LightPath Technologies Signs Multi-Year Sales Agreement with Chinese Industrial Tool Manufacturer

LightPath Technologies, Inc. is pleased to announce its subsidiary, LightPath Optical Instrumentation (Shanghai) Co., Ltd., has signed a three year agreement with a Chinese industrial tool manufacturer for the sale of custom precision aspheric lenses at an aggregate sales price in excess of $1 million dollars. This agreement represents a significant step towards the fulfillment of LightPath's business strategy to broaden its market opportunities into high volume, lower cost applications.

According to Jim Gaynor, Interim CEO, "This is LightPath's second contract in high volume low cost asphere applications. These contracts mark LightPath's direct entry into the Asian market. We are able to capture this business as a direct result of the cost reduction initiatives we have recently implemented and the capacity expansion that we have completed in our Shanghai factory."