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LightPath Raises $2.9M

Photonics.com
Aug 2008
ORLANDO, Fla., August 4, 2008 – LightPath Technologies Inc., a manufacturer of precision optical products, announced that it has raised approximately $2.9 million for working capital through the sale of 8 percent convertible debentures to a group of institutional and private investors.

The debentures are immediately convertible into 1.9 million shares of common stock. Investors also received warrants to purchase up to 950,974 shares of the company's common stock. The warrants are exercisable for a period of five years beginning Aug. 1, with 65 percent of the warrants priced at $1.68 per share and 35 percent of the warrants priced at $1.89 per share.

If all of the warrants were exercised, LightPath would receive additional proceeds of $1.6 million.

Since it was unable to raise the entire required $5 million for the proposed joint venture with CDGM, China's largest glass manufacturer, LightPath said it will use some of the proceeds to invest in the imaging consumer market for cell phones and digital cameras. The investment will be for an optical design team, sales staff and manufacturing equipment, to be deployed in China.

For more information, visit: www.lightpath.com




GLOSSARY
photonics
The technology of generating and harnessing light and other forms of radiant energy whose quantum unit is the photon. The science includes light emission, transmission, deflection, amplification and detection by optical components and instruments, lasers and other light sources, fiber optics, electro-optical instrumentation, related hardware and electronics, and sophisticated systems. The range of applications of photonics extends from energy generation to detection to communications and...
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