July 26, 2023, Orlando, FL — LightPath Technologies, Inc. (NASDAQ:LPTH), (“LightPath” or the “Company”), a leading vertically integrated global manufacturer and integrator of proprietary optical and infrared technologies, announced the acquisition of Visimid Technologies (“Visimid”), an engineering and design firm specializing in thermal imaging, night vision and internet of things (“IOT”) applications purchased for a combination of cash and stock.
Visimid provides design and consulting services for Department of Defense (“DoD”) contractors, commercial and industrial customers, and OEMs for original new products. Visimid’s core competency is developing and producing custom thermal and night vision cores, such as that within the Mantis camera.
Commenting on the acquisition, Sam Rubin, CEO of LightPath Technologies, said, “Visimid’s unique capabilities and expertise will enhance the value of the customized solutions we provide and bring LightPath one step further along our strategic roadmap to becoming a leader in the fast-growing market of infrared imaging for defense and commercial applications. Customers who come to us for engineered solutions often require a custom imaging core. Working with the team at Visimid allows us to expand on the work we started with our Mantis camera to produce high value application-specific imaging solutions, extending our capabilities in high value defense applications, the rapidly expanding market of automotive sensing for advanced safety and autonomy, and other industrial and commercial markets.”
Jason Liebert, PE, Owner and CEO of Visimid, commented, “The optical expertise, scale and unique materials LightPath offers is the perfect place to take our work to the next level. We are excited to be part of the LightPath team and together develop leading edge customized solutions for a broader array of customers in DoD and other markets.”
Source: https://feeds.issuerdirect.com/news-release.html?newsid=6327780500457274