LightPath Technologies Receives Contract Renewal for Infrared Optical Lens Elements Representing 20% Increase from Previous Renewal

ORLANDO, FL / ACCESSWIRE / December 1, 2022 / LightPath Technologies, Inc. (NASDAQ:LPTH), ("LightPath" or the "Company"), a leading vertically integrated global manufacturer and integrator of proprietary optical and infrared technologies, announced that the Company has renewed its supply contract with a major commercial infrared vision products customer in excess of $5 million, representing a 20% increase from last year's renewal.

LightPath's President and Chief Executive Officer, Sam Rubin, commented, "We are pleased to announce this year's contract renewal as it represents an expansion of our partnership and a more than 20% increase from last year's renewal. This renewal is proof of LightPath's ability to supply high-quality infrared optics on a commercial scale to a key OEM partner."

This supply agreement is for commercial hand-held thermal monocular and weapon-sight lenses to be supplied to a major European manufacturer of night vision and thermal sights. LightPath's optics will be used on sights and other sporting and outdoor products designed for search and rescue, nature observation, hunting, maritime navigation, and other commercial applications.

About LightPath Technologies:

LightPath Technologies, Inc. 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, custom molded glass freeform lenses, infrared lenses and thermal imaging assemblies, fused fiber collimators, and proprietary Black Diamond^TM ("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.