LightPath Technologies, Inc. and DR Technologies Inc. sign agreement to pursue government contracts for Gradium glass applications.ALBUQUERQUE, N.M.--(BUSINESS WIRE)--Feb. 12, 1997--LightPath Technologies, Inc. (Symbol - LPTHA/LPTHU Nasdaq), maker of patented GRADIUM(TM) glass used in industry, telecommunications and other high-performance optics applications, has signed an agreement with DR Technologies, Inc. to pursue jointly U.S. government contracts for the application of GRADIUM technologies. GRADIUM materials possess internal light-bending capabilities not found in other high-end, state-of-the-art glass and plastics. LightPath and DR Technologies, a San Diego-based developer and manufacturer of advanced optical systems and specialist in technology transfer, will together target $500 million of Department of Defense (DOD (1) (Dial On Demand) A feature that allows a device to automatically dial a telephone number. For example, an ISDN router with dial on demand will automatically dial up the ISP when it senses IP traffic destined for the Internet. ) programs for early-stage R&D projects that both fill a DOD need and have commercial applications. The two companies will also pursue $24.6 million of Defense Advanced Research Projects Agency Defense Advanced Research Projects Agency (DARPA), U.S. government agency administered by the Department of Defense (see Defense, United States Department of). (DARPA DARPA: see Defense Advanced Research Projects Agency. (Defense Advanced Research Projects Agency) The name given to the U.S. Advanced Research Projects Agency during the 1980s. It was later renamed back to ARPA. ) funds earmarked to develop a new breed of optical sensors that conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" design specifications of aircraft and missiles. LightPath is currently working on a $225,000 subcontract sub·con·tract n. A contract that assigns some of the obligations of a prior contract to another party. intr. & tr.v. sub·con·tract·ed, sub·con·tract·ing, sub·con·tracts through DR Technologies to provide first a glass, and later an acrylic, GRADIUM solar "light conduit" for space satellites. That project is part of a $1.4 million 1996 DOD contract awarded to DR Technologies' United Innovations subsidiary to develop a prototype "graded index solar concentrator" for satellite space power. GRADIUM will channel light from a satellite's solar collector to its photovoltaic cells A semiconductor diode that converts light into DC voltage. Also known as "solar cells," photovoltaic cells are used in a myriad of applications from simple light sensors to complete energy creation systems. See photovoltaic. . This will enable the cells, which turn the light into electric power for the satellite, to be shielded from damaging space radiation. LightPath and DR Technologies will work together to secure subsequent phases of the project which have an estimated value totaling more than $4 million. "GRADIUM can enable important technologies that require the precise direction of light through a rugged, monolithic Single object. Self contained. One unit. and cost-effectively produced glass or polymer panel," said Ugur Ortabasi, program director at DR Technologies, which has built a $4 million annual revenue base through government R&D contracts since the company's inception two years ago. "LightPath and DR are positioned to provide solutions to government and commercial applications that have been constrained con·strain tr.v. con·strained, con·strain·ing, con·strains 1. To compel by physical, moral, or circumstantial force; oblige: felt constrained to object. See Synonyms at force. 2. by classical optics. We believe that the partnership with LightPath will help DR continue to achieve high-growth projections by adapting GRADIUM for new hardware products for space and terrestrial solar power and optical sensor applications," said Lyle Dunbar, DR Technologies' founder and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. who previously managed a $25 million yearly advanced technology concepts business at Sparta, Inc. "We're excited by the increased working relationship between LightPath and DR Technologies and its potential to provide an additional revenue stream for us via government contracts," said Donald Lawson, LightPath's chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "This partnership fits into our plan to proliferate pro·lif·er·ate v. To grow or multiply by rapidly producing new tissue, parts, cells, or offspring. the commercialization of GRADIUM for technologies that are enabled by its unprecedented light-bending properties." LightPath raised approximately $8 million in a February 22, 1996 initial public offering and is building a revenue base from the following GRADIUM glass applications: high-performance optics for industrial lasers; devices to cost-effectively multiply the information-carrying capacity of optical fiber used in telecommunications; medical imaging devices, and rifle scopes. LightPath Technologies, Inc. manufactures GRADIUM materials - cost-effectively, in small and large volumes - at its headquarters facility and has 10 patents, and several more pending, associated with the process to manufacture GRADIUM glass and plastics. LightPath common stock trades under the Nasdaq stock symbol LPTHA. LightPath units, comprised of common stock and warrants, trade under the Nasdaq stock symbol LPTHU. CONTACT: Frank Sommerfield Communications, Inc. (212) 255-8386 mail@sommerfield.com or LightPath Web site: http://www.light.net |
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