LightPath Technologies Acquires Amorphous Materials Assets For $7M To Expand Infrared Optics Capabilities

LightPath Technologies, Inc. (NASDAQ:LPTH) ("LightPath," the "Company," "we," or "our"), a leading provider of next-generation optics and imaging systems for both defense and commercial applications, today announced it has acquired the assets of Amorphous Materials, Inc., ("AMI") an industrial manufacturer with complementary Chalcogenide glass melting technologies, in particular for large diameter optics, purchased for aggregate consideration of $7.0 million in cash, with the potential for up to $3 million of additional technical milestone-based equity consideration.

Key Transaction Highlights

• Acquisition accelerates execution of strategic vision to become a leading vertically integrated infrared imaging ("IR") solutions provider in the $9B infrared imaging market
• AMI is a 50+ year-old company with a strong reputation, founded by Dr. Ray Hilton Sr., who was considered one of the pioneers in commercializing Chalcogenide glass
• Adds incremental AMI glass melting technology, which melts high-grade glass as large diameter plates, critical for large optics, and in particular for space programs
• Adds glass melting capacity and a second, NDAA compliant manufacturing location for BlackDiamond glass, acting as a backup for Orlando manufacturing
• Adds a portfolio of complementary Chalcogenide glasses to BlackDiamond™ Chalcogenide-based glass materials portfolio
• Accretive asset acquisition that is expected to add approximately $3.0 million in annual revenue following the acquisition
• A majority of AMI's revenue is generated from one tier-1 defense customer and derived from major programs of record that are expected to continue over the long term