LightPath announced it has been awarded a renewal of an annual supply agreement valued at $5M. The contract is for the purchase of a variety of infrared, or IR, optical lens elements by a major commercial infrared vision products customer. The agreement includes an option to increase the contract to $6M upon the acceptance of new designed chalcogenide lenses within 6 months from the date of the contract. Products under this contract will be shipped over the next 12 months beginning in December. This supply agreement from the industrial market is for commercial hand-held thermal monocular and thermal weapon-sight lenses to be supplied to a European manufacturer of night vision and thermal cameras. LightPath's optics will be used on cameras and other sporting and outdoor products designed for search and rescue, nature observation, hunting, maritime navigation and other commercial applications.
