technologies, Inc. (NASDAQ:LPTH) ("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 the completion of its coating operations expansion at its manufacturing facilities in Europe located in Riga, Latvia. The equipment added to this facility include multiple specialized coating machines at a cost of over a million and a half dollars, and includes both Physical Vapor Deposition coating for anti-reflective coating as well as Chemical Vapor Deposition coatings for protective diamond like carbon (DLC) coating. This expansion follows an initial deployment of machinery in Riga announced a year ago which included coating equipment and other production capacity expansions to accommodate increased demand for infrared (IR) lenses.

Sam Rubin, President and Chief Executive Officer of LightPath, stated, "The expanded coating capacity in Europe is of paramount importance to our overall operations as well as our growth and profitability strategies. This facility bolsters our vertically integrated manufacturing platform for IR optics and optical assemblies. Our streamlined production process was not possible on a scalable basis in Riga up until the completion of this latest upgrade to our facilities. Optical fabrication, optical assembly, and high-performance coatings can now all be done at a single facility, reducing lead times and expanding our coating capacity worldwide to accommodate the growing demand for infrared optics.

"Over the past 6 months, LightPath has significantly expanded its capabilities and product offerings, including an exclusive optical usage license to manufacture products using the IR patent portfolio developed and owned by the United States Navy's U.S. Naval Research Laboratory (NRL). Interest from public and private sector customers for mass produced IR lenses has necessitated our investments in manufacturing capacity to allow for an increased level of commercial production for high durability DLC IR coatings for optics made from materials such as germanium, silicon, and chalcogenides, such as LightPath's proprietary Black Diamond ("BD6") chalcogenide glass."