ROCHESTER, NEW YORK, Nov. 22, 2023 (GLOBE NEWSWIRE) -- Syntec Optics, a scientific and technical instruments, and aerospace and defense optics provider, announced today the launch of the new 3x magnifier used with various defense weapon sights, including holographic and red dot reflex sights. The launch is in response to Made in America reshoring initiatives underway due to FAR Buy American Act requirements of the U.S. Government.
"Reshoring of American advanced manufacturing due to FAR Buy American Act requirements favors continued growth for Syntec Optics," said Syntec Optics CEO Joe Mohr. "Syntec is focused on the design of lightweight, high-performance optics to reduce weight by 100 grams, which is significant to soldiers carrying a lot of equipment."
U.S. Army veteran and Syntec Optics Program Manager Louie Salinas said, "Syntec Optics is using the polymer technology that was pioneered at the company to reduce weight. It also uses world-class design capabilities with vertically integrated and optimized optics manufacturing to offer a domestic alternative for 3x magnifiers made abroad."
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. 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 manufacturing 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, and biomedical equipment optics. 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, 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) changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the business combination; 2) the ability to meet Nasdaq’s listing standards following the consummation of the business combination; 3) the risk that the business combination or any legal proceedings disrupts current plans and operations of Syntec Optics as a result of the announcement and consummation of the business combination; 4) the inability to recognize the anticipated benefits of the business combination; 5) ability of Syntec Optics to successfully increase market penetration into its target markets; 6) the addressable markets that Syntec Optics intends to target do not grow as expected; 7) the loss of any key executives; 8) the loss of any relationships with key suppliers; 9) the loss of any relationships with key customers; 10) the inability to protect Syntec Optics’ patents and other intellectual property; 11) the failure to successfully execute manufacturing of announced products in a timely manner or at all, or to scale to large-scale production; 12) costs related to the business combination; 13) changes in applicable laws or regulations; 14) the possibility that Syntec Optics or the combined company may be adversely affected by other economic, business and/or competitive factors; 15) Syntec Optics’ estimates of its growth and projected financial results for 2023 and 2024 and meeting or satisfying the underlying assumptions with respect thereto; 16) 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; 17) inability to complete any investments or borrowings in connection with the business combination; 18) the potential for events or circumstances that result in Syntec Optics’ failure to timely achieve the anticipated benefits of Syntec Optics’ customer arrangements; and 19) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in merger f/k/a Nasdaq listed OLIT’s Form S-1, 8k, and 10Q filings and registration statement on Form S-4 filed with the SEC, and declared effective on October 5, 2023. 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)
