LightPath Technologies completes $2.9 million financing

(courtesy Lightwave – Pennwell)

AUGUST 4, 2008 – LightPath Technologies Inc. , a manufacturer of precision optical products, announced that it has raised gross proceeds of approximately $2,929,000 through the sale of 8% convertible debentures to a group of institutional and private investors. LightPath says it will use the funds as working capital.

Jim Gaynor, president and CEO, said, “We are pleased that in this difficult financial environment we were able to complete our offering. The proceeds will help us continue to fuel our marketing efforts and increase our growth in China. We will be announcing our interim financial results for the fourth quarter in August and final results are planned for the second half of September. We anticipate that those results will reflect continued progress on our expanding revenue base and sustained reductions in our fixed overhead structure as well as our variable costs.”

Bob Ripp, chairman, commented, “As a sign of confidence five directors of the board as well as two of LightPath’s senior executives have invested in this financing. This represented 12% of the total amount raised. LightPath has the cost structure in place to pursue its new business model, and with the Read the rest of this entry »