ROCHESTER, NEW YORK, Jan. 11, 2024 (GLOBE NEWSWIRE) -- Joe Mohr, CEO of Syntec Optics (Nasdaq: OPTX), was recently interviewed by the New York Photonics (NYP) Cluster. The interview appeared in the New York Photonics January 2024 newsletter sent to its members and covered several topics about public listing and the future vision.
Emotional Journey, Meaningful Milestone
In the interview, Syntec CEO Joseph Mohr conveyed the emotions and significance of this meaningful achievement. "It was exhilarating to be with and represent my team from Syntec Optics when ringing the opening bell at NASDAQ," he shared. "It is a great milestone for Syntec Optics to become public and be able to accelerate our vision of positive societal impact."
Strategic Vision for Public Listing
NYP delved deeper into the driving forces behind Syntec's public offering. Mohr explained that the decision stemmed from the company's drive to provide a U.S.-based platform for optics and photonics manufacturing, safeguarding American soldiers, empowering healthcare professionals, and delivering precision technology for consumers. Syntec's consistent growth over the past decade, coupled with the mission-critical nature of its offerings, fueled the belief that such end-markets are quite stable when viewed together and poised for sustained progress.
Unifying Platform: A Key Differentiator
When asked about the key differentiator in the public listing, Mohr provided insight into how Syntec aims to further solidify its unique "unifying platform" – a comprehensive infrastructure encompassing horizontal and vertical capabilities across the entire optics and photonics value chain. This one-stop-shop approach tends to streamline operations for customers, saving time and reducing logistical burdens.
Market Expansion and New Frontiers
Mohr went on to explain further that the Nasdaq listing opens doors to exciting new possibilities for Syntec. Mohr revealed the company's plans to tap into emerging markets in the field like communications (including space economy and telecommunications) and sensing. Syntec has already made significant strides in this direction, launching space optics products and microlens arrays for telecommunications in 2023. Additionally, a partnership with the University of Rochester is paving the way for biomedical sensing using photonics integrated circuits.
Fueling Growth with Strategic Investments
Mohr commented on Syntec's intent to leverage the capital it shall acquire in the future as a public company for inorganic growth. The company plans to execute targeted acquisitions of businesses that complement its existing platform, further expanding its portfolio of advanced manufacturing processes. A disciplined approach to identifying companies that share Syntec's values of precision and societal impact will ultimately build a diverse portfolio that drives sustainable future growth through a robust R&D pipeline.
Commitment to Innovation
Innovation remains at the core of Syntec's progress. Mohr highlighted the company's focus on polymer-based optics, which offer numerous advantages over traditional glass-based counterparts in several applications. These include smaller size, lighter weight, lower power consumption, and faster production times. Additionally, Syntec's rapid prototyping capabilities, employing nanomachining for quick alpha samples, further cater to the evolving needs of the industry.
Several groundbreaking products are currently underway at Syntec, including the night vision Viper and 3X magnifier scopes, a thermal augmentation device for day scopes, and participation in a NIST-funded research project for the sensing market. Other products announced include space optics, biomedical optics, and communications microlens arrays for blue chip customers.
Impact on NY Photonics and the Industry
Syntec's team believes that public listing signifies a key moment for the broader optics and photonics industry, particularly in New York State. Mohr emphasized the crucial role of NY Photonics in fostering a supportive ecosystem for over two decades, acknowledging the organization's instrumental role in Syntec's journey. He believes that Syntec's progress serves as a catalyst for the entire industry, highlighting the immense potential of optics and photonics to revolutionize diverse fields ranging from quantum computing and disease detection to disease prevention and soldier safety.
A Message to the NY Photonics Community
In concluding the interview, Mohr addressed the interviewing NY Photonics community, conveying a message of commitment and future vision. "Syntec Optics believes that photon-enabled technologies are more than just a trend," he stated. "Our goal is to deliver impactful solutions for optics and photonics-enabled solutions globally." With its vertically integrated platform and expertise in high-precision manufacturing, Syntec Optics can empower OEMs seeking cutting-edge opto-electronics, light-enabled devices, and intelligent solutions. Ultimately, Mohr envisions Syntec as providing "disruptive light-enabled technologies and sub-systems" across various end markets, pushing the boundaries of what is possible in the world of optics and photonics.
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 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, 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.
For further information, please contact:
Sara Hart
Investor Relations
InvestorRelations@syntecoptics.com
SOURCE: Syntec Optics Holdings, Inc. (Nasdaq: OPTX)
