LPTH Press Release: LightPath Technologies Completes Acquisition of ISP Optics Corporation

LightPath Technologies Completes Acquisition of ISP Optics Corporation  LightPath Extends Footprint and Global Scale with Expanded Range of Visible and Infrared Solutions Closes Public Offering of Common Stock and Full Exercise of Underwriters’ Option to Purchase Additional Shares ORLANDO, FL – December 21, 2016 – LightPath Technologies, Inc. (NASDAQ: LPTH) (“LightPath,” the “Company,” or “we”), a leading vertically integrated global manufacturer, distributor, and integrator of proprietary optical and infrared components and high-level assemblies, today announced that it has completed the acquisition of ISP Optics Corporation (“ISP”) for a purchase price of $18 million, subject to post-closing adjustments, of which $12 million was paid in cash with the balance in the form of five-year subordinated notes issued to the sellers.  LightPath also announced today that simultaneous with the closing of the acquisition it has completed the previously announced underwritten public offering of 8,000,000 shares of its Class A common stock, which includes the full exercise by the underwriters of their option to purchase 1,000,000 shares of Class A common stock to cover over-allotments, at a public offering price of $1.21 per share.  Members of LightPath’s Board of Directors and executive management team purchased shares in the offering.  Net proceeds from the sale of the Class A common stock after deducting underwriting discounts and expenses were approximately $8.85 million. The Company used the net proceeds from the offering for a portion of the purchase price of the acquisition of ISP payable in cash as well as to pay transaction expenses and other costs in connection with the acquisition.  The balance of the cash portion of the purchase price was funded by a $5 million acquisition loan from Avidbank, which also closed today, that is payable on an interest-only basis for  six months and thereafter amortized over 54 months.  Commenting on today’s completed transactions, Jim Gaynor, President and Chief Executive Officer of LightPath, said, “We are excited to have consummated the acquisition of ISP Optics Corporation as planned and welcome ISP employees to the expanding global LightPath team.  This transformative acquisition was made possible through a fully subscribed underwritten public offering of common stock.  The offering successfully attracted to the Company numerous high quality institutional investors, in addition to personal investments from members of our executive management team and Board of Directors.  The combination of LightPath and ISP positions us for continued growth with greater scale and scope to offer a comprehensive platform of visible and infrared solutions.” Roth Capital Partners acted as sole book-running manager and Dougherty & Company acted as co-manager for the offering.  Roth Capital Partners also served as an advisor to LightPath in connection with the ISP acquisition, rendering a fairness opinion to the Board of Directors.  BakerHostetler acted as legal advisor to LightPath.  ZAG-S&W acted as legal advisor to Roth Capital Partners.  KippsDeSanto & Co. acted as financial advisor and Blank Rome LLP acted as legal advisor to ISP in connection with the transaction. The offering described above was made pursuant to a registration statement on Form S-1 previously filed with and subsequently declared effective by the Securities and Exchange Commission (the “SEC”) on December 15, 2016.  A copy of the final prospectus relating to the offering has been filed with the SEC and is available on the SEC’s website at http://www.sec.gov and may also be obtained from Roth Capital Partners, LLC, 888 San Clemente Drive, Suite 400, Newport Beach, California 92660, by telephone at (949) 720-7227, or by email at rothecm@roth.com. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. 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 press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including regarding the  anticipated growth following the completion of the ISP acquisition.  These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including market conditions, risks associated with the cash requirements of the Company’s business and other risks detailed from time to time in its filings with the SEC, and represent its views only as of the date they are made and should not be relied upon as representing its views as of any subsequent date.  The Company does not assume any obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. ####

LPTH Press Release: LightPath Technologies Prices Underwritten Public Offering of Class A Common Stock

For Immediate Release: LightPath Technologies Prices Underwritten Public Offering of Class A Common Stock ORLANDO, FL – December 16, 2016 – LightPath Technologies, Inc. (NASDAQ: LPTH), a leading vertically integrated global manufacturer, distributor, and integrator of proprietary optical and infrared components and high-level assemblies, today announced the pricing of an underwritten public offering of 7,000,000 shares of its Class A common stock at a price of $1.21 per share.  The Company also granted to the underwriters a 45-day option to acquire an additional 1,000,000 shares to cover over-allotments in connection with the offering, of which the option to acquire 300,000 shares has been exercised.  After the underwriting discount and estimated offering expenses payable by the Company, the Company expects to receive net proceeds of approximately $8.15 million, assuming no exercise of the remaining over-allotment option.  The offering is expected to close onDecember 21, 2016, subject to customary closing conditions. Roth Capital Partners is acting as sole book-running manager and Dougherty & Company is acting as co-manager for the offering. The Company expects to use the net proceeds from the offering to provide funds for a portion of the purchase price of the acquisition of ISP Optics Corporation (“ISP”) payable in cash as well as to pay transaction expenses and other costs in connection with the acquisition.  In the event that the Company has proceeds remaining after payment of the cash portion of the purchase price and associated transaction expenses and other costs, it intends to use the proceeds for general corporate purposes.  The Company currently anticipates that the closing of the acquisition of ISP will occur simultaneously with the closing of the offering. The shares described above are being offered by the Company pursuant to a registration statement on Form S-1 previously filed with and subsequently declared effective by the Securities and Exchange Commission (the “SEC”) on December 15, 2016.  A copy of the final prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.govand may also be obtained from Roth Capital Partners, LLC, 888 San Clemente Drive, Suite 400, Newport Beach, California 92660, by telephone at (949) 720-7227. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. 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 press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the proposed public offering and the intended use of proceeds from the offering.  The offering is subject to market and other conditions and there can be no assurance as to whether or when the offering or the acquisition of ISP may be completed or as to the actual size or terms of the offering.  These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including market conditions, risks associated with the cash requirements of the Company’s business and other risks detailed from time to time in its filings with the SEC, and represent its views only as of the date they are made and should not be relied upon as representing its views as of any subsequent date.  The Company does not assume any obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. ####

TOMORROW! Seminar: "Irradiation-Enabled, Energy-Efficient Fabrication of Next Generation Nanocomposites for Plasmonics and Transmissive Optics" by Myungkoo Kang, 12.15.16/1:00PM-2:00PM/CREOL RM 103

Seminar: "Irradiation-Enabled, Energy-Efficient Fabrication of Next Generation Nanocomposites for Plasmonics and Transmissive Optics" by Myungkoo Kang

Thursday, December 15, 2016 1:00 PM to 2:00 PM
CREOL Room 103

Myungkoo Kang
Department of Materials Science and Engineering
Pennsylvania State University

Abstract
Plasmonics and gradient refractive index (GRIN) optics provide unique opportunities to engineer material systems capable of novel properties that lie outside what is found in nature. Meanwhile, the fabrication of plasmonic devices and GRIN lenses has typically involved multi-step processes such as electron beam evaporation, lithography and lamination, typically limited to the front or back surface of device structures. Ion and laser irradiation has emerged as promising approaches to generate a wide variety of self-assembled nanostructures. While irradiation has been traditionally considered destructive and therefore contrary to most plasmonic and optical material manufacturing strategies, key ion-solid and light-matter interactions have been creatively exploited to enable the seemingly-destructive method to constructively fabricate structures, realizing counterintuitive results in the form of advanced functionalities. In this talk, I will focus on the influences of energetic ion and laser beams on a wide range of material systems including III-V compound semiconductors and chalcogenide glasses at the nanoscale and the formation of spatially-controlled nanostructures with desirable properties in the matrices. These technologies are promising for next generation plasmonic and transmissive optical applications.

The first part of my talk will focus on the utilization of focused ion beam (FIB) irradiation on a wide range of III-V semiconductors to self-assemble a wide variety of nanostructures including nanoparticles, nanorods and nanochains [1-5]. Furthermore, I will present our recent results on the utilization of the tunable localized surface plasmon resonance energies in the FIB-assembled nanopartice arrays to enhance light emission efficiencies of compound semiconductors, thereby providing a promising alternative to plasmonic materials [6-8]. The second part of my talk will focus on our recent progress in creating advanced optical functionality in chalcogenide-based nanocomposites for diverse applications. Specifically, our research team was the first to utilize laser exposure on chalcogenide glasses to create spatially-controlled metallic nanocrystals with refractive indices greater than those of glass matrices at temperatures lower than those required in traditional processes. This approach enables gradient GRIN lenses expected to replace complex optical components, thereby opening up new opportunities for researchers to exploit increased design flexibility and cost-effectiveness for future microlens-based devices [9]. Lastly, I will discuss questions which emerge as consequences of my research projects, and propose near future plans to develop a broadly applicable toolkit that will enable tailoring light-matter interactions for a wide range of applications in plasmonics, GRIN optics and the hybrid technology combining these two emerging fields, named GRIN-Plasmonics.

Biography:

Myungkoo Kang earned his Ph.D. degree under the supervision of Professor Rachel S. Goldman in the Department of Materials Science and Engineering at the University of Michigan in 2014. During his Ph.D, he extensively studied the influence of energetic ion beams on a wide range of III-V compound semiconductors at the nanoscale and demonstrated the counterintuitive self-assembly of novel nanostructures arrays with arbitrarily tunable dimensions. He systematically characterized localized surface plasmon resonances of ion irradiation-induced Ga nanoparticle arrays with performance comparable to those of Ag and Au nanoparticles, and demonstrated Ga nanoparticle plasmon-induced enhancement of light emission from GaAs up to 3.3X, which is the first ever combination of a new plasmonic material (Ga) and a new fabrication method (ion beam) for plasmonics. Since then, he has been continuing his academic career as a post-doctoral research fellow under the co-supervision of Professor Theresa S. Mayer in the Department of Electrical Engineering (currently vice president for research and innovation at Virginia Tech) and Distinguished Professor Carlo G. Pantano in the Department of Materials Science and Engineering at Pennsylvania State University. During his tenure as a postdoctoral research fellow, he has developed and demonstrated a new laser exposure-based process for gradient refractive index fabrication using multicomponent Ge-As-Se-Pb thin film and bulk systems with high Pb content that provides an opportunity for next generation mid-wavelength infrared lenses. Using spatially-controlled ion and laser irradiation processes and cutting edge material/optical characterizations such as high-resolution transmission electron microscopy and spectroscopic ellipsometry, he is striving to understand how energetic ion and laser irradiation processes can be optimized on a wide range of semiconductors and glass systems to efficiently create novel nanocomposites with spatially-tunable nanostructure dimensions and desirable properties that are promising for next generation plasmonic and transmissive optical devices, respectively.

For more information:

Dr. Kathleen A. Richardson

Seminar: "Irradiation-Enabled, Energy-Efficient Fabrication of Next Generation Nanocomposites for Plasmonics and Transmissive Optics" by Myungkoo Kang, 12.15.16/1:-00PM-2:00PM/CREOL RM 103

Seminar: "Irradiation-Enabled, Energy-Efficient Fabrication of Next Generation Nanocomposites for Plasmonics and Transmissive Optics" by Myungkoo Kang

Thursday, December 15, 2016 1:00 PM to 2:00 PM
CREOL Room 103

Myungkoo Kang
Department of Materials Science and Engineering
Pennsylvania State University

Abstract
Plasmonics and gradient refractive index (GRIN) optics provide unique opportunities to engineer material systems capable of novel properties that lie outside what is found in nature. Meanwhile, the fabrication of plasmonic devices and GRIN lenses has typically involved multi-step processes such as electron beam evaporation, lithography and lamination, typically limited to the front or back surface of device structures. Ion and laser irradiation has emerged as promising approaches to generate a wide variety of self-assembled nanostructures. While irradiation has been traditionally considered destructive and therefore contrary to most plasmonic and optical material manufacturing strategies, key ion-solid and light-matter interactions have been creatively exploited to enable the seemingly-destructive method to constructively fabricate structures, realizing counterintuitive results in the form of advanced functionalities. In this talk, I will focus on the influences of energetic ion and laser beams on a wide range of material systems including III-V compound semiconductors and chalcogenide glasses at the nanoscale and the formation of spatially-controlled nanostructures with desirable properties in the matrices. These technologies are promising for next generation plasmonic and transmissive optical applications.

The first part of my talk will focus on the utilization of focused ion beam (FIB) irradiation on a wide range of III-V semiconductors to self-assemble a wide variety of nanostructures including nanoparticles, nanorods and nanochains [1-5]. Furthermore, I will present our recent results on the utilization of the tunable localized surface plasmon resonance energies in the FIB-assembled nanopartice arrays to enhance light emission efficiencies of compound semiconductors, thereby providing a promising alternative to plasmonic materials [6-8]. The second part of my talk will focus on our recent progress in creating advanced optical functionality in chalcogenide-based nanocomposites for diverse applications. Specifically, our research team was the first to utilize laser exposure on chalcogenide glasses to create spatially-controlled metallic nanocrystals with refractive indices greater than those of glass matrices at temperatures lower than those required in traditional processes. This approach enables gradient GRIN lenses expected to replace complex optical components, thereby opening up new opportunities for researchers to exploit increased design flexibility and cost-effectiveness for future microlens-based devices [9]. Lastly, I will discuss questions which emerge as consequences of my research projects, and propose near future plans to develop a broadly applicable toolkit that will enable tailoring light-matter interactions for a wide range of applications in plasmonics, GRIN optics and the hybrid technology combining these two emerging fields, named GRIN-Plasmonics.

Biography:

Myungkoo Kang earned his Ph.D. degree under the supervision of Professor Rachel S. Goldman in the Department of Materials Science and Engineering at the University of Michigan in 2014. During his Ph.D, he extensively studied the influence of energetic ion beams on a wide range of III-V compound semiconductors at the nanoscale and demonstrated the counterintuitive self-assembly of novel nanostructures arrays with arbitrarily tunable dimensions. He systematically characterized localized surface plasmon resonances of ion irradiation-induced Ga nanoparticle arrays with performance comparable to those of Ag and Au nanoparticles, and demonstrated Ga nanoparticle plasmon-induced enhancement of light emission from GaAs up to 3.3X, which is the first ever combination of a new plasmonic material (Ga) and a new fabrication method (ion beam) for plasmonics. Since then, he has been continuing his academic career as a post-doctoral research fellow under the co-supervision of Professor Theresa S. Mayer in the Department of Electrical Engineering (currently vice president for research and innovation at Virginia Tech) and Distinguished Professor Carlo G. Pantano in the Department of Materials Science and Engineering at Pennsylvania State University. During his tenure as a postdoctoral research fellow, he has developed and demonstrated a new laser exposure-based process for gradient refractive index fabrication using multicomponent Ge-As-Se-Pb thin film and bulk systems with high Pb content that provides an opportunity for next generation mid-wavelength infrared lenses. Using spatially-controlled ion and laser irradiation processes and cutting edge material/optical characterizations such as high-resolution transmission electron microscopy and spectroscopic ellipsometry, he is striving to understand how energetic ion and laser irradiation processes can be optimized on a wide range of semiconductors and glass systems to efficiently create novel nanocomposites with spatially-tunable nanostructure dimensions and desirable properties that are promising for next generation plasmonic and transmissive optical devices, respectively.

For more information:

Dr. Kathleen A. Richardson

LPTH Press Release: LightPath Technologies Announces Results of Special Meeting of Stockholders

For Immediate Release: LightPath Technologies Announces Results of Special Meeting of Stockholders Stockholders Vote in Favor of Proposal Which Now Enables the Company to Move Forward with the Completion of the Acquisition of ISP Optics Corporation ORLANDO, FL – December 7, 2016 – The Board of Directors of LightPath Technologies, Inc.(NASDAQ: LPTH) (“LightPath,” the “Company” or “we”), a leading vertically integrated global manufacturer, distributor and integrator of proprietary optical and infrared components and high-level assemblies, announced that stockholders approved a proposal for the Company to issue common stock in connection with the planned acquisition of ISP Optics Corporation (“ISP”) at a special stockholder meeting held yesterday for such purpose.  LightPath previously announced the signing of a definitive agreement to acquire ISP for $18 million, of which at least $12 million will be payable in cash with the balance in the form of a note issued to the sellers.  “We are gratified for the strong stockholder support for the acquisition of ISP indicated by the vote held yesterday as we look to complete the acquisition by month end,” said Jim Gaynor, President and Chief Executive Officer of LightPath.  Mr. Gaynor went on to say, “LightPath’s management team and Board of Directors unanimously supported the acquisition and we expect ISP to be a transformative addition to our business.  As reflected in our combined pro forma income statement included in the proxy statement for yesterday’s meeting, the pro forma revenues and operating income of the combined company for fiscal 2016 are 171% and 148% higher than the revenues and operating income of LightPath on its own.” Mr. Gaynor continued, “The successful passage of the proposal allows us to pursue the closing of the ISP acquisition which we believe will present us the opportunity to accelerate our global growth strategy and deliver advantages to our business partners around the world.  We believe the acquisition of ISP positions the Company as a more significant player in the global market for optical and infrared technologies.” “As we pursued our overall financing package of a seller note, third party debt, and proceeds from the issuance of common shares as approved by the Company’s stockholders to fund the ISP purchase price, as well as to pay transaction expenses and integration costs in connection with the acquisition, we built in some flexibility to allow us to determine the optimum mix of debt and equity.  The ISP shareholders have agreed to accept a note of up to $6 million and we are completing negotiations with our third party lender to provide an acquisition loan of up to $6 million.  As a result, we anticipate that the equity portion of the financing will be 40% - 50% of the total amount needed to fund the purchase price, transaction expenses and integration costs,” said Mr. Gaynor.  “Mr. Gaynor continued, “Given the larger scale of the company, the potential earnings power will be greater and we anticipate that cash flow from operations of the combined company will cover the debt service and principal amortization associated with the seller note and third party acquisition loan, and enable us to reinvest for future growth.  We also expect the acquisition to be accretive in the first full year of operation. The combination brings together two financially strong companies with complementary businesses which have the potential for meaningful sales, marketing and product development synergies well into the future.” This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein as potentially being offered in connection with the financing, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. 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. #### Company Contacts: Jim Gaynor, President & CEO LightPath Technologies, Inc. Tel: 407-382-4003

OSA Traveling Lecturer Talk: "Measuring Everything You've Always Wanted to Know About a Light Pulse" by Dr. Rick Trebino Monday, December 19th, 2016 4:00 PM to 5:00 PM CREOL Room 103

OSA Traveling Lecturer Talk: "Measuring Everything You've Always Wanted to Know About a Light Pulse" by Dr. Rick Trebino

Monday, December 19th, 2016 4:00 PM to 5:00 PM

CREOL Room 103

Donuts and coffee will be served.

                                                                                                                                              
Dr. Rick TrebinoGeorgia Research Alliance-Eminent Scholar Chair of Ultrafast Optical Physics at the Georgia Institute of Technology

Abstract:

The vast majority of the greatest scientific discoveries of all time have resulted directly from more powerful techniques for measuring light.  Indeed, our most important source of information about our universe is light, and our ability to extract information from it is limited only by our ability to measure it.

Interestingly, the vast majority of light in our universe remains immeasurable, involving long pulses of relatively broadband light, necessarily involving ultrafast and extremely complex temporal variations in their intensity and phase. So it is important to develop techniques for measuring, ever more completely, light with ever more complex submicron detail in space and ever more complex ultrafast variations in time. The problem is severely complicated by the fact that the timescales involved correspond to the shortest events ever created, and measuring an event in time seems to require a shorter one, which, by definition, doesn’t exist!

Nevertheless, we have developed simple, elegant methods for completely measuring these events, yielding a light pulse's intensity and phase vs. time and space. One involves making an optical spectrogram of the pulse in a nonlinear optical medium and whose mathematics is equivalent to the two-dimensional phase-retrieval problem—a problem that’s solvable only because the Fundamental Theorem of Algebra fails for polynomials of two variables. And we have recently developed simple methods for measuring the complete spatio-temporal electric field [E(x,y,z,t)] of an arbitrary light pulse—even for a single pulse.

Biography:

Rick Trebino received his B.A. from Harvard University in 1977 and his Ph.D. degree from Stanford University in 1983. His dissertation research involved the development of a technique for the measurement of ultrafast events in the frequency domain using long-pulse lasers by creating moving gratings.  He continued this research during a three-year term as a physical sciences research associate at Stanford. In 1986, he moved to Sandia National Laboratories in Livermore, California. There he developed Frequency-Resolved Optical Gating (FROG), the first technique for the measurement of the intensity and phase of ultrashort laser pulses. In 1998, he became the Georgia Research Alliance-Eminent Scholar Chair of Ultrafast Optical Physics at the Georgia Institute of Technology, where he currently studies ultrafast optics and applications.

Prof. Trebino has received several prizes, including the SPIE’s Edgerton Prize, and he was an IEEE Lasers and Electro-Optics Society Distinguished Lecturer.  He is a Fellow of the Optical Society of America, the American Physical Society, the American Association for the Advancement of Science, and the Society of Photo-Instrumentation Engineers.  His interests include adventure travel, archaeology, photography, humor-writing, and primitive art. 

For additional information:

Rachel Sampson

Seminar: "Irradiation-Enabled, Energy-Efficient Fabrication of Next Generation Nanocomposites for Plasmonics and Transmissive Optics" by Myungkoo Kang, 12.15.16/1:-00PM-2:00PM/CREOL RM 103

Seminar: "Irradiation-Enabled, Energy-Efficient Fabrication of Next Generation Nanocomposites for Plasmonics and Transmissive Optics" by Myungkoo Kang

Thursday, December 15, 2016 1:00 PM to 2:00 PM
CREOL Room 103

Myungkoo Kang
Department of Materials Science and Engineering
Pennsylvania State University

Abstract
Plasmonics and gradient refractive index (GRIN) optics provide unique opportunities to engineer material systems capable of novel properties that lie outside what is found in nature. Meanwhile, the fabrication of plasmonic devices and GRIN lenses has typically involved multi-step processes such as electron beam evaporation, lithography and lamination, typically limited to the front or back surface of device structures. Ion and laser irradiation has emerged as promising approaches to generate a wide variety of self-assembled nanostructures. While irradiation has been traditionally considered destructive and therefore contrary to most plasmonic and optical material manufacturing strategies, key ion-solid and light-matter interactions have been creatively exploited to enable the seemingly-destructive method to constructively fabricate structures, realizing counterintuitive results in the form of advanced functionalities. In this talk, I will focus on the influences of energetic ion and laser beams on a wide range of material systems including III-V compound semiconductors and chalcogenide glasses at the nanoscale and the formation of spatially-controlled nanostructures with desirable properties in the matrices. These technologies are promising for next generation plasmonic and transmissive optical applications.

The first part of my talk will focus on the utilization of focused ion beam (FIB) irradiation on a wide range of III-V semiconductors to self-assemble a wide variety of nanostructures including nanoparticles, nanorods and nanochains [1-5]. Furthermore, I will present our recent results on the utilization of the tunable localized surface plasmon resonance energies in the FIB-assembled nanopartice arrays to enhance light emission efficiencies of compound semiconductors, thereby providing a promising alternative to plasmonic materials [6-8]. The second part of my talk will focus on our recent progress in creating advanced optical functionality in chalcogenide-based nanocomposites for diverse applications. Specifically, our research team was the first to utilize laser exposure on chalcogenide glasses to create spatially-controlled metallic nanocrystals with refractive indices greater than those of glass matrices at temperatures lower than those required in traditional processes. This approach enables gradient GRIN lenses expected to replace complex optical components, thereby opening up new opportunities for researchers to exploit increased design flexibility and cost-effectiveness for future microlens-based devices [9]. Lastly, I will discuss questions which emerge as consequences of my research projects, and propose near future plans to develop a broadly applicable toolkit that will enable tailoring light-matter interactions for a wide range of applications in plasmonics, GRIN optics and the hybrid technology combining these two emerging fields, named GRIN-Plasmonics.

Biography:

Myungkoo Kang earned his Ph.D. degree under the supervision of Professor Rachel S. Goldman in the Department of Materials Science and Engineering at the University of Michigan in 2014. During his Ph.D, he extensively studied the influence of energetic ion beams on a wide range of III-V compound semiconductors at the nanoscale and demonstrated the counterintuitive self-assembly of novel nanostructures arrays with arbitrarily tunable dimensions. He systematically characterized localized surface plasmon resonances of ion irradiation-induced Ga nanoparticle arrays with performance comparable to those of Ag and Au nanoparticles, and demonstrated Ga nanoparticle plasmon-induced enhancement of light emission from GaAs up to 3.3X, which is the first ever combination of a new plasmonic material (Ga) and a new fabrication method (ion beam) for plasmonics. Since then, he has been continuing his academic career as a post-doctoral research fellow under the co-supervision of Professor Theresa S. Mayer in the Department of Electrical Engineering (currently vice president for research and innovation at Virginia Tech) and Distinguished Professor Carlo G. Pantano in the Department of Materials Science and Engineering at Pennsylvania State University. During his tenure as a postdoctoral research fellow, he has developed and demonstrated a new laser exposure-based process for gradient refractive index fabrication using multicomponent Ge-As-Se-Pb thin film and bulk systems with high Pb content that provides an opportunity for next generation mid-wavelength infrared lenses. Using spatially-controlled ion and laser irradiation processes and cutting edge material/optical characterizations such as high-resolution transmission electron microscopy and spectroscopic ellipsometry, he is striving to understand how energetic ion and laser irradiation processes can be optimized on a wide range of semiconductors and glass systems to efficiently create novel nanocomposites with spatially-tunable nanostructure dimensions and desirable properties that are promising for next generation plasmonic and transmissive optical devices, respectively.

For more information:

Dr. Kathleen A. Richardson

SPIE Student Chapter Seminar: "Designing the James Webb Space Telescope" by Dr. Jonathan Arenberg, 11.29.16/12:00PM-1:00PM/ CREOL RM 102/103

SPIE Student Chapter Seminar: "Designing the James Webb Space Telescope" by Dr. Jonathan Arenberg

Tuesday, November 29, 2016 12:00 PM to 1:00 PM
CREOL Room 102/103

 

Dr. Jonathan Arenberg

Abstract:

The James Webb Space Telescope (JWST) is being designed and built to see the furthest visible objects in the Universe and is NASA's flagship space astrophysics mission. This lecture will discuss how JWST's mission is being achieved and the current project status. The main science themes for JWST will be introduced and the flow of mission requirements into the hardware design and operations concepts will be explored. Emphasis will be given to how the non-optical aspects, such as thermal, packaging and dynamics of the system contribute to the scientific performance. Examples of solutions to archetypal interdisciplinary JWST design problems will be shown. Finally, the current status of the flight hardware as it proceeds through manufacture, assembly, integration and test.

Biography:Jonathan Arenberg has been with Northrop Grumman Aerospace Systems since 1989 having started with Hughes Aircraft Company. His work experience includes optical, space and laser systems. Dr. Arenberg has worked on such astronomical programs as the Chandra X-ray Observatory, James Webb Space Telescope and helped develop the New Worlds Observer concept for the imaging of extra-solar planets. He has also worked on major high-energy and tactical laser systems, laser component engineering and metrology issues. He is a member of the ISO sub-committee charged with writing standards for laser and electro-optic systems and components, SPIE, American Astronomical Society and AIAA. Dr. Arenberg holds a BS in physics and an MS and PhD in engineering, all from the University of California, Los Angeles. He is the author of over 100 conference presentations and publications, and holds 11 U.S. Patents in a wide variety of areas of technology with US and foreign patents pending.

For more information:

Steffen Wittek

LPTH Press Release: LightPath Technologies Reports Fiscal 2017 Q1 Financial Results

For Immediate Release LightPath Technologies Reports Fiscal 2017 First Quarter Financial Results ORLANDO, FL – November 14, 2016 – LightPath Technologies, Inc. (NASDAQ: LPTH) (“LightPath,” the “Company,” or “we”), a leading vertically integrated global manufacturer, distributorand integrator of proprietary optical and infrared components and high-level assemblies, today announced financial results for the fiscal 2017 first quarter ended September 30, 2016. Fiscal 2017 First Quarter Highlights and Recent Developments: Revenue for the first quarter of fiscal 2017 increased 19% to $5.0 million, as compared to $4.2 million for the first quarter of fiscal 2016.  Gross margin as a percentage of revenue in the first quarter of fiscal 2017 was 57%, as compared to 54% in the first quarter of fiscal 2016. Transaction expenses of $484,000 were incurred in the first quarter of fiscal 2017 in connection with the Company’s acquisition of ISP Optics Corporation, with additional expenses to be incurred in the second quarter of fiscal 2017 as the Company pursues completion of the transaction. Operating income for the first quarter of fiscal 2017 was $390,000, as compared to $665,000 for the first quarter of fiscal 2016. Net income for the first quarter of fiscal 2017 was $140,000, as compared to $843,000 for the first quarter of fiscal 2016. EBITDA* for the first quarter of fiscal 2017 was approximately $662,000, as compared to approximately $1.0 million in the first quarter of fiscal 2016.  Adjusted EBITDA*, which excludes the non-cash income or expense related to the change in fair value of the Company’s warrant liability, was $618,000, as compared with $671,000 in the first quarter of fiscal 2016. 12-month backlog was approximately $5.8 million at September 30, 2016, as compared to approximately $6.6 million at June 30, 2016. Cash balance at September 30, 2016 was $3.6 million, an increase of 23% compared to June 30, 2016. *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 strategy to organically grow certain of our product groups and our profitability enhancing initiatives announced in February 2015 have resulted in a strong financial performance and good cash flow generation in the first quarter of fiscal 2017.  In addition, during the quarter we continued working towards completing the proposed acquisition of ISP Optics Corporation, which we believe will be transformative for LightPath.  We believe this acquisition will significantly add to our global scale and scope and have financial benefits both in the long and short term.” “We expect ISP to materially strengthen our global presence with leading diamond turning and polishing capabilities for custom optics which we do not presently possess and accelerate growth of our infrared product group through its more comprehensive infrared technologies. The acquisition will have the effect of  combining two leading companies with complementary businesses that have the potential for meaningful sales, marketing and product development synergies.” “Our employees have diligently focused on completing the ISP acquisition while not losing sight of the Company’s fundamental objectives.  Our revenue continues to increase above our ten-year historical range, which we believe is a testament to our demand creation model and the strengthening of our global brand for high value molded optics.  Our revenue growth was very encouraging in the first quarter of fiscal 2017 since we did not have meaningful contributions from our specialty products group and non-recurring engineering projects.  These product groups are substantial components of our consolidated annual revenues but are less recurring in nature, with respect to non-recurring engineering projects, or represent newer product platforms, in the case of our specialty products group, so their quarterly contributions to revenue may vary.” Mr. Gaynor continued, “From a broader perspective, we believe we have benefited from long-term growth drivers including increased demand in telecommunications, growth in industrial tools due to the Chinese stimulus in construction and the commercialization of infrared products and the successful execution of our strategy to diversify our product lines and end markets.  In turn, we believe we have increased our market share taking market share from other manufacturers. We remain committed to investing in our products and processes which enable us to deliver high volumes of industry-leading quality lenses at comparatively low cost.”  “Beyond our revenue growth and marketing progress, we continue to deliver improvements in profitability.  Our gross margins have been trending higher and improved to 57% in the first quarter of fiscal 2017.  Our improved gross margin allows us to manage our costs against a decline in the average selling prices of our products due to market pressures.  We believe we are positioned well for continued growth both organically and through acquisitions.” Financial Results for Three Months Ended September 30, 2016 Compared to the Three Months Ended September 30, 2015 Revenue for the first quarter of fiscal 2017 was approximately $5.0 million, an increase of approximately $810,000, or 19%, as compared to the same period of the prior fiscal year.  The increase from the first quarter of the prior fiscal year is attributable to an 80% increase in revenues generated by sales of our high volume precision molded optics (“HVPMO”) lenses, a 41% increase in revenues generated by our infrared lenses, and a 16% increase in revenues generated by sales of our low volume precision molded optics (“LVPMO”) lenses and, partially offset by a 32% decrease in revenues from specialty products and a 5% decrease in revenues from non-recurring engineering  (“NRE”) projects.  The decrease in revenues generated by our specialty product group was due to the absence of approximately $335,000 of revenues generated in the first quarter of the prior year due to fiber collimator assemblies sold to a customer pursuant to a license agreement, which we did not generate this year. Gross margin as a percentage of revenue in the first quarter of fiscal 2017 was 57%, compared to 54% in the first quarter of fiscal 2016.  The improvement in gross margin is attributed to increased revenues from our  HVPMO products with a higher average selling price, leverage borne out of higher sales volume against fixed manufacturing overhead expenses and better yields for infrared products.  Gross profit in the first quarter of fiscal 2017 was $2.8 million, compared to $2.3 million in the prior year period, an increase of 22%.  Total cost of sales was approximately $2.2 million for the first quarter of fiscal 2017, an increase of approximately $228,000, compared to the same period of the prior fiscal year.  The 12% increase in cost of sales favorably compares to the 19% increase in revenue to deliver the improved gross margin. During the first quarter of fiscal 2017, total costs and expenses were approximately $2.4 million, an increase of approximately $856,000 compared to the same period of the prior fiscal year.  The increase was primarily due to: (i) a $484,000 increase in expenses related to the acquisition of ISP, (ii) a $55,000 increase in travel expenses, (iii) a $49,000 increase in stock compensation expense related to the immediate vesting of restricted stock units upon a former director’s resignation from the board, (iv) a $49,000 increase in legal and auditing fee expenses, (v) a $64,000 increase in R&D wages, (vi) a $65,000 increase in materials used for engineering projects to expand and enhance our existing products and (vii) an $89,000 increase in other expenses.  Excluding the costs we expect to incur in the future related to the acquisition of ISP, we expect SG&A costs to decrease slightly during the remainder of fiscal 2017, and return to more normal levels. In the first quarter of fiscal 2017, we recognized non-cash income of approximately $44,000 related to the change in the fair value of warrants issued in connection with the June 2012 private placement.  In the first quarter of fiscal 2016, we recognized non-cash income of approximately $368,000 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 our common stock for the period being reported and the assumptions on when the warrants 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 $265,000 in the first quarter of fiscal 2017, an increase of $263,000 from the first quarter of fiscal 2016.  Although we have 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 2017 was primarily attributable to income taxes associated with our Chinese operations. We utilized all NOL carryforwards in China during fiscal 2016.  Accordingly, we are now accruing income taxes in China related to such operations.  Our Chinese subsidiaries are governed by the Income Tax Law of the People’s Republic of China, which is applicable to privately run and foreign invested enterprises, and which generally subjects such enterprises to a statutory rate of 25% on income reported in the statutory financial statements after appropriate tax adjustments. Net income for the first quarter of fiscal 2017 was $140,000, or $0.01 per basic and diluted common share, which includes non-cash income of approximately $44,000, or $0.01 per basic and diluted common share, for the change in the fair value of the warrant liability, compared with net income of approximately $843,000, or $0.06 per basic and $0.05 per diluted common share, which includes non-cash income of approximately $368,000, 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 2016.  Our net income was negatively affected by the increase in our selling, general and administrative (“SG&A”) costs in the first quarter of fiscal 2017, as compared to the prior year period,  which increase included approximately $484,000 as a result of expenses incurred related to the proposed acquisition of ISP.  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 $97,000 in the first quarter of fiscal 2017, as compared to $475,000 in the same period of fiscal 2016.  The Company had foreign currency exchange expense in the first quarter of fiscal 2017 due to changes in the value of the Chinese yuanin the amount of approximately $36,000, which had no impact on basic and diluted earnings per share.  This compares to foreign currency exchange expense of $176,000, with a $0.01 impact on income per share in the same period of the prior fiscal year.  Weighted-average basic and diluted common shares outstanding increased to 15,616,855 and 17,152,771, respectively, in the first quarter of fiscal 2017 from 15,239,366 and 16,542,934, respectively, in the first quarter of fiscal 2016.  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. EBITDA for the first quarter of fiscal 2017 was approximately $662,000 compared to approximately $1.0 million in the first quarter of fiscal 2016.  The difference in EBITDA between periods was principally caused by higher non-cash income in the fair value of the June 2012 warrant liability.  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 $618,000 in the first quarter of fiscal 2017 as compared with approximately $671,000 for the same period of the prior fiscal year  EBITDA was negatively affected in fiscal 2017 due primarily to the recognition of higher non-cash income as a result of the fair value of the June 2012 warrant liability, and the increase in our SG&A costs, which included approximately $484,000 as a result of expenses incurred related to the proposed acquisition of ISP.  Cash and cash equivalents totaled approximately $3.6 million as of September 30, 2016, a 23% increase from June 30, 2016.  Cash flow provided by operations was approximately $922,000 for the first quarter of fiscal 2017, compared with $897,000 in the prior year.  During the first quarter of fiscal 2017, we expended approximately $387,000 for capital equipment while growing our cash balance, as compared to $285,000 in the same period last year.  The current ratio as of September 30, 2016 was 3.3 to 1, compared to 3.5 to 1 as of June 30, 2016.  Total stockholders’ equity as of September 30, 2016 was approximately $11.4 million, a 4% increase compared to approximately $10.9 million as of June 30, 2016. As of September 30, 2016, the Company’s 12-month backlog was $5.8 million, compared to $6.6 million as of June 30, 2016, a decrease of approximately 12%.  This lower backlog resulted from a delay in anticipated orders for some bookings forecasted in the first quarter of fiscal 2017 and an increase in shipments of orders received and shipped within the first quarter of fiscal 2017.     *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.  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, 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, the change in the fair value of the warrants issued in connection with the private placement in June 2012. The fair value of the warrants issued in connection with the 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 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 and better understand the underlying business operations and performance. We calculate adjusted net income by adjusting net income (loss) to exclude the change in the fair value of the warrants issued in connection with the private placement in June 2012.  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 its business and has 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 Monday, November 14 at 4:30 p.m. ET to discuss its financial and operational performance for the fiscal 2017 first quarter ended September 30, 2016. Date: Monday, November 14, 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/lpth161114 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 November 28, 2016. To listen to the replay, dial 1-877-344-7529 (domestic) or 1-412-317-0088 (international), and enter conference ID # 10096549. 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.  ####