Spectrum Advanced Manufacturing Technologies Embarks on Significant Expansion in Colorado Springs, Fueling Innovations in Aerospace, Military, and Medical Fields

The expansion aims to create over 100 local jobs, enhancing Spectrum's partnerships with NASA, DOD Prime Contractors, and its parent Ocutrx Technologies, Inc. in its mission to turn groundbreaking ideas into failure-proof products

COLORADO SPRINGS, Colo., April 9, 2024 /PRNewswire/ -- Spectrum Advanced Manufacturing Technologies (Spectrum AMT), which has been a driving force in ISO 9000 precision electronics and assemblies manufacturing for over 25 years, today announced a significant expansion of its operations in Colorado Springs, thanks, in part, to the support and encouragement from the Colorado Economic Development Commission and state and local governments. This collaboration highlights the commitment of both Spectrum AMT and the state and local governments of Colorado and Colorado Springs to fostering economic growth and supporting innovative business ventures. Spectrum AMT is owned by Ocutrx Technologies, Inc. the developer of the groundbreaking AR/XR medical device headsets: OcuLenz™ (for patients) and the ORLenz (for surgeons). Ocutrx was founded by brothers Michael H. and Mitchael C. Freeman, two Emmy Award-winning inventors. With the addition of two new buildings, the Spectrum AMT location will now be called the "Ocutrx-Spectrum Advanced Manufacturing Campus."

On February 15^th, 2024, Ocutrx and Spectrum AMT received unanimous approval from the Colorado Economic Development Commission (EDC) Job Growth Incentive Tax Credits. This approval allocates $1,281,974 over eight years for the creation of up to 101 net new jobs.

"Colorado is a leader in advanced manufacturing, and Spectrum AMT will create over 100 new good-paying jobs in this important industry. We are thrilled to see Spectrum AMT expand in Colorado Springs and this new investment will help Colorado remain the best place to live, work and do business," said Governor Polis.

The Job Growth Incentive is related to the purchase of a new manufacturing complex, which will be modified to a 12,500 square feet site called the "Brig. Gen; Richard C and Gwendolyn Freeman Commercial Manufacturing Center" (the Freeman Center) which will house new ISO 8 Class 100,000 Optical Cleanrooms for the production of the OcuLenz and ORLenz AR/XR headsets and the StereoLenz™ "glasses-free" 3D monitors and is expected to create over 100 new local jobs. Brig. Gen. Richard C Freeman and Gwen were the Ocutrx founders' parents. Their father was a highly decorated USAF jet fighter pilot and entrepreneur who was afflicted with advanced macular degeneration (AMD), which led to the foundation of Ocutrx and the OcuLenz for AMD medical devices which correct for the condition.

"5Star Bank CEO Michael League and I are very excited to help with the financing of this business expansion and to share the incredible partnership we have between 5Star, Ocutrx Technologies, and Spectrum AMT," said Aileen Barrios, Executive Vice President of 5Star Bank. "Partnerships like these allow us to contribute to a Colorado future where innovation, dedication, and community drives us toward new frontiers in space exploration and the defense contracting industry."

"This expansion signifies a strategic response to the growing demand for Spectrum AMT's expertise in high-reliability electronics manufacturing and assembly," said Jeff Gilbert, Spectrum Chief Operating Officer. "We are deeply appreciative of our partnership with 5Star Bank and remain firmly committed to not only supporting critical industries like aerospace and defense but also contributing meaningfully to the advancement of technologies that shape the future, from space exploration and scientific discovery to addressing global medical challenges. We are proud to be part of a Colorado ecosystem that fosters innovation and economic growth, and we are excited to continue playing a vital role in Colorado Springs. This community has been instrumental in our beginning and continued success."

In addition to the newly purchased facility, the expansion will enlarge the facility's capacity by adding a 3,000-square-foot segregated cleanroom facility reserved for wiring and harnessing, called the "Deep Space Center". Wiring and harnessing for deep space often present special challenges that require ultra-care and cleanrooms to reduce the possibility of contamination on the metal wires which can grow in space. Even a small flake of a contaminant can cause a huge problem over time in a critical space wiring assembly. Likewise, odors and the potential for accidental magnetic field forming and other concerns must be eliminated. Spectrum AMT will consolidate all its wiring and harnessing into its new "Deeb Space" clean facility.

This growth reinforces the company's contributions to the aerospace, military, medical, enterprise and industrial sectors. Spectrum AMT has produced assemblies for the Goddard Space Flight Center for the Spitzer, Hubbell, James Webb, and now the Roman Space telescopes. The company's electronic assemblies have been on NASA's DART Double Asteroid Redirection Test, the Parker Solar Probe, NASA's mission to touch the sun, and the Psyche Mission, NASA's first mission to use laser communications instead of radio frequencies, just launched last October for which Spectrum provided the switching electronics.

"I extend my heartfelt congratulations to Spectrum AMT on their continued investment and expansion in Colorado Springs. As a leader in medical, commercial, and defense technology, Spectrum AMT's expansion will bring with it a wave of exciting opportunities," said Mayor of Colorado Springs, Yemi Mobolade. "Their decision to expand here is a testament to our City's skilled workforce and vibrant business environment. Furthermore, it showcases the incredible potential of Colorado Springs as a city for business retention, growth, and advancement. We look forward to continuing our partnership long into the future with their groundbreaking AR/XR technology that will continue to bring high-paying jobs and millions of economic investments into our community."

"El Paso County is thrilled to welcome Spectrum AMT's expansion, supported by the Enterprise Zone Tax Credits program, which offers them over $250,000 in financial incentives for innovation and growth. This partnership demonstrates our commitment to job creation and economic growth and enriches our community and business landscape. Spectrum AMT's expansion also marks a significant addition to our region by ensuring technological advancements and local employment opportunities. We look forward to Spectrum AMT's contributions towards our collective goal of a thriving, dynamic El Paso County," said Commissioner Cami Bremer, Chairwoman of the Board of El Paso County Commissioners.

"Colorado Springs is recognized around the world for our talented workforce, cutting-edge technology, and quality of life, which supports business innovation and growth," said Johnna Reeder Kleymeyer, President and CEO of Colorado Springs Chamber & EDC. "Spectrum AMT will bring hundreds of well-paying, high-tech manufacturing jobs to our region, boosting our local businesses and the economy, supporting national security missions, and solidifying the Pikes Peak region's competitive standing as a sought-after place to live, work, and play."

Moreover, the expansion will not only enhance Spectrum AMT's aerospace and spaceflight manufacturing capabilities but also dedicate additional space and new Optics Labs for the production of OcuLenz™, a headset developed by its parent company, Ocutrx Technologies. This innovative assistive technology, designed to aid vision for patients with advanced macular degeneration, represents a transformative solution for the millions of Americans affected by this condition. Its sister headset, the ORLenz, provides 3D digital imaging for surgeons. Ocutrx also has a cinematic-quality A.R. headset for the enterprise and military. Each version of the AR/XR headset represents the "next-level" in AR/XR and A.I. Recognized for its impact and innovation, OcuLenz was a runner-up in the 2023 Coolest Things Made in Colorado contest and was named to Fast Company's List of the Next Big Things in Tech. Its manufacturing in Colorado Springs further cements the state's reputation as a center for advanced manufacturing and technology development, marking a significant advancement in medical and assistive technology manufacturing.

About Spectrum Advanced Manufacturing Technologies, Inc.

Based in Colorado Springs, Spectrum Advanced Manufacturing Technologies, Inc. (Spectrum AMT), led by Chief Operations Officer Jeff Gilbert, specializes in high-reliability microelectronic circuits and electronic assemblies for aerospace, military, medical, and industrial sectors. With a 25-year legacy of transforming groundbreaking ideas into failure-proof products, Spectrum AMT is committed to setting industry standards for innovation, precision, and "never-fail" reliability. Notable projects include contributions to the Mars 2020 Perseverance Rover and partnerships with NASA and the U.S. Air Force. Spectrum AMT currently employs a significant workforce in Colorado Springs, with the expansion set to create over 100 jobs across various departments. Spectrum has a new "Come work with us!" campaign. For a detailed list of open positions and to apply, please visit our LinkedIn page. For an in-depth look at our expansion and to explore visuals, including renderings of the new space, please access our digital press kit here. Learn more at SpectrumAMT.com.

About Ocutrx Technologies, Inc.

Ocutrx Technologies, Inc., anchored in the US and Europe, leads in AR/XR and 3D visualization, expanding its horizons across various industries. Founded by Michael and Mitch Freeman, two Emmy Award Winning Inventors of mobile video in the 1990s, the company emerged from a passion to tackle the adversities of Advanced Macular Degeneration. Their groundbreaking OcuLenz™ headset corrects vision for patients with Advanced Macular Degeneration for better vision and life quality. Complementing this, Ocutrx's OR-Bot™ 3D Surgical Visualization Theatre sets new benchmarks in surgical methodologies, offering surgeons unmatched resolution, cinematic quality magnification, and depth precision. In a significant acknowledgment of its innovative prowess, the DigiLoupe headset is the next phase in enhanced surgery holographic visualization. With the acquisition of Spectrum Advanced Manufacturing Technologies, Inc., Ocutrx became diversified across several industry sectors, including Healthcare, AR/XR, 3D Visualization & Microscopes, AI, Medical Devices, Aerospace, Spaceflight, and Defense. In 2023 Ocutrx was named to Fast Company's list of "Next Big Things in Tech," recognizing technological breakthroughs across industries that promise to transform the future. While its initial focus is on the ophthalmic sector, Ocutrx envisions catering to multiple patient and surgical arenas. Strengthening its position, Ocutrx recently acquired Spectrum AMT, an FDA-certified manufacturing facility, further bolstering its innovation capacities. Learn more at ocutrxtech.com.

About 5Star Bank

5Star Bank is a local, community-owned bank with a focus on helping the Colorado Springs Aerospace and Defense Division that supports DoD contractors working with the Army, Air Force, Navy, Space Force, and NASA. 5Star Bank is strongly capitalized, locally owned, and operated by Colorado investors, board of directors, and staff. With an entrepreneurial spirit, 5Star provides banking and financial solutions to businesses, their owners, families and employees in the Denver Metro and Colorado Springs markets.

Media Contact: Leigh Brandt | Lightspeed PR/M | [email protected] 

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SOURCE Spectrum Advanced Manufacturing Technologies