Contact Information: Contact: Dorothy Cipolla CFO LightPath Technologies, Inc. Phone: (407) 382-4003 Email: Internet: www.lightpath.com
LightPath Announcement: LightPath Technologies Announces Further Cost Reductions
LightPath Technologies Announces Major Cost Reductions Through Facility Restructuring
| Source: LightPath Technologies
ORLANDO, FL--(Marketwire - December 18, 2007) - LightPath Technologies, Inc. (NASDAQ : LPTH ) is
pleased to announce a major step in the continuing effort to reduce our
U.S.-based overhead costs through the successful negotiation of an
amendment to our Orlando headquarter building lease.
Due to the transfer to our facility in China of the manufacturing for over
80% of our production requirements for our precision molded optic line, our
space needs in our U.S. facility in Orlando were reduced from approximately
40,000 square feet to approximately 21,000 square feet. The lease
amendment reflecting space reduction and related reduction in our rental
obligations was effective as of December 1, 2007.
The cost savings created by reduction of space in our Orlando facility, in
conjunction with other overhead reduction initiatives, are a continuation
of our plans to reduce our overhead cost structure. These actions combined
with the reductions announced in September 2007 represents a savings of
over $2 million annually.
"The transfer of our high volume production to Shanghai follows our
strategic plan to have the Orlando Facility focus on high mix, higher
margin products and to become the worldwide center for new product
development," according to Jim Gaynor, Interim CEO.
LightPath manufactures optical products including precision molded aspheric
optics, precision molded infrared optics, GRADIUM® glass products,
proprietary collimator assemblies, isolators utilizing proprietary
automation technology, higher-level assemblies and packing solutions.
LightPath has a strong patent portfolio that has been granted or licensed
to us in these fields. LightPath common stock trades on the NASDAQ Capital
Market under the symbol "LPTH." Investors are encouraged to go to
LightPath's website for additional financial information.
This news release includes statements that constitute forward-looking
statements made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. This information may involve
risks and uncertainties that could cause actual results to differ
materially from such forward-looking statements. Factors that could cause
or contribute to such differences include, but are not limited to, factors
detailed by LightPath Technologies, Inc. in its public filings with the
Securities and Exchange Commission. Except as required under the federal
securities laws and the rules and regulations of the Securities and
Exchange Commission, we do not have any intention or obligation to update
publicly any forward-looking statements whether as a result of new
information, future events or otherwise.
GRADIUM® is a registered trademark of LightPath Technologies