(Applies to: LPTH)
LightPath Technologies Announces Expansion of Automated Capacity At
Horizon Photonics
ALBUQUERQUE, N.M., Dec 11, 2000 /PRNewswire via COMTEX/ -- LightPath
Technologies, Inc. (Nasdaq: LPTH), manufacturer of families of high performance
fiber optic components for the telecom industry, today announced that its
wholly-owned subsidiary, Horizon Photonics, Inc., has completed the expansion of
its automated manufacturing facility in Walnut, California. The
10,000-square-foot facility is currently dedicated to large volume isolator
production and the development of next-generation optical subassemblies.
Horizon's component packaging capabilities are based on its recently issued U.S.
patent covering its automated fabrication platform for micro-optics.
In addition, LightPath today announced the hiring of Joseph E. Sauvageau, Ph.D.,
who will serve as Horizon's Chief Technology Officer. Dr. Sauvageau has a
significant background in optoelectronic engineering, packaging and
manufacturing, with a number of related patents and publications to his credit.
He served as a principal staff scientist for a number of years at the National
Institute of Standards and Technology, and, most recently, developed
optoelectronic components and manufacturing processes for Motorola, earning
several significant awards and certifications.
Bob Cullen, President of Horizon Photonics, commented, "We are truly pleased
with our expansion efforts during the first six months after our merger with
LightPath. We now have the capacity and automated packaging experience in place
to execute on our ramping orders from both existing and new OEM customers. In
addition, our engineering talent is focusing on flexible manufacturing platforms
that will allow a rapid segue to next-generation components and subassemblies."
Don Lawson, President and CEO of LightPath Technologies, added, "Horizon is now
capable of meeting the ramping demands of an important segment in our industry.
Our proven capability with isolator products can now be transferred to a number
of related passive optical components and modules, which we are aggressively
pursuing. The capacity expansion that has now been completed at our facilities
in California and New Mexico, along with that underway at Geltech's offices in
Florida, positions us well to achieve our revenue targets of $33 million in this
fiscal year and triple again in the following year."
LightPath manufactures proprietary collimator assemblies, GRADIUM(R) glass
products and other optical telecommunications products at its headquarters in
Albuquerque. The Company's subsidiaries, Horizon Photonics and Geltech,
manufactures isolator products utilizing proprietary automation technology in
Walnut, California, and precision molded aspherical optics used in the active
telecom components market in Orlando, Florida and Auburn, California.
Additionally, Geltech has a unique and proprietary line of all-glass diffraction
gratings (StableSil(R)) for telecom applications as well as a product family of
Sol-Gel based waveguides. The Company also has an office in Warren, New Jersey
for the purpose of developing various optical switch products. The Company has
46 U.S. patents, plus 8 more pending, associated with its optical technologies.
In addition, various foreign countries have issued a total of 18 patents with 28
patents pending. LightPath common stock trades on the Nasdaq National Market
under the stock symbol LPTH.
This news release includes statements that may 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.
SOURCE LightPath Technologies, Inc.
CONTACT: Donald E. Lawson, President & CEO, or Donna Bogue, CFO, both of
LightPath Technologies, Inc., 505-342-1100
URL: light.net
prnewswire.com
(C) 2000 PR Newswire. All rights reserved.
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