Friday, February 5, 2016

LPTH Press Release: LightPath Technologies Reports 26% Revenue Increase with Fiscal 2016 Second Quarter Financial Results

For Immediate Release:

LightPath Technologies Reports 26% Revenue Increase with Fiscal 2016 Second Quarter Financial Results

Continued Momentum for Global Sales of Specialty and Infrared Products; Significant Gross Margin Expansion 

ORLANDO, FL – February 4, 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 financial results for the fiscal 2016 second quarter ended December 31, 2015.
Second Quarter Fiscal 2016 Highlights:
  • Revenue for the second quarter of fiscal 2016 increased 26% to approximately $4.2 million compared to approximately $3.4 million for the second quarter of fiscal 2015.
  • Revenues from sales of infrared products and infrared non-recurring engineering products (“NRE”) increased by more than 164% in the second quarter of fiscal 2016 compared to the second quarter of fiscal 2015.
  • Gross margin was 56% in the second quarter of fiscal 2016 compared to 38% in the second quarter of fiscal 2015.
  • Operating income for the second quarter of fiscal 2016 was approximately $607,000, compared to an operating loss of approximately ($405,000) for the second quarter of fiscal 2015.
  • EBITDA was a negative of approximately ($318,000) for the second quarter of fiscal 2016 compared to a positive EBITDA of approximately $294,000 in the second quarter of the previous fiscal year. Adjusted EBITDA, which excludes the change in the fair value of our warrant liability, was a positive of approximately $737,000 for the second quarter of fiscal 2016 compared to a negative EBITDA of approximately ($240,000) for the second quarter of fiscal 2015.
  • 12-month backlog increased to approximately $6.4 million at December 31, 2015, compared to approximately $5.1 million as of September 30, 2015.
  • Non-cash warrant liability expense in connection with the change in their fair value of approximately $1.1 million in the second quarter of fiscal 2016, as compared to non-cash income of approximately $535,000 in the second quarter of fiscal 2015. This is driven primarily by the 90% appreciation of our common stock from the first quarter of fiscal 2016.
 A reconciliation of GAAP to non-GAAP results is provided in this press release in the accompanying tables.  An explanation of these measures is also included below under the heading “Use of Non-GAAP Financial Measures.”
Jim Gaynor, President and Chief Executive Officer of LightPath, commented, “I am pleased to report excellent results for the second quarter of fiscal 2016. We continue to see impressive revenue growth of our specialty products, which increased by 133% as compared to the second quarter of fiscal 2015. This growth is complemented by solid improvement of our infrared products and infrared NREs, which increased by 164% as compared to the second quarter of fiscal 2015.  In particular, our direct sales in Asia and China continue to grow, principally driven by the increasing demand from our telecommunications customers. We have successfully expanded our business in an uncertain economic environment as we serve multiple markets and continue to offer excellent value to our customers.”

Mr. Gaynor continued, “I am also pleased with the margin expansion we have demonstrated through this period. Our gross margins improved as a result of the excellent operational performance of our subsidiary manufacturing facility in Zhenjiang, People’s Republic of China. We moved the majority of our manufacturing operations from one of our subsidiary’s facilities in Shanghai, People’s Republic of China to this newer facility in Zhenjiang late last year.  Since this move, we have realized a reduction of costs over our cost basis at the Shanghai facility of approximately 35%. We have also continued to diversify our business by developing new applications for our products in markets such as digital imaging, medical instruments and fiber laser delivery systems, which are bolstered by our more traditional applications in telecommunications, industrial equipment and weapon sights.  Based on the diversification of our business, the successful implementation of our sales strategies and our superior value proposition, which may resonate even more with customers in periods of challenging economic development, we expect continued robust increases in revenue across all our product lines during fiscal 2016.”

Financial Results for Three Months Ended December 31, 2015

Revenue for the second quarter of fiscal 2016 totaled approximately $4.2 million, which was an increase of approximately $0.9 million, or 26%, as compared to the same period of the prior fiscal year.  The increase from the second quarter of the prior fiscal year is attributable to a 133% increase in sales of specialty products and a 234% increase in sales of NRE projects.

Gross margin as a percentage of revenue in the second quarter of fiscal 2016 was 56%, compared to 38% in the second quarter of fiscal 2015. The improvement in gross margin is attributed to a favorable product mix resulting in higher sales prices, leverage of the increase in production volume against manufacturing overhead costs, and the realization of the full benefit of consolidating a majority of our manufacturing operations into the Zhenjiang facility.  Total cost of sales of approximately $1.9 million decreased by approximately $206,000 in the second quarter of fiscal 2016 compared to the same period of the prior fiscal year.

During the second quarter of fiscal 2016, total costs and expenses increased by approximately $78,000 compared to the same period of the prior fiscal year. The increase was due to an approximately $180,000 increase in wages to accrue for fiscal 2016 management bonuses given the strong financial performance during the second quarter of fiscal 2016.   This increase was partially offset by a decrease in professional service fees compared to the prior year. Total operating income for the second quarter of fiscal 2016 was approximately $607,000, compared to an operating loss of approximately ($405,000) for the same period in fiscal 2015, which was impacted by elevated costs due to duplicative expenses as we transitioned to a new manufacturing facility in China and other strategic growth initiatives.

In the second quarter of fiscal 2016, we recognized a non-cash expense of approximately $1.1 million related to the change in the fair value of warrants issued in connection with our June 2012 private placement.  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 our common stock for the period being reported.  The market value per share of common stock increased by 90% during the second quarter of fiscal 2016 as compared to the second quarter of fiscal 2015, which aided in the recognition of non-cash expense as compared to non-cash income recorded for the same period in fiscal 2015. In the second quarter of fiscal 2015, we recognized non-cash income of approximately $535,000 related to the change in the fair value of these warrants.  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 loss for the second quarter of fiscal 2016 was approximately ($536,000) or ($0.04) per basic and diluted common share, which includes non-cash expense of approximately $1.1 million or $0.07 per basic and diluted common share for the change in the fair value of the warrant liability, compared with net income of approximately $141,000 or $0.01 per basic and diluted common share, which includes non-cash income of approximately $535,000 or $0.04 per basic and diluted common share for the change in the fair value of the warrant liability for the same period in fiscal 2015.  We were also impacted by foreign exchange losses in the second quarter of fiscal 2016 due to the recent de-valuing of the Chinese yuan in the amount of approximately ($78,000), which had a ($0.01) impact on basic and diluted earnings per share.  This compares to a foreign exchange gain of $19,000 in the same period of the prior fiscal period.  Adjusted net income, which is adjusted for the effect of the non-cash change in the fair value of the warrant liability, was approximately $520,000 in the second quarter of fiscal 2016 as compared to a loss of approximately ($394,000) in the same period of fiscal 2015, an improvement of approximately $0.9 million.  Weighted-average basic shares outstanding increased to 15,250,146 in the second quarter of fiscal 2016 compared to 14,305,985 in the second quarter of fiscal 2015 primarily due to shares of common stock issued pursuant to the our private placement in January 2015 and issuances under our employee stock purchase plan.
Earnings before interest, taxes, depreciation, and amortization (“EBITDA”) for the second quarter of fiscal 2016 was a loss of approximately ($318,000) compared to positive EBITDA of approximately $294,000 in the second quarter of fiscal 2015.  The difference in EBITDA between periods was principally caused by higher operating income in the current year period offset by the non-cash expense from the warrant liability.  Adjusted EBITDA, which eliminates the non-cash income or expense related to the change in fair value of the warrant liability, was approximately $737,000 in the second quarter of fiscal 2016 as compared with negative adjusted EBITDA of approximately ($240,000) for the same period of the prior fiscal year.
Financial Results for Six Months Ended December 31, 2015
Revenue for the first half of fiscal 2016 totaled approximately $8.4 million, which was an increase of approximately $2.5 million, or 41%, as compared to the same period of the prior fiscal year.  This increase was due to increases in sales across all of our product groups. Specifically, there was a 241% increase in sales of NRE projects, a 119% increase in sales of specialty products, a 53% increase in sales of our infrared products, and an 18% increase in sales of our precision molded optics products.

 Gross margin as a percentage of revenue in the first half of fiscal 2016 was 55%, compared to 38% in the first half of fiscal 2015. The improvement in gross margin is primarily attributed to favorable product mix resulting in higher sales prices, leverage of the sales volume against our manufacturing overhead costs, and the realization of the full benefit of the lower cost structure of the Zhenjiang facility.  In the first half of fiscal 2015, we had increased wages due to the ramp up of production of our infrared products and the overlapping of manufacturing workforces during the transition of production from the Shanghai facility to the Zhenjiang facility. Total cost of sales of approximately $3.8 million increased by approximately $106,000 in the first half of fiscal 2016 compared to the same period of the prior fiscal year.

During the first half of fiscal 2016, total costs and expenses increased by approximately $179,000 compared to the same period of the prior fiscal year. The increase was due to an approximate $360,000 increase in accruals for wages related to fiscal 2016 management bonuses given the strong financial performance during the first half of fiscal 2016.  This increase was partially offset by a decrease in professional service fees compared to the prior year. Total operating income for the first half of fiscal 2016 was approximately $1.3 million, compared to an operating loss of approximately ($915,000) for the same period in fiscal 2015.

In the first half of fiscal 2016, the Company recognized a non-cash expense of approximately $687,000 related to the change in the fair value of warrants issued in connection with the June 2012 private placement.  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.  The market value per share of common stock increased by 61% during the first half of fiscal 2016, which aided in the recognition of a non-cash expense as compared to the non-cash income recorded for the same period in fiscal 2015.  In the first half of fiscal 2015, we recognized non-cash income of approximately $481,000 related to the change in the fair value of these warrants.  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 the first half of fiscal 2016 was approximately $307,000 or $0.02 per basic and diluted common share, which includes non-cash expense of approximately $687,000 or $0.05 per basic and diluted common share for the change in the fair value of the warrant liability, compared with net loss of approximately ($438,000) or ($0.03) per basic and diluted common share, which includes non-cash income of approximately $481,000 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.  We were also impacted by foreign exchange losses in the first half of fiscal 2016 due to the recent de-valuing of the Chinese yuan in the amount of approximately $253,000, which had a ($0.02) impact on basic and diluted earnings per share.  This compares to a foreign exchange gain of $20,000 in the same period of the prior fiscal period.  Adjusted net income, which is adjusted for the effect of the non-cash change in the fair value of the warrant liability, was $994,000 in the first half of fiscal 2016 as compared to a loss of ($919,000) in the same period of fiscal 2015, an improvement of $1.9 million. Weighted-average basic shares outstanding increased to 15,244,747 in the first half of fiscal 2016 compared to 14,297,807 in the first half of fiscal 2015 primarily due to shares of common stock issued pursuant to  our private placement in January 2015 and issuances under our employee stock purchase plan.
EBITDA for the first half of fiscal 2016 was approximately $719,000 compared to negative EBITDA of approximately ($139,000) in the first half of fiscal 2015.  The difference in EBITDA between periods was principally caused by higher operating income offset by higher non-cash expense from the warrant liability in the fiscal 2016 period as compared with the prior year.  Adjusted EBITDA, which eliminates the non-cash income or expense related to the change in fair value of the warrant liability, was approximately $1.4 million in the first half of fiscal 2016 as compared with negative adjusted EBITDA of approximately ($620,000) in the same period of the prior fiscal year.
Cash and cash equivalents totaled approximately $2.5 million as of December 31, 2015, an increase of 52% from June 30, 2015.  Cash flow provided by operations was approximately $1.05 million for the six months ended December 31, 2015.  During the first half of fiscal 2016, we expended approximately $596,000 for capital equipment and approximately $460,000 for working capital while growing our cash balance. The current ratio as of December 31, 2015 improved to 4.09 to 1 compared to 3.10 to 1 as of June 30, 2015.  Total stockholders’ equity as of December 31, 2015 was approximately $8.7 million, a 9% increase from approximately $8.0 million as of June 30, 2015. 
As of December 31, 2015, our 12-month backlog was $6.4 million, compared to $5.1 million as of September 30, 2015, an increase of approximately 25%.
Investor Conference Call and Webcast Details:
We will host an audio conference call and webcast on Thursday, February 4, at 4:30 p.m. ET to discuss our financial and operational performance for the second quarter of fiscal 2016.
Date: Thursday, February 4, 2016
Time: 4:30 p.m. (ET)
Dial-in Number: 1-877-317-2514
International Dial-in Number: 1-412-317-2514

It is recommended that participants dial-in approximately 5 to 10 minutes prior to the start of the 4:30 p.m. call. A transcript archive and webcast of the event will be available for viewing or download on the Company web site shortly after the call is concluded.  A replay of the call will be available approximately one hour after completion through February 18, 2016. To listen to the replay, dial 1-877-344-7529 (domestic) or 1-412-317-0088 (international), and enter conference ID # 10079753.

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.
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 and adjusted net income (loss), 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.
The discussion of our results as presented in this release also includes the use of the non-GAAP term “gross margin.”  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.
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.

Contacts:

Jim Gaynor, President & CEO                        Dorothy Cipolla, CFO                            Jordan Darrow
LightPath Technologies, Inc.                          LightPath Technologies, Inc.               Darrow Associates, Inc.
Tel: 407-382-4003                                           Tel: 407-382-4003 x305                        Tel: 631-367-1866

Wednesday, February 3, 2016

LPTH Press Release: LightPath Technologies Announces Preliminary Results for Fiscal 2016 Q2 Financial Results

For Immediate Release:

LightPath Technologies Announces Preliminary Results for Fiscal 2016 Second Quarter Financial Results

ORLANDO, FL – February 1, 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 preliminary financial results for the fiscal 2016 second quarter ended December 31, 2015 and the scheduling of a conference call and simultaneous webcast on February 4, 2016 to discuss the Company’s financial and operational results for such period.

Preliminary Financial Results for Second Quarter of Fiscal 2016

  • We expect to report revenue of approximately $4.2 million for the second quarter of fiscal 2016, as compared to approximately $3.4 million for the second quarter of fiscal 2015, a 26% increase.
  • 12-month backlog was approximately $6.4 million for the second quarter of fiscal 2016, as compared to approximately $5.1 million for the first quarter of fiscal 2016, a 27% increase.
  • Cash and cash equivalents were approximately $2.5 million as of December 31, 2015, as compared to approximately $1.6 million as of June 30, 2015, a 52% increase.
Jim Gaynor, President and Chief Executive Officer of LightPath, commented, “We are very pleased with our overall financial performance in the fiscal 2016 second quarter, with strong growth in key areas such as revenues, backlog and cash position.  We look forward to announcing our complete financial results next week and addressing other areas of progress and momentum for our business.”
Gaynor continued, “We believe our preliminary second quarter results, continued operational progress and increasingly favorable outlook offer a vastly different view as compared to the report issued by The Street Sweeper blog on January 26, 2016.  The report makes assertions about stock promotion firms with which we have no connection, as well as other claims and analysis that we believe to be ill-conceived and unsubstantiated.  We believe the publication’s motivation is clear given the disclosure in the report that its owners ‘hold a short position in LPTH and stand to profit on any future declines in the stock price.’  The issuance of the report corresponds with a 25% decline in our stock price from the closing price on the day before the report was published through intraday trading on January 28, 2016, which decline in our stock price could benefit The Street Sweeper at the expense of our stockholders.  We further believe, as evidenced by the report, that The Street Sweeper seemingly has no understanding of our business and industry, nor does it properly address our growth and improved financial position.” 

We will issue our complete fiscal 2016 second quarter financial results on February 4, 2016 after the close of the stock market.  Following the issuance of the financial results press release, a conference call and simultaneous webcast will be held.

Investor Conference Call and Webcast Details:

Date: Thursday, February 4, 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/lpth160204.html

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 through February 18, 2016. To listen to the replay, dial 1-877-344-7529 (domestic) or 1-412-317-0088 (international), and enter conference ID # 10079753.


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.


Contacts:
Jim Gaynor, President & CEO                        Dorothy Cipolla, CFO                        Jordan Darrow
LightPath Technologies, Inc.                           LightPath Technologies, Inc.               Darrow Associates, Inc.
Tel: 407-382-4003                                           Tel: 407-382-4003 x305                     Tel: 631-367-1866

Friday, January 29, 2016

LPTH Press Release: LightPath Technologies Adjourns Annual Meeting Until February 25

LightPath Technologies Adjourns Annual Meeting Until February 25


For Immediate Release:

ORLANDO, FL - January 28, 2016 - LightPath Technologies, Inc. (NASDAQ: LPTH) (“LightPath,” the “Company” or “we”), a leading vertically integrated global manufacturerdistributor and integrator of proprietary optical and infrared componentsand high-level assemblies, announced today that its Annual Meeting of Shareholders scheduled for January 28, 2016 has been adjourned to February 25, 2016 at 11:00 am ET, and will take place at the Company’s offices at 2603 Challenger Tech Court, Suite 130, Orlando, FL 32826. The adjournment period will allow for the continued solicitation of proxies from shareholders with respect to Proposal 2, the proposal to increase the board size from seven to twelve directors, and Proposal 3, the proposal to modify the percentage of shareholder votes needed to change the board size, from 85% to a majority of shares represented.

Shareholders who have already voted do not need to recast their votes. Proxies previously submitted will be voted at the reconvened meeting unless properly revoked. Shareholders who have not already voted or wish to change their vote are encouraged to do so using the instructions provided in your voting instruction form or proxy card.

The Company filed a proxy statement for its 2016 Annual Meeting with the Securities and Exchange Commission on December 18, 2015. Shareholders as of the record date of December 1, 2015 who have not yet voted are encouraged to vote during the adjournment period. Additionally, shareholders are urged to read the proxy statement and other relevant information on file with the Securities and Exchange Commission.

As of January 28, 2016, the proposals had the support of over 80% of the Company’s outstanding shares. Under the Company’s articles of incorporation the proposals require support from 85% of the outstanding shares. During the period of adjournment, the Company will continue to solicit proxies from stockholders.

Stockholders who have not yet voted are encouraged to do so before February 25, 2016. If stockholders need any assistance in voting their shares, please contact the Company’s proxy solicitor, Alliance Advisors, LLC, at 877-777-8133 or via email atLPTH@allianceadvisorsllc.com.

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.



Contacts:
Jim Gaynor, President & CEO                        Dorothy Cipolla, CFO                        Jordan Darrow
LightPath Technologies, Inc.                           LightPath Technologies, Inc.               Darrow Associates, Inc.
Tel: 407-382-4003                                           Tel: 407-382-4003 x305                     Tel: 631-367-1866

Thursday, January 14, 2016

LPTH Press Release: LightPath Technologies Exhibiting at SPIE Photonics West 2016


FOR IMMEDIATE RELEASE:
LightPath Technologies Exhibiting at

SPIE Photonics West 2016

LightPath to Show New Products to an Expected 20,000 Attendees and 1,250 Vendors
For Immediate Release:

ORLANDO, FL - January 14, 2016 - LightPath Technologies, Inc. (NASDAQ: LPTH) (“LightPath,” the “Company” or “we”), a leading vertically integratedglobal manufacturerdistributor and integrator of proprietary optical and infrared components and high-level assemblies, today announced it will exhibit at the SPIE Photonics West 2016 Exhibition.  The show will take place on February 16-18, 2016 at the Moscone Center in San Francisco, CA.  LightPath will occupy Booth #722 located within the conference center in the South Hall. 

To learn more about LightPath’s Precision Glass Molding capabilities, an open invitation is extended to all attending the show.  Some of the highlighted products to be displayed include:
• Acylindrical Lenses
• Aspheric Mirrors
• Insert Molding
• Lens Edging, Dicing, and Edge Blackening
• Thermal Imaging Lens Assemblies

LightPath’s Executive VP of Operations, Alan Symmons will be teaching a class during the show on the Fundamentals of Molded Optics, Wednesday, February 17th from 8:30am to 12:30pm and LightPath’s Senior Optical Engineer and expert in Laser optics Andrew A. Chesworth, PhD. will be  presenting a paper, Thursday, February 18th from 9:50am - 10:10am,  as part of SPIE OPTO on Novel fiber fused lens for advanced optical communication systems.

LightPath Technologies will be represented by a full complement of its sales and technical staff.  Jim Gaynor, the Company’s CEO, commented, “We look forward to the opportunity to demonstrate our advanced manufacturing capabilities and custom options to OEMs, partners, and prospects while continuing to increase the market’s awareness and acceptance of our optics and photonics solutions.” 

SPIE Photonics West the #1 laser, photonics, and biomedical optics conference: 20,000 attendees, two exhibitions, over 1,250 exhibiting companies, 70 special events, 4,800 papers

About LightPath Technologies
LightPath 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, 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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Contact:

Kimberly Clifton
Marketing Manager

Tuesday, January 12, 2016

Seminar: "Transparent glass-ceramics for photonics applications produced by melting and sol-gel" by Dr. Maria Jesus Pascual 1.21.16/11:00am-12:00pm/ CREOL RM 103

Seminar: "Transparent glass-ceramics for photonics applications produced by melting and sol-gel" by Dr. Maria Jesus Pascual
Thursday, January 21, 2016 11:00 AM to 12:00 PM
CREOL Room 103

G.Gorni 1, S.Pelli2, J.J. Velázquez1, Y.Castro1 , A.Durán1, R.Balda3, M.J. Pascual1
1Ceramics and Glass Institute (CSIC), Madrid, Spain
2MDF Lab, Applied Physics Institute Nello Carrera (IFAC-CNR), Firenze, Italy
3Applied Physics Dept. I, Superior School of Engineering, Bilbao, Spain

Abstract:
Transparent oxyfluoride nano-glass-ceramics doped with RE ions are very interesting materials for photonics applications. They combine the good mechanical, chemical and thermal stability of oxide glasses with the fluoride crystals, very good host for RE ions and suitable for optical properties due to their low phonon energies. The processing route is a key issue for a suitable preparation of these materials. The typical glass processing method is the melting–quenching (MQ) but the sol-gel (SG) method is a promising alternative. MQ requires high melting temperatures with a limitation in the fluorine content. However, bulk materials and fibers can be easily obtained. SG is a cheap and low-temperature technique that allows a better control of composition and doping level. SG materials have high homogeneity and purity. Thin film can be easily obtained but bulk materials are difficult to prepare and fiber.
Oxyfluoride glass-ceramics with LaF3 nanocrystals obtained by MQ and SG will be presented as study example of the processing parameters. Doping with Pr3+/Yb3+ has been used to study the down-conversion process and also doping with Nd3+ to study the laser emission properties. The crystallization process has been described using DTA taking into account the effect of the dopants. The glass-ceramics were also studied by XRD and HR-TEM. Finally, the relation between processing-structure-optical properties of these materials is discussed.

Biography:
Doctor in Chemistry (2000) from Autónoma University of Madrid (UAM), Spain. Tenured Scientist in the Glass Department of the Ceramics and Glass Institute (ICV) of the Spanish Research Council (CSIC) since 2007. She has carried post-doctoral stages in Otto-Schott Institute Jena (Germany), RWTH Aachen (Germany), Aveiro University (Portugal), UFSCar and UEPG (Brazil).  Secretary of the Glass Section of the SECV (Spanish Society of Ceramic and Glass) since 2008. Gottardi Prize in 2010 given by the International Commission on Glass (ICG). Current ICG Treasurer.
Research interests:
-                Glasses and glass-ceramics: melting, thermal properties, phase separation, crystallization, sintering…
-               Glass sealing materials for low and high temperature devices.
-               Glass-ceramics with nanocrystals for photonic applications.
Ceramics and Glass Institute (CSIC): www.icv.csic.es
Research group GlaSS: http://glass.icv.csic.es/index.php

For additional information:
Prof. Kathleen Richardson