Contact Information: Contacts: Jim Gaynor President & CEO or Dorothy Cipolla CFO LightPath Technologies, Inc. (407) 382-4003 Internet: www.lightpath.com Email:
LightPath Technologies, Inc. Announces Equity Raise of $1.6 Million of Additional Capital
| Source: LightPath Technologies
ORLANDO, FL--(Marketwire - August 20, 2009) - 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, announced that it has raised gross proceeds of
approximately $1.637 million through the sale of 1,298,827 shares of common
stock to certain institutional and private investors at $1.26 per share.
Investors also received warrants for the future purchase of up to 649,423
shares of the Company's common stock. The warrants are priced at $1.73 per
share and exercisable for a period of five years beginning on February 19,
2010. If all of the warrants are ultimately exercised, LightPath will
receive additional proceeds in the amount of $1.12 million. Garden State
Securities, Inc. acted as exclusive placement agent for the offering.
LightPath, a leader in optics for laser based applications, will use the
net proceeds from the offering for working capital to promote continued
growth of the business with new product development and equipment
acquisition and development, including proprietary lens press equipment.
The shares purchased in this private placement and the shares issuable upon
exercise of the warrants have not been registered under the Securities Act
of 1933, as amended, and may not be offered or sold in the United States
absent registration or an applicable exemption from registration. LightPath
has agreed to cause the shares issued in the private placement and the
shares issuable upon exercise of the warrants to be registered for resale
with the Securities and Exchange Commission. This release does not
constitute an offer to sell securities.
Jim Gaynor, President & CEO of LightPath, said, "LightPath Technologies
continues to execute its strategy of expanding its markets and addressing
higher volume applications through high performance and lower cost lenses.
This capital raise will provide the working capital and additional
resources necessary for continuing our growth. We are pleased that these
investors recognize the progress we have made in diversifying our customer
base and expanding our product offerings while continuing to improve our
profitability and cash flow performance. We continue to be optimistic that
our future results will confirm the confidence in our prospects that this
investment demonstrates."
About LightPath: 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.
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