LightPath Raises $3.2M
ORLANDO, Fla., July 26, 2007 -- LightPath Technologies Inc., a developer of optics for laser-based applications, announced it has raised gross proceeds of approximately $3.2 million through the sale of 800,000 shares of common stock to certain institutional and private investors at $4 per share.
The company said it will use the net proceeds from the offering for working capital to promote its imaging applications product development and equipment acquisition, including proprietary lens press equipment. LightPath's products include precision molded aspheric optics, Gradium glass products, collimator assemblies, laser components, assemblies and packing solutions.
Investors also received warrants for the future purchase of up to 240,000 shares of the company's common stock. The warrants are exercisable for a period of five years beginning on Jan. 26, 2008 at $5.50 per share. If all of the warrants are ultimately exercised, LightPath will receive additional proceeds of $1.32 million. First Montauk Securities Corp. acted as exclusive placement agent for the offering.
Ken Brizel, president and CEO of LightPath, said, "LightPath is now pursuing new opportunities in the imaging market. This capital raise will provide additional resources for manufacturing expansion and development with the necessary working capital to accomplish our objectives. We are pleased that these investors recognize the progress we have made in diversifying our customer base and expanding our product offerings while continuing to improve our profitability and cash-flow performance. We continue to be optimistic that our future results will confirm the confidence in our prospects that this investment demonstrates."
For more information, visit: www.lightpath.com