LightPath Technologies Announces Notification From Nasdaq Relating to Minimum Stockholders' Equity and Receipt of 'Going Concern' Opinion
ORLANDO, FL--(Marketwire - October 8, 2008) - LightPath Technologies, Inc. (NASDAQ: LPTH), a
manufacturer and integrator of families of precision molded aspheric
optics, GRADIUM® glass products, and high-performance fiber-optic
collimators and isolators, today announced that it received a letter, dated
October 3, 2008, from The NASDAQ Listing Qualifications of The NASDAQ Stock
Market, LLC notifying LightPath Technologies that based on its Annual
Report on Form 10-K for the period ended June 30, 2008, Nasdaq has
determined that LightPath's stockholders' equity does not comply with the
minimum $2.5 million stockholders' equity requirement for continued listing
on The Nasdaq Capital Market set forth in Marketplace Rule 4310(c)(3). The
Nasdaq staff is reviewing LightPath's eligibility for continued listing on
The Nasdaq Capital Market and has asked the Company to provide, on or
before October 20, 2008, a specific plan to achieve and sustain compliance
with all of the Nasdaq Capital Market listing requirements, including a
time frame for completion of the plan. The Company intends to respond
formally to the Nasdaq request for a plan on or before the October 20, 2008
deadline.
NASDAQ Marketplace Rules require Nasdaq-listed companies to publicly
announce the receipt of a "going concern" audit opinion. The Company's
Annual Report on Form 10-K, filed with the Securities and Exchange
Commission on September 29, 2008, included an audit report that contained a
going concern qualification from its independent registered accounting
firm.
Jim Gaynor, President & Chief Executive Officer of LightPath, commented,
"Our objective remains clear going forward as we have focused on growing
our revenues in new markets and with new products while continuing to
streamline our business and maintain high quality products and excellent
service to our customers. We will be taking the necessary steps to address
our Nasdaq listing deficiency and will prepare a formal strategy to meet
the requirements specified by the Nasdaq exchange in order to maintain our
full listing."
About LightPath Technologies
LightPath manufactures optical products including precision molded aspheric
optics, GRADIUM® glass products, proprietary collimator assemblies, laser
components 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 stock symbol LPTH. For
more information visit www.lightpath.com
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.
Contact Information: Contacts:
LightPath Technologies, Inc.
Jim Gaynor
President & CEO
or
Dorothy Cipolla
CFO
+1 (407) 382-4003
Alliance Advisors, LLC
Mark McPartland
Vice President
+1 (914) 669-0222