Opportunistic Acquisition Advances Strategy by Expanding Capabilities
ORLANDO, FL / ACCESSWIRE / July 26, 2023 / LightPath Technologies, Inc. (NASDAQ:LPTH), ("LightPath" or the "Company"), a leading vertically integrated global manufacturer and integrator of proprietary optical and infrared technologies, announced the acquisition of Visimid Technologies ("Visimid"), an engineering and design firm specializing in thermal imaging, night vision and internet of things ("IOT") applications purchased for a combination of cash and stock.
Visimid provides design and consulting services for Department of Defense ("DoD") contractors, commercial and industrial customers, and OEMs for original new products. Visimid's core competency is developing and producing custom thermal and night vision cores, such as that within the Mantis camera.
Commenting on the acquisition, Sam Rubin, CEO of LightPath Technologies, said, "Visimid's unique capabilities and expertise will enhance the value of the customized solutions we provide and bring LightPath one step further along our strategic roadmap to becoming a leader in the fast-growing market of infrared imaging for defense and commercial applications. Customers who come to us for engineered solutions often require a custom imaging core. Working with the team at Visimid allows us to expand on the work we started with our Mantis camera to produce high value application-specific imaging solutions, extending our capabilities in high value defense applications, the rapidly expanding market of automotive sensing for advanced safety and autonomy, and other industrial and commercial markets."
Jason Liebert, Owner and CEO of Visimid, commented, "The optical expertise, scale and unique materials LightPath offers is the perfect place to take our work to the next level. We are excited to be part of the LightPath team and together develop leading edge customized solutions for a broader array of customers in DoD and other markets."
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 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.
Investor Contact:
Brian M. Prenoveau, CFA
MZ Group - MZ North America
[email protected]
+561 489 5315
SOURCE: LightPath Technologies