Syntec Optics (Nasdaq: OPTX) Delivers 50,000th Precision MicroLens Array for New End-Market
Acquires assets from customer to meet additional demand
ROCHESTER, NEW YORK, Feb. 05, 2024 (GLOBE NEWSWIRE) — Syntec Optics, a scientific and technical instruments and aerospace and defense optics provider, celebrated another production milestone by delivering its 50,000th previously announced and launched new microlens array within a very short process development period. Syntec’s experienced team has now expanded its production capacity quickly by acquiring production and metrology equipment from the customer’s facility to support more product lines and product deliveries planned in 2024.
Among many advanced optics techniques for production at its facility in Rochester, NY, Syntec utilized its high-volume replicative process for these microlens arrays.
“Using techniques pioneered at Syntec Optics over two decades and customer’s product knowledge, advanced manufacturing processes were developed within eight weeks,” said Beth Blood, Program Manager at Syntec Optics for nearly a decade.
“Syntec Optics team has been meeting demands at every new frontier in diverse end-markets like Defense, Biomedical, and Consumer, and now further adds Communications as an end-market for what we believe strengthens market acyclicality,” said Sara Hart, Sales Director at Syntec Optics.
“Production and metrology equipment have been moved from the customer’s facility and installed to validate advanced production processes for additional exclusive microlens array product lines. I am excited to see that the Syntec team can add-on or bolt-on assets that a large corporation wants to spin off and deliver results quickly,” said Joe Mohr, CEO of Syntec Optics.
“Blue chip customers come to Syntec Optics for high precision scalable mission-critical products where technical requirements can’t be met elsewhere. Looking back, Syntec Optics seemed a good choice, given that such a production line could typically take more than six months to develop and an additional three months to advance metrology that proves ultra-precision requirements were met,” said Casey Nelson, CFO.
SPIE provided the first in-depth assessment of the photonics-enabled marketplace globally at $2.1 trillion. Communications, one of the ten major end-markets, was valued alone at nearly $43B of the total global marketplace. Backhaul needs for 5G implementation and ubiquitous data drive developments in communications transmission, while in data centers, photonics increasingly solves the limitations of electronics, which is facing the immutable limits of fundamental physics.
With previously announced space optics for the communications end-market, microlens arrays increase Syntec’s penetration into other applications like telecom and biomedical datacom. Telecom fiber connector market growth is driven by continually increasing demand for high bandwidth services, while growth in biomedical datacom is driven by increasing automation.
About Syntec Optics
Syntec Optics Holdings, Inc. (Nasdaq: OPTX), a 20-year optics and photonics leader for scientific and technical instruments and aerospace and defense products, has the mission of keeping American soldiers out of harm’s way, improving patient care and bringing more precision products to the consumer and communications. Syntec Optics, 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.
Cautionary Note Regarding 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 further business combination; 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.
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SOURCE: Syntec Optics Holdings, Inc. (Nasdaq: OPTX)
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