LightPath Technologies, Inc. Invests In LightChip, Inc.'s Third Equity Offering
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Tuesday August 29, 8:02 am Eastern Time
Press Release
SOURCE: LightPath Technologies, Inc.
LightPath Technologies, Inc. Invests In LightChip, Inc.'s Third Equity Offering
ALBUQUERQUE, N.M., Aug. 29 /PRNewswire/ -- LightPath Technologies, Inc. (Nasdaq: LPTH - news), manufacturer of families of high performance fiber-optic collimator and isolator products, has invested $7.0 million as part of the $60 million third equity round announced by LightChip, Inc. on August 28, 2000.
In addition to LightPath, LightChip, Inc., a Salem New Hampshire optical networking company, sold shares to Berkeley International Capital Corporation, Morgenthaler Ventures, AT&T Ventures and J.P. Morgan Capital. This equity round was priced at a multiple of the first two equity rounds, which occurred in 1998 and 1999, whereby LightPath invested a total of $2.2 million. LightPath maintains an equity ownership position of 16.6% of the outstanding voting stock, which adjust to 13.3% given full consideration to all potential dilutive shares.
LightPath manufacturers its proprietary collimator assemblies, GRADIUM® glass products and other optical telecommunications products at its headquarters in Albuquerque. The Company's subsidiary, Horizon Photonics, manufacturers isolator products utilizing its proprietary automation technology in Walnut, California. LightPath also has an office in Warren, New Jersey for the purpose of developing various optical switch products. The Company has 22 patents, plus 4 more pending, associated with its optical technologies. In addition, various foreign countries have issued a total of 8 patents with 9 patents pending. The Company also announced earlier this month that it had entered into a definitive agreement to acquire privately held Geltech, Inc., a leading manufacturer of precision molded aspherical optics and all-glass diffraction gratings. LightPath common stock trades on the Nasdaq National Market under the stock symbol LPTH.
This news release includes statements that may 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.
SOURCE: LightPath Technologies, Inc. |
