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ORLANDO, FL – January 21, 2015 LightPath Technologies, Inc. (NASDAQ: LPTH) (“LightPath,” the
“Company” or “we”), a leading vertically integrated global manufacturer, distributor and integrator of proprietary optical components and high-level assemblies, today announced the successful
sale of securities pursuant to its previously announced Securities
Purchase Agreement with Pudong Science & Technology (Cayman) Co.,
Ltd. (“Pudong”). The Securities
Purchase Agreement was amended (as amended, the “SPA”) and assigned by
Pudong to an affiliate, Pudong Science & Technology Investment
(Cayman) Co. Ltd. (“Pudong Investment”), on September 25, 2014.
Pursuant to the SPA, LightPath sold
to Pudong Investment 930,790 shares of Class A Common Stock (the “Common
Stock”). The shares of Common
Stock were sold at a price of $1.40 per share, per the terms of the
SPA. LightPath received gross
proceeds of approximately $1,303,106 from the sale. LightPath intends to use the proceeds
of the sale to provide working capital in support of its continued
growth, particularly new product development, sales and marketing of its
infrared product line, and capital expenditures related to acquisition of
new equipment.
Pudong Investment beneficially owned
14.9% of the Company’s outstanding shares of Common Stock immediately
following the issuance of the shares of Common Stock. Prior to the closing of the sale,
Pudong Investment beneficially owned 9.37% of the Company’s outstanding
shares of Common Stock, as disclosed in a Schedule 13G amendment filed
with the Securities and Exchange Commission in 2014.
Jim Gaynor, President and Chief
Executive Officer of LightPath, commented, “We are pleased to have closed
the sale of the shares. Pudong
Investment has proven to be a long term supporter of LightPath and
understands the magnitude of our future growth potential. This investment by Pudong Investment
will better position us to implement our strategic growth initiatives.”
Dr. Xudong Zhu, Chairman of Shanghai
Pudong Science and Technology Investment Co., Ltd., commented, “LightPath
is a leading high-tech company in the optical molded lens industry and
holds core technologies in products and solutions such as visible light aspheric
lens, infrared aspheric lens, fiber collimator and gradient index
lens. We are delighted to increase our investment in
LightPath and hope we can help introduce LightPath’s commercial
technologies and products to China’s market and resources through this
investment, supporting the long-term growth of LightPath. This
investment further demonstrates our investment strategy to go global from
China and our commitment to be a leading international institutional
investor.”
The shares sold 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 granted Pudong Investment certain
“piggyback” registration rights should it file with the Securities and
Exchange Commission a registration statement to register its equity
securities for its own account or the account of others under the
Securities Act of 1933, as amended, at any time after the one-year
anniversary of the closing date of the sale of the shares to Pudong
Investment. The shares are subject
to a lock up period commencing on January 20, 2015 and ending on the next
business day after the Company’s 2018 annual meeting.
This release does not constitute an
offer to sell or the solicitation of an offer to buy any securities of
LightPath. The shares of Common
Stock are being sold pursuant to an exemption from the registration
requirements of the Securities Act of 1933, as amended, and applicable
state securities laws.
About Pudong Science & Technology Investment (Cayman)
Co., Ltd.
Pudong
Investment is an investment vehicle wholly
owned by Shanghai
Pudong Science & Technology Investment Co., Ltd., which is a Shanghai-based
investment management
company with a leading professional management team, diversified
business lines, strong
financial position and
rich strategic resources. For more information, visit www.pdsti.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.
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Company Contact:
Jim Gaynor
President & CEO
407-382-4003 x377
Investor Contact:
Jordan Darrow
Darrow Associates, Inc.
631-367-1866
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