Cash Balance Projected to Nearly Double
ORLANDO, Fla., Aug. 7, 2013 /PRNewswire/ -- LightPath Technologies, Inc. (NASDAQ: LPTH) (the "Company", "LightPath" or "we"), a global manufacturer, distributor and integrator of proprietary optical components and assemblies, today announced that 776,418 warrants which were previously issued were committed for exercise into common shares during the months of July and August of 2013. The Company received aggregate gross proceeds from these exercises to total approximately $1.22 million.
As previously disclosed, cash on hand as of June 30, 2013 was approximately $1.57 million, which was an increase of 12% as compared to approximately $1.40 million on March 31, 2013. The aggregate proceeds from the warrant conversions have increased the Company's cash position to greater than $3.00 million.
Following the exercise of the aforementioned warrants, the Company's issued and outstanding ordinary share count will be approximately 13.74 million ordinary shares. Four members of the Company's management team and Board of Directors exercised warrants into common shares increasing their ownership percentage.
"The exercising of warrants demonstrates the confidence shareholders, particularly our management team and members of our Board of Directors, have in our growth prospects, as well as serve to significantly strengthen our balance sheet. We are grateful for this continued support and look confidently toward the future," said Jim Gaynor, President and Chief Executive Officer of LightPath.
LightPath has an additional 2.55 million warrants at a weighted average exercise price of $1.43 (exercise prices ranging between $0.87-$3.20) relating to capital transactions since fiscal 2009. The warrants have expiration dates through December 2017.
About LightPath Technologies
LightPath (NASDAQ: LPTH) manufactures optical products including precision molded aspheric optics, GRADIUM® glass products, proprietary collimator assemblies, laser components utilizing proprietary automation technology, higher-level assemblies and packing solutions. The Company's products are used in various markets, including industrial, medical, defense, test & measurement and telecommunications. LightPath has a strong patent portfolio that has been granted or licensed to us in these fields. For more information, visit www.lightpath.com.
This news release includes statements that constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This information may involve risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, factors detailed by LightPath Technologies, Inc. in its public filings with the Securities and Exchange Commission. Except as required under the federal securities laws and the rules and regulations of the Securities and Exchange Commission, the Company does not have any intention or obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise.
GRADIUM® is a registered trademark of LightPath Technologies.
Dorothy Cipolla, CFO
LightPath Technologies, Inc.
Tel: 407-382-4003 x305
Darrow Associates, Inc.
SOURCE LightPath Technologies, Inc.
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