ORLANDO, Fla., Aug. 7, 2013 /PRNewswire/ -- LightPath
Technologies, Inc. (NASDAQ: LPTH) (the "Company", "LightPath" or
"we"), a global manufacturer, distributor and integrator of
proprietary optical components and assemblies, today announced that
776,418 warrants which were previously issued were committed for
exercise into common shares during the months of July and August of
2013. The Company received aggregate gross proceeds from
these exercises to total approximately $1.22
million.
(Logo: http://photos.prnewswire.com/prnh/20130122/FL45558LOGO
)
As previously disclosed, cash on hand as of June 30, 2013 was approximately $1.57 million, which was an increase of 12% as
compared to approximately $1.40
million on March 31,
2013. The aggregate proceeds from the warrant conversions
have increased the Company's cash position to greater than
$3.00 million.
Following the exercise of the aforementioned warrants, the
Company's issued and outstanding ordinary share count will be
approximately 13.74 million ordinary shares. Four members of
the Company's management team and Board of Directors exercised
warrants into common shares increasing their ownership
percentage.
"The exercising of warrants demonstrates the confidence
shareholders, particularly our management team and members of our
Board of Directors, have in our growth prospects, as well as serve
to significantly strengthen our balance sheet. We are
grateful for this continued support and look confidently toward the
future," said Jim Gaynor, President
and Chief Executive Officer of LightPath.
LightPath has an additional 2.55 million warrants at a weighted
average exercise price of $1.43
(exercise prices ranging between $0.87-$3.20) relating to capital transactions
since fiscal 2009. The warrants have expiration dates through
December 2017.
About LightPath Technologies
LightPath (NASDAQ: LPTH) 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 &
measurement and telecommunications. LightPath has a strong patent
portfolio that has been granted or licensed to us in these
fields. 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, the Company does 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.
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Contacts:
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Dorothy Cipolla,
CFO
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LightPath
Technologies, Inc.
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Tel: 407-382-4003
x305
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Email:
dcipolla@lightpath.com
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Web:
www.lightpath.com
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Jordan
Darrow
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Darrow Associates,
Inc.
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jdarrow@darrowir.com
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631-367-1866
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SOURCE LightPath Technologies, Inc.