(By Balaseshan) LightPath Technologies Inc. (NASDAQ: LPTH) said it has received a contract from a "leading" global digital camera manufacturer for lenses.
LightPath entered into a supply agreement with a leading global manufacturer of high-end, digital video recording and playback equipment with an initial stocking order of approximately $1.1 million.
Under the terms of this agreement, LightPath will begin deliveries of lenses to this new customer beginning in the first calendar quarter of 2013.
"The investments we made in designing optics for the digital imaging and projection market have resulted in an outstanding product line that is now being adopted by top players in this market," said Jim Gaynor, CEO of LightPath.
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The company said digital imaging applications with capabilities that enable digital resolution in excess of 4X HD quality are just now beginning to proliferate through the video production market, and LightPath's products and technology are well-positioned to participate in this area of rapid growth.
These high tech optics are a critical element in high performance camera and digital projection systems and the company's ability to win new business like this validates the price, performance and quality of its optics in a competitive and highly technical marketplace.
Expanding into new areas is one key element of LightPath's growth plan and shows the continued progress the company has made in its strategy to become a leading global supplier of molded glass optics and assemblies that serve a diverse group of end-markets and applications.
"Our goal is to lead both the technology and price-to-performance curves, and I believe this is a good indication of our successful penetration of a market that is expected to grow to $770 million by 2018," said Jim Gaynor.
LPTH is trading up 17.20 percent at $1.09 on Thursday. The stock has been trading between $0.82 and $2.20 for the past 52 weeks.