Friday, September 16, 2016

LPTH Press Release: LightPath Technologies Reports Fiscal 2016 Fourth Quarter and Full Year Financial Results


For Immediate Release:

LightPath Technologies Reports Fiscal 2016 Fourth Quarter and Full Year Financial Results



Fiscal 2016 Revenue Increases 26%

Substantial Improvement in Fiscal 2016 Profitability Drives Over 700% Increase in Operating Cash Flow

Proposed Acquisition of ISP Optics Corporation Expected to Generate Future Growth


ORLANDO, FL – September 15, 2016 – LightPath Technologies, Inc. (NASDAQ: LPTH) (“LightPath,” the “Company,” or “we”), a leading vertically integrated global manufacturerdistributorand integrator of proprietary optical and infrared components and high-level assemblies, today announced financial results for the fiscal 2016 fourth quarter  and twelve months ended June 30, 2016.

Fiscal 2016 Fourth Quarter and Full Year Highlights:

  • Revenue increased to $17.3 million in fiscal 2016 from $13.7 million in fiscal 2015, an increase of 26%.
  • Revenue for the fourth quarter of fiscal 2016 increased 5% to $4.7 million as compared to $4.5 million for the fourth quarter of fiscal 2015. 
  • Gross margin as a percentage of revenue increased to 54% in fiscal 2016, compared to 44% in fiscal 2015.
  • Gross margin as a percentage of revenue in the fourth quarter of fiscal 2016 was 52% as compared to 47% in the fourth quarter of fiscal 2015.
  • Fiscal 2016 operating income was at $2.0 million, an improvement of $2.3 million as compared to an operating loss of approximately ($259,000) in the prior year.
  • Operating income for the fourth quarter of fiscal 2016 was $523,000 compared to $449,000 for the fourth quarter of fiscal 2015.
  • Net income for fiscal 2016 was $1.4 million, as compared with a net loss of ($715,000) in fiscal 2015.
  • EBITDA* for fiscal 2016 was approximately $2.5 million compared to a loss of approximately ($144,000) in fiscal 2015.  
  • Adjusted EBITDA*, which excludes the non-cash income or expense related to the change in fair value of the Company’s warrant liability, was $2.6 million, as compared with $320,000 in the prior fiscal year.
  • 12-month backlog increased to approximately $6.6 million at June 30, 2016, compared to $6.5 million as of June 30, 2015.
  • Cash balance at June 30, 2016 was $2.9 million, an increase of 77% compared to June 30, 2015. 
*This press release includes references to earnings before interest, taxes, depreciation, and amortization (“EBITDA”), adjusted EBITDA, adjusted net income (loss), and gross margin, all of which are non-GAAP financial measures.  A “non-GAAP financial measure” is generally defined as a numerical measure of a company’s historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with GAAP.  Our management believes that certain non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period.  A reconciliation of GAAP to non-GAAP results is provided in this press release in the accompanying tables.  A more complete explanation of these measures is also included below under the heading “Use of Non-GAAP Financial Measures.”

Management Comments

Jim Gaynor, President and Chief Executive Officer of LightPath, commented, “Our solid performance in the fourth quarter of fiscal 2016 completed a year in which we achieved substantial growth and set numerous financial performance records over recent years.  At our annual shareholders’ meeting held on January 28, 2016, we presented and disclosed the operating performance objectives on which we were focused for fiscal 2016.  These objectives were revenue growth, strategic revenue growth generated by certain of our product lines, growth in adjusted EBITDA, which excludes the non-cash income or expense related to the change in fair value of our warrant liability, and return on assets growth.  These objectives were chosen to put focus on growth while maintaining a balance on cost and profitability.  I’m pleased to say we achieved our goals with respect to these performance objectives.  Our revenues grew 26% year-over-year, which continued the trend of accelerated revenue growth over the past several years – improving from under 1% growth from fiscal 2013 to fiscal 2014, to 16% growth from fiscal 2014 to fiscal 2015, and to 26% growth from fiscal 2015 to fiscal 2016.  Our strategic revenues grew by 93% year-over-year.  Our adjusted EBITDA for fiscal 2016 also improved to $2.5 million.  Finally, we had a return on assets of 15% (adjusted to exclude the effects of our warrant valuations).”

Mr. Gaynor continued, “In fiscal 2016, we benefited from the successful implementation of our organic growth strategy.  Throughout the year, we experienced improvements in our sales mix and were able to increase prices as demand for our products grew, attesting to our product differentiation and technological leadership.  The volume of units sold in fiscal 2016 increased by 12% from the prior year.  Our financial performance further benefited from a 12% increase in the average price per unit sold.  We expect continued growth in sales to be derived primarily from our specialty products, our precision molded optics, particularly our high volume precision molded lenses, or HVPMOs, sold in Asia, and our infrared products based upon recent quote activity and market trends.

“We are also excited about the proposed acquisition of ISP Optics Corporation, which we expect to be a transformative acquisition that will create a global infrared and optical industrial technology leader with more enhanced growth opportunities than we’ve had in the past.  The proposed transaction will combine two of the fastest growing pioneers in the complementary fields of infrared products from ISP and optical and infrared solutions from LightPath.

“On behalf of our executive management and Board of Directors, I would like to acknowledge the tremendous efforts and dedication of our growing team around the world.  It is because of their efforts and dedication that we achieved excellent fiscal 2016 results.” 

Financial Results for Three Months Ended June 30, 2016

Revenue for the fourth quarter of fiscal 2016 was approximately $4.7 million, which was an increase of approximately $227,000, or 5%, as compared to the same period of the prior fiscal year.  The increase from the fourth quarter of the prior fiscal year is attributable to a 63% increase in sales of high volume precision molded optics (“HVPMO”) lenses and an increase of more than 70% in sales of infrared lenses and infrared non-recurring engineering products (“NRE”), offset by decreases in low volume precision molded optics (“LVPMO”) and specialty products.

Gross margin as a percentage of revenue in the fourth quarter of fiscal 2016 was 52%, compared to 47% in the fourth quarter of fiscal 2015.  The improvement in gross margin is attributed to increased revenues with a favorable product mix, leverage of our higher sales volume against fixed manufacturing overhead expenses, the realization of the full benefit of the lower cost structure at the Company’s Zhenjiang facility, and better yields for infrared products.  Total cost of sales was approximately $2.3 million for the fourth quarter of fiscal 2016, a decrease of approximately $111,000, compared to the same period of the prior fiscal year.

During the fourth quarter of fiscal 2016, total costs and expenses were approximately $1.9 million, an increase of approximately $264,000 compared to the same period of the prior fiscal year. The increase was primarily due to a $252,000 increase in legal expenses and professional fees relating to the proposed acquisition of ISP Optics Corporation (“ISP”).  Despite the higher expenses incurred in connection with a strategic growth acquisition, total operating income for the fourth quarter of fiscal 2016 was $523,000, compared to $449,000 for the same period in fiscal 2015.

In the fourth quarter of fiscal 2016, the Company recognized a non-cash expense of approximately $27,000 related to the change in the fair value of warrants issued in connection with the June 2012 private placement.  In the fourth quarter of fiscal 2015, the Company recognized non-cash expense of approximately $839,000 related to the change in the fair value of these warrants.  The applicable accounting rules for the warrant liability requires the recognition of either non-cash expense or non-cash income, which has a significant correlation to the change in the market value of the Company’s common stock for the period being reported and the assumptions on when the warrant shares will be exercised.  The likelihood of exercise increases as the expiration date of the warrant approaches.  The warrants have a five-year life and will expire in December 2017.  The fair value will be re-measured each reporting period until the warrants are exercised or expire.

Income tax expense was approximately $68,000 in the fourth quarter of fiscal 2016, an increase of $68,000 from the fourth quarter of fiscal 2015.  Although the Company has net operating loss (“NOL”) carry forward benefits of $86 million against net income as reported on a consolidated basis in the United States, the NOL does not apply to taxable income from foreign subsidiaries.  The increase in income tax expense in fiscal 2016 was primarily attributable to income taxes associated with the Company’s Chinese operations, which were previously offset by tax operating loss carry forwards applicable solely to such operations, and which have been depleted.

Net income for the fourth quarter of fiscal 2016 was $331,000, or $0.02 per basic diluted common share, which includes non-cash expense of approximately $27,000, or $0.01 per basic and diluted common share, for the change in the fair value of the warrant liability, compared with a net loss of approximately $367,000, or $0.02 per basic and diluted common share, which includes non-cash expense of approximately $839,000, or $0.03 per basic and diluted common share, for the change in the fair value of the warrant liability for the same period in fiscal 2015.  Adjusted net income, which is adjusted for the effect of the non-cash change in the fair value of the warrant liability, decreased to approximately $359,000 in the fourth quarter of fiscal 2016, as compared to $472,000 in the same period of fiscal 2015. 

The Company had foreign currency exchange losses in the fourth quarter of fiscal 2016 due to changes in the value of the Chinese renminbiin the amount of approximately $149,000, which had a $0.01 impact on basic and diluted earnings per share.  This compares to foreign currency exchange income of $26,000, with an insignificant impact on loss per share in the same period of the prior fiscal period.

Weighted-average basic and diluted common shares outstanding increased to 15,590,945 and 17,097,076, respectively, in the fourth quarter of fiscal 2016 compared to 15,028,231 and 15,713,892, respectively, in the fourth quarter of fiscal 2015.  The increase was primarily due to shares of common stock issued under the 2014 Employee Stock Purchase Plan and exercises of stock options and warrants.

Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) for the fourth quarter of fiscal 2016 was approximately $646,000 compared to a loss of approximately ($216,000) in the fourth quarter of fiscal 2015.  The difference in EBITDA between periods was principally caused by higher net income due to higher sales and profitability measures.  Adjusted EBITDA, which eliminates the non-cash income or expense related to the change in fair value of the June 2012 warrant liability, was approximately $673,000 in the fourth quarter of fiscal 2016 as compared with approximately $623,000 for the same period of the prior fiscal year.

Financial Results for Year Ended June 30, 2016

Revenue for fiscal 2016 totaled approximately $17.3 million compared to approximately $13.7 million for fiscal 2015, an increase of 26%.  The 26% increase in revenue primarily resulted from a $1.0 million increase in sales of specialty products due to higher volume of sales to defense customers, a $1.8 million increase in sales of  HVPMO and LVPMO products, a $559,000 increase in sales of  infrared products, and a $297,000 increase in NRE fees.  The $1.8 million increase in sales of our HVPMO and LVPMO products is due to revenue for LVPMO increasing by 4%, or $286,000, compared to fiscal 2015, while revenue for HVPMO increased by 58%, or $1.46 million, compared to fiscal 2015.  Unit shipment volume in precision molded optics in fiscal 2016 increased by 17% as compared to fiscal 2015 and the average selling price improved 2% period over period.  These improvements were due to a product mix shift in the LVPMO group with higher volumes sold to customers in the distribution, medical applications, and telecommunications sectors.  The Company expects continued growth in sales to be derived primarily from specialty products and precision molded optics product lines, particularly HVPMOs sold in Asia, and infrared product line based upon recent quote activity and market trends.

Gross margin percentage for fiscal 2016 was 54% compared to 44% in fiscal 2015.  The improvement in gross margin is primarily attributed to a $3.6 million increase in revenues with a favorable product mix of higher margin products, resulting in higher sales prices and operating providing leverage from of our increased sales volume against our fixed manufacturing overhead costs.  The gross margin increase also is attributable to Also, improvements in our the Company’s infrared product group due to better yields and cost reductions associated with its new in-house coating capabilities, which were brought online during the year, increased gross margin. Total manufacturing costs were approximately $8.07.97 million, an increase of approximately $286,000 as compared to fiscal 2015. During fiscal 2016, total costs and expenses increased by approximately $1.1 million compared to the same period of the prior fiscal year. The increase was primarily due to: (i) a $412,000 accrual for fiscal 2016 management bonuses given the Company’s strong operating results, (ii) a $100,000 payment for early termination of a sales agreement, (iii) a $67,000 increase for fees related to the annual stockholders’ meeting and related proxy solicitations, (iv) a $334,000 increase in professional services fees related to the 2016 stockholders’ annual meeting and the ISP acquisition, and (v) a $139,000 increase in other expenses.Total operating income for fiscal 2016 was $2.0 million, an improvement of $2.3 million as compared to an operating loss of approximately ($259,000) for fiscal 2015.

In fiscal 2016, the Company recognized non-cash expense of approximately $52,000 related to the change in the fair value of warrants issued in connection with the June 2012 private placement.  In fiscal 2015, the Company recognized non-cash expense of approximately $464,000 related to the change in the fair value of these warrants.  The applicable accounting rules for the warrant liability requires the recognition of either non-cash expense or non-cash income, which has a significant correlation to the change in the market value of common stock for the period being reported and the assumptions on when the warrant shares will be exercised.  The likelihood of exercise increases as the expiration date approaches.  The warrants have a five-year life and will expire in December 2017. The fair value will be re-measured each reporting period until the warrants are exercised or expire.

Net income for fiscal 2016 was approximately $1.4 million, or $0.09 per basic and $0.08 per diluted common share, which includes non-cash expense of approximately $52,000, or $0.01 per basic and diluted common share, for the change in the fair value of the warrant liability, compared with a net loss of approximately ($715,000), or ($0.05) per basic and diluted common share, which includes non-cash expense of approximately $464,000, or $0.03 per basic and diluted common share, for the change in fair value of the warrant liability for fiscal 2015.  The Company also was impacted by foreign currency exchange losses in fiscal 2016 due to de-valuing of the Chinese renminbi in the amount of approximately $370,000, which had a $0.02 impact on basic and diluted earnings per share.  This compares to foreign currency exchange income of $24,000 in the same period of the prior fiscal period, with an insignificant impact on loss per share.

Adjusted net income, which is adjusted for the effect of the non-cash change in fair value of the warrant liability, was $1.5 million in fiscal 2016 as compared to a loss of ($251,000) in fiscal 2015, an improvement of $1.7 million.  Weighted-average basic common shares outstanding increased to 15,104,893 in fiscal 2016 compared to 14,711,586 in fiscal 2015, primarily due to the issuance of shares of common stock related to shares issued under the 2014 Employee Stock Purchase Plan, the private placement in January 2015 with a sole investor, and shares issued with the exercise of stock options and warrants.  The weighted-average fully diluted common shares outstanding in fiscal 2016 was 16,875,383.

EBITDA for fiscal 2016 was approximately $2.5 million compared to a loss of approximately ($144,000) in fiscal 2015.  The difference in EBITDA between periods was principally caused by higher sales and operating income.  Adjusted EBITDA, which eliminates the non-cash income or expense related to the change in fair value of the warrant liability, was approximately $2.6 million in fiscal 2016 as compared with adjusted EBITDA of approximately $320,000 in the prior fiscal year.

Cash and cash equivalents totaled approximately $2.9 million as of June 30, 2016, a 77% increase from June 30, 2015.  Cash flow provided by operations was approximately $1.5 million for fiscal 2016, an increase of $1.4 million, from $82,000 in the prior year.  During fiscal 2016, the Company expended approximately $1.1 million for capital equipment and approximately $1.7 million for working capital while growing its cash balance.  The current ratio as of June 30, 2016 improved by 20% to 3.5 to 1, compared to 3.10 to 1 as of June 30, 2015.  Total stockholders’ equity as of June 30, 2016 was approximately $10.9 million, a 37% increase from approximately $8.0 million as of June 30, 2015.

As of June 30, 2016, the Company’s 12-month backlog was $6.6 million, compared to $6.5 million as of June 30, 2015, an increase of approximately 2%.

*Use of Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, this press release includes references to EBITDA, adjusted EBITDA, adjusted net income (loss), and gross margin, all of which are non-GAAP financial measures.  For a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP, see the tables provided in this press release. 

A “non-GAAP financial measure” is generally defined as a numerical measure of a company’s historical or future performance that excludes or includes amounts, or is subject to adjustments, so as to be different from the most directly comparable measure calculated and presented in accordance with GAAP.  Our management believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period.  Our management also believes that these non-GAAP financial measures enhance the ability of investors to analyze our underlying business operations and understand our performance.  In addition, our management may utilize these non-GAAP financial measures as guides in forecasting, budgeting, and planning.  Non-GAAP financial measures should be considered in addition to, and not as a substitute for, or superior to, financial measures presented in accordance with GAAP.

We calculate EBITDA by adjusting net income (loss) to exclude net interest expense, income tax expense or benefit, depreciation, and amortization.  Similarly, we calculate adjusted EBITDA by adjusting net income (loss) to exclude net interest expense, income tax expense or benefit depreciation, amortization, and the change in the fair value of the warrants issued in connection with our private placement in June 2012. 

The fair value of the warrants issued in connection with our private placement in 2012 is re-measured each reporting period until the warrants are exercised or expire.  Each reporting period, the change in the fair value of these warrants is either recognized as non-cash expense or non-cash income.  The change in the fair value of the warrants has a significant correlation to the change in the market value of our common stock for the period being reported and is not impacted by our actual operations during such period. We believe that by excluding the change in the fair value of these warrants enhances the ability of investors to analyze our underlying business operations and understand our performance.

We calculate gross margin by deducting the cost of sales from operating revenue.  Cost of sales includes manufacturing direct and indirect labor, materials, services, fixed costs for rent, utilities and depreciation, and variable overhead.  Gross margin should not be considered an alternative to operating income or net income, which is determined in accordance with GAAP.  We believe that gross margin, although a non-GAAP financial measure, is useful and meaningful to investors as a basis for making investment decisions.  It provides investors with information that demonstrates cost structure and provides funds for our total costs and expenses.  We use gross margin in measuring the performance of our business and have historically analyzed and reported gross margin information publicly.  Other companies may calculate gross margin in a different manner.

Investor Conference Call and Webcast Details:

LightPath will host an audio conference call and webcast on Thursday, September 15at 4:30 p.m. ET to discuss our financial and operational performance for the fiscal fourth quarter and year ended June 30, 2016.

Date: Thursday, September 15, 2016
Time: 4:30 PM (ET)
Dial-in Number: 1-877-317-2514
International Dial-in Number: 1-412-317-2514


Participants should dial-in or log-on approximately 10 minutes prior to the start of the event.  A replay of the call will be available approximately one hour after completion through September 29, 2016. To listen to the replay, dial 1-877-344-7529 (domestic) or 1-412-317-0088 (international), and enter conference ID # 10091983.

About LightPath Technologies

LightPath Technologies, Inc. (NASDAQ: LPTH) provides optics and photonics solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries.  LightPath designs, manufactures, and distributes optical and infrared components including molded glass aspheric lenses and assemblies, infrared lenses and thermal imaging assemblies, fused fiber collimators, and gradient index GRADIUM® lenses.  LightPath also offers custom optical assemblies, including full engineering design support.  For more information, visit www.lightpath.com.

Forward-Looking Statements

This release includes statements that constitute “forward-looking statements” within the meaning of federal securities laws, which are statements other than historical facts and that frequently use words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “position,” “should,” “strategy,” “target,” “will” and similar words.  All forward-looking statements speak only as of the date of this release.  Although we believe that the plans, intentions, and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions, or expectations will be achieved.  Therefore, actual outcomes and results could materially differ from what is expressed, implied, or forecasted in such statements.  This release contains certain forward-looking statements that are based on current plans and expectations and are subject to various risks and uncertainties.  Our business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect results, and are often beyond our control.  Factors that could cause or contribute to such differences include, but are not limited to, factors detailed by us in our public filings with the Securities and Exchange Commission.  All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements.  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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Thursday, September 8, 2016

LPTH Press Release: LightPath Technologies Schedules Fiscal 2016 Financial Results Conference Call


For Immediate Release:

LightPath Technologies Schedules Fiscal 2016 Financial Results Conference Call for September 15

ORLANDO, FL – September 8, 2016 - LightPath Technologies, Inc. (NASDAQ: LPTH) (“LightPath,” the “Company” or “we”), a leading vertically integrated global manufacturerdistributor and integratorof proprietary optical and infrared components and high-level assemblies, today announced the scheduling of its fiscal 2016 financial results press release issuance and the corresponding conference call and simultaneous webcast.  The press release will be issued on September 15, 2016 after the close of the stock market. 

Investor Conference Call and Webcast Details:
Date: Thursday, September 15, 2016
Time: 4:30 PM (ET)
Dial-in Number: 1-877-317-2514  
International Dial-in Number: 1-412-317-2514
Webcast:  http://services.choruscall.com/links/lpth160908

Participants are recommended to dial-in or log-on approximately 10 minutes prior to the start of the event. A replay of the call will be available approximately one hour after completion throughSeptember 29, 2016. To listen to the replay, dial 1-877-344-7529 (domestic) or 1-412-317-0088(international), and enter conference ID # 10091983.

About LightPath Technologies

LightPath Technologies, Inc. (NASDAQ: LPTH) provides optics and photonics solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries. LightPath designs, manufactures, and distributes optical and infrared components including molded glass aspheric lenses and assemblies, infrared lenses and thermal imaging assemblies, fused fiber collimators, and gradient index GRADIUM® lenses. LightPath also offers custom optical assemblies, including full engineering design support.  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, 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.       

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Wednesday, September 7, 2016

LPTH Press Release: LightPath Technologies Announces Resignation of Director


For Immediate Release:

LightPath Technologies Announces Resignation of Director

ORLANDO, FL – September 7, 2016 --LightPath Technologies, Inc. (NASDAQ: LPTH) (“LightPath,” the “Company,” or “we”), a leading vertically integrated global manufacturerdistributor and integrator of proprietary optical components and high-level assemblies, today announced that Dr. Xudong Zhu resigned from its Board of Directors (the “Board”), effective September 6, 2016.  Dr. Zhu is the President of Pudong Science & Technology Investment (Cayman) Co., (“Pudong”) a LightPath stockholder, and its parent, Shanghai Pudong Science and Technology Investment Co., Ltd.  Dr. Zhu also serves as the Chairman of the Board of Shanghai Pudong Science and Technology Investment Co., Ltd.  Dr. Zhu began serving on the Board on April 28, 2015, but has since determined that he needed to devote more time to his primary business responsibilities for Pudong and his other business interests.  Upon Dr. Zhu’s resignation, the Board will have seven directors, six of whom are independent as defined by the NASDAQ Listing Rules.
Robert Ripp, the Chairman of the Board of LightPath, stated, “We have valued Dr. Zhu’s service to LightPath and have benefited from his knowledge and experience, and we look forward to continuing our association with him.  Dr. Zhu commented “I have appreciated my time on the LightPath Board and, through Pudong’s investment, will continue to support LightPath as it pursues the growth of its business.”

About LightPath Technologies

LightPath Technologies, Inc. (NASDAQ: LPTH) provides optics and photonics solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries.  LightPath designs, manufactures, and distributes optical and infrared components including molded glass aspheric lenses and assemblies, infrared lenses and thermal imaging assemblies, fused fiber collimators, and gradient index GRADIUM® lenses.  LightPath also offers custom optical assemblies, including full engineering design support.  For more information, visit www.lightpath.com.


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Company Contacts:

Jim Gaynor, President & CEO
LightPath Technologies, Inc.


Investor Contact:

Jordan Darrow
Darrow Associates, Inc.

Tuesday, September 6, 2016

UCF I-Corps Seminar by Michael O’Donnell, 9.07.16/ 1:00-2:00PM/ CREOL RM 103

UCF I-Corps Seminar by Michael O’Donnell
Wednesday, September 7th, 2016 1:00PM to 2:00PM
CREOL Room 103  

About UCF I-Corps:
I-Corps is a National Science Foundation (NSF) funded grant that aims to teach researchers how to commercialize their research and ideas through the Business Model Canvas. The five week program focuses on discovering that there is product-market fit through evidence based research. This is done before building a product or service in order to increase the viability of the company and reduce the risk, time, and money spent. While the NSF provides the teams that go through I-Corps with seed funding, UCF coordinates all of the sessions, provides nationally certified instructors, matches teams with seasoned business mentors, and countless follow-on service with collaboration of the UCF and Orlando entrepreneurship community. The UCF I-Corps program is a part of the start-up community in Central Florida that aims to support and further develop an ecosystem of innovation and entrepreneurship where local companies can start, grow, and thrive.

Once teams graduate, the Venture Accelerator consults the teams with next step opportunities. At this point, most teams have validated their assumptions and understand who their customer is and why they care, identifying if they have a product-market fit. Since the program is funded by the NSF, teams get “lineage”, meaning they are able to apply to a plethora of grants only available to NSF grantees, apply for the $50,000 National I-Corps program, and are able to put the NSF as one of their funders. The I-Corps program has proven to: make teams 60% more likely to earn an SBIR/STTR grant, win business pitch competitions, and build a valuable network.

To find out more about I-Corps, please visit our website: https://icorps.cie.ucf.edu/

For additional information:
Vanessa Zabala
UCF I-Corps Program Coordinator
University of Central Florida
12201 Research Parkway, Suite 501 | Orlando, FL 32826

Wednesday, August 31, 2016

EEE MTT/AP Orlando Chapter, CREOL, & Raj Mittra Distinguished Lecture 9.8.16/5:00-6:00PM/CREOL 103

“Spatially-Variant Periodic Structures in Electromagnetics”

IEEE MTT/AP Orlando Chapter, CREOL, & Raj Mittra Distinguished Lecture Program

DATE/TIME: Thursday, September 8th, 2016 (5:00 PM-6:00 PM)

SPEAKER: Dr. Raymond C. Rumpf
Associate Professor, University of Texas at El Paso
ABSTRACT:
Periodic structures, or lattices, have proven to be one of the most enabling technologies of the 21st century.  They allowed us to make objects invisible, to manipulate light and sound like we do electricity in computer chips, to dramatically reduce size and weight of structures while maintaining mechanical strength, and appear to break fundamental laws of physics.  Despite these accomplishments, profound physical mechanisms still remain hidden inside the lattices that have yet to be effectively utilized.  Electromagnetic fields cannot be manipulated inside homogeneous media.  There must exist an interface, a gradient, or some form of inhomogeneity.  Uniform lattices can be compared to homogeneous media that have limited usefulness.  To unlock the hidden physics, lattices must be made macroscopically inhomogeneous without also unintentionally deforming the unit cells.  Bending, twisting, and otherwise spatially varying a periodic structure in this manner requires impossible geometries, so until recently it has only been accomplished in simple and canonical configurations.  A breakthrough by the EM Lab at the University of Texas at El Paso has led to a method for generating spatially-variant lattices (SVLs) without unintentionally deforming the unit cells, thus preserving their electromagnetic properties.  Using this tool, the EM Lab is exploring new physics enabled by SVLs.  In collaboration with the Kuebler Lab at the University of Central Florida, a spatially-variant photonic crystal (SVPC) was designed that achieved the tightest bend of optical beam ever reported in the literature. In other work, the EM Lab showed that a spatially-variant anisotropic metamaterial (SVAM) can be used to electromagnetically decouple two electrical components placed in close proximity.  This talk will discuss the algorithm for generating SVLs as well as some of the new device concepts it has enabled so far.
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ABOUT THE AUTHOR  Dr. Raymond C. Rumpf is an Associate Professor of Electrical and Computer Engineering at the University of Texas at El Paso (UTEP), and has a joint appointment in the Computational Science program.  In Fall 2010, Raymond formed the EM Lab at UTEP with a mission to develop revolutionary technologies enabled by digital manufacturing.  Prior to joining UTEP, Raymond was the Chief Technology Officer for Prime Photonics where he helped transform the company’s technology portfolio from exclusively fiber optic sensors to an array of technologies for extreme applications.  Raymond earned his BS and MS in Electrical Engineering from the Florida Institute of Technology in 1995 and 1997 respectively.  He earned his PhD in Optics in 2006 from the University of Central Florida.  In 2015, Raymond was awarded the highly prestigious University of Texas Regents’ Outstanding Teaching Award.  Raymond has been awarded over a dozen United States patents and has authored dozens of peer-reviewed journal articles.  He is an Associate Editor for SPIE Optical Engineering, Program Chair for Advanced Fabrication Technologies at Photonics West, and a Senior Member of SPIE.  He is also a member of IEEE, OSA, and ARRL.  Raymond is active in outreach with local grade schools in El Paso as well as mentoring students in third-world countriesformer ABET ECE PEV, CEAA. 

LOCATION:      University of Central Florida
CREOL 103

Organizer: Prof. Raj Mittra and
Michael Trampler