ROCHESTER, NEW YORK, July 12, 2024 (GLOBE NEWSWIRE) -- Syntec Optics (Nasdaq: OPTX), a mission-critical supplier of scientific and technical instruments and defense and aerospace optics to OEMs, today announced it is scheduling to manufacture orders for two critical optics that fit in the next generation military optics systems. Such new systems provided by the customer integrate several advanced technologies, including a variable magnification optic, laser rangefinder, visible and infrared lasers, a digital display overlay, and several other sensing and calculating abilities.
Syntec's mission-critical optics deliveries of nearly $900,000 are scheduled for twelve months. Orders will likely increase in the following years and are anticipated to last over a decade.
Syntec utilized its unique replicative glass molding capabilities for one critical optic and ultra-precise nano machining capability for the second optic. The initial development and early production orders for such advanced optics field tests began nearly twelve months ago. Syntec Optics honed its unique processes during proof-of-concept and production ramp tests.
“I am excited to see how the Syntec Optics team uniquely produces two intricate optics using advanced manufacturing techniques. Syntec is glad to support our customer by providing an advanced integrated optics system atop new defense equipment. With added optics system, the Army can now take full advantage of its next-generation equipment as it attempts to replace half a century old equipment," said Louie Salinas, Program Manager at Syntec Optics.
Syntec's molded glass and nano-machined optics fit into the customer's integrated optic system. The system is like a computer calculating range, ballistics, atmospherics, directional information, digital overlay, and wireless features, and it can also link to the Army's new smart goggles.
“The team at Syntec appreciates the opportunity to contribute to a device that significantly increases accuracy," added retired Master Sergeant Salinas, a former member of Army Special Operations Command and two-time recipient of the Purple Heart for combat actions during the Global War on Terrorism.
About Syntec Optics
Syntec Optics Holdings, Inc. (Nasdaq: OPTX), headquartered in Rochester, NY, is one of the largest custom optics and photonics manufacturers in the United States. Operating for over two decades, Syntec Optics runs a state-of-the-art facility with extensive core capabilities of various optics manufacturing processes, both horizontally and vertically integrated, to provide a competitive advantage for mission-critical OEMs. Syntec Optics recently launched new products, including Low Earth Orbit (LEO) satellite optics, lightweight night vision goggle optics, biomedical equipment optics, and precision microlens arrays. To learn more, visit www.syntecoptics.com.
Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, including certain financial forecasts and projections. All statements other than statements of historical fact contained in this press release, including statements as to the transactions contemplated by the business combination and related agreements, future results of operations and financial position, revenue and other metrics, planned products and services, business strategy and plans, objectives of management for future operations of Syntec Optics, market size, and growth opportunities, competitive position and technological and market trends, are forward-looking statements. Some of these forward-looking statements can be identified by the use of forward-looking words, including “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “plan,” “targets,” “projects,” “could,” “would,” “continue,” “forecast” or the negatives of these terms or variations of them or similar expressions. All forward-looking statements are subject to risks, uncertainties, and other factors (some of which are beyond the control of Syntec Optics), which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. All forward-looking statements are based upon estimates, forecasts and assumptions that, while considered reasonable by Syntec Optics and its management, as the case may be, are inherently uncertain and many factors may cause the actual results to differ materially from current expectations which include, but are not limited to: 1) risk outlined in any prior SEC filings; 2) ability of Syntec Optics to successfully increase market penetration into its target markets; 3) the addressable markets that Syntec Optics intends to target do not grow as expected; 4) the loss of any key executives; 5) the loss of any relationships with key suppliers including suppliers abroad; 6) the loss of any relationships with key customers; 7) the inability to protect Syntec Optics’ patents and other intellectual property; 8) the failure to successfully execute manufacturing of announced products in a timely manner or at all, or to scale to mass production; 9) costs related to any further business combination; 10) changes in applicable laws or regulations; 11) the possibility that Syntec Optics may be adversely affected by other economic, business and/or competitive factors; 12) Syntec Optics’ estimates of its growth and projected financial results for the future and meeting or satisfying the underlying assumptions with respect thereto; 13) the impact of any pandemic, including any mutations or variants thereof and the Russian/Ukrainian or Israeli conflict, and any resulting effect on business and financial conditions; 14) inability to complete any investments or borrowings in connection with any organic or inorganic growth; 15) the potential for events or circumstances that result in Syntec Optics’ failure to timely achieve the anticipated benefits of Syntec Optics’ customer arrangements; and 16) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in prior SEC filings including registration statement on Form S-4 filed with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Syntec Optics does not give any assurance that Syntec Optics will achieve its expected results. Syntec Optics does not undertake any duty to update these forward-looking statements except as otherwise required by law.
For further information, please contact:
Sara Hart
Investor Relations
InvestorRelations@syntecoptics.com
SOURCE: Syntec Optics Holdings, Inc. (Nasdaq: OPTX)
