ORLANDO, Fla., June 11, 2012 /PRNewswire/ -- LightPath
Technologies, Inc. (NASDAQ: LPTH) ("LightPath", the "Company" or
"we"), a global manufacturer, distributor and integrator of
proprietary optical components and high-level assemblies, announced
that it has raised gross proceeds of approximately $1,982,727 million through the sale of 1,943,852
shares of our Class A common stock, par value $0.01 (the "Common Stock"), in the aggregate and
warrants to purchase 1,457,892 shares of Common Stock in the
aggregate to institutional and other accredited investors in a
private placement transaction. The closing of the private
placement transaction occurred simultaneously with the execution of
the transaction documents.
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)
Net proceeds are intended to provide working capital to support
the continued growth of LightPath's business, with the primary uses
of the funds anticipated to be for expansion of our infrared
molding capacity and enhancement of our glass preparation processes
and test and measurement capability. The funding will also
support new product development and the acquisition of new
equipment, also critical to the Company's growth plans.
Each share of Common Stock was sold at a purchase price of
$1.02. The warrants are
exercisable for a period of five years beginning on December 11, 2012, and have an initial exercise
price of $1.32 per share.
Robert Ainbinder of Meyer
Associates LP, a FINRA member, 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 general working capital
purposes, including, but not limited to, furthering the development
of our products, specifically with respect to our infrared product
line.
The shares and warrants 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 or the solicitation of an offer to buy these securities.
Jim Gaynor, President and Chief
Executive Officer of LightPath, commented, "LightPath is extremely
pleased and excited to have completed this capital raise. These
funds will help enable LightPath to execute its strategy of
becoming a leading global supplier of optical systems for
applications in the infrared market. The global market for
infrared systems in both commercial and defense related
applications has experienced double digit growth during the
previous ten year period, and is expected to reach a total value of
over $20 billion by 2014. The
commercial and defense applications are reaching an inflection
point where high performance infrared optics and scalable price
points are a must to enable the next generation of high volume
applications. LightPath is ideally positioned to have a
strong market presence in these markets given our depth of
experience in low-cost, molded optics and our manufacturing
infrastructure. The center piece of our growth strategy is to be
the supplier that brings true scalability to the infrared optics
market."
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. The Company's products are used in various markets,
including industrial, medical, defense, test and measurement and
telecommunications. LightPath has a strong patent portfolio that
has been granted or licensed to it in these fields. For more
information visit www.lightpath.com.
Forward-Looking Statements
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,
including statements regarding our ability to expand our presence
in certain markets, future sales growth, continuing reductions in
cash usage and implementation of new distribution channels. 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.
Contacts:
LightPath Technologies, Inc.
Jim Gaynor
President & CEO
Or
Dorothy Cipolla, CFO
+1 (407) 382-4003
INVESTOR INQUIRIES:
Hayden IR
Peter Seltzberg, Regional Vice
President
646-415-8972
peter@haydenir.com
SOURCE LightPath Technologies, Inc.