LightPath to Acquire Geltech

ALBUQUERQUE, N.M., Aug. 15 -- LightPath Technologies Inc. reported that it will attain all outstanding shares of Geltech Inc. for about .8 million shares of LightPath common stock, a value of about $27 million. Geltech is a privately held company in Orlando, Fla., and manufactures precision molded aspherical optics used to couple laser diodes to fibers or waveguides. Geltech also has an exclusive line of all-glass diffraction gratings for telecom applications such as optical switching, mux/demux and laser tuning as well as a product family of Sol-Gel based waveguides.
The exact number of shares to be exchanged will be determined at closing, which is expected to happen by September 30 of this year. LightPath will also shoulder Geltech's debt of roughly $1.7 million.