ORLANDO, Fla., Oct. 3,
2013 /PRNewswire/ -- LightPath Technologies, Inc. (NASDAQ:
LPTH) ("LightPath," the "Company" or "we"), a leading vertically
integrated global manufacturer and distributor of proprietary
optical components and high-level assemblies, announced today that
it has secured a $2,000,000 line of
credit facility with Avidbank Corporate Finance, a division of
Avidbank. The facility will be used as follows: $1,000,000 for working capital flexibility and
$1,000,000 for equipment
acquisitions.
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"We are very pleased to be working with Avidbank; they quickly
understood our business, what we have accomplished and where we
want to go," stated Jim Gaynor,
President and Chief Executive Officer. "The ability to establish
this type of credit facility signals the progress LightPath has
made and the sustainability of our growing business. This line of
credit facility will provide us flexibility to meet any potential
liquidity issues as we grow our business. We are excited to
establish this partnership and are looking forward to a long-term
relationship with Avidbank."
"I am glad we were able to put this facility in place for
LightPath," said Avidbank Corporate Finance Executive Vice
President, Mike Hansen. "They have
built a quality team with extensive experience and insight into
this marketplace. We appreciate the opportunity to contribute to
their continued success."
About LightPath Technologies:
LightPath Technologies,
Inc. (NASDAQ: LPTH) provides optics and photonics solutions for the
industrial, defense, telecommunications, testing and measurement,
and medical industries. LightPath designs, manufactures, and
distributes optical and infrared components including molded glass
aspheric lenses and assemblies, infrared lenses and thermal imaging
assemblies, fused fiber collimators, and gradient index GRADIUM®
lenses. LightPath also offers custom optical assemblies, including
full engineering design support. For more information, visit
www.lightpath.com.
About Avidbank
Avidbank Holdings, Inc. (OTCBB: AVBH)
is headquartered in Palo Alto,
California. Our goal at Avidbank is to advance our clients'
success by offering innovative financial solutions and service. Our
experienced people provide a unique and individualized banking
experience based on mutual effort, ingenuity and trust, creating
long-term banking relationships. Avidbank specializes in the
following markets: commercial and industrial, corporate finance,
technology and asset-based lending, real estate construction,
commercial real estate lending and real estate bridge financing.
www.avidbank.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,
including statements regarding our ability to expand our presence
in certain markets, future sales growth, continuing reductions in
cash usage and implementation of new distribution channels. 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, we do not have any intention or
obligation to update publicly any forward-looking statements,
whether as a result of new information, future events or
otherwise.
LightPath Contacts:
Dorothy M. Cipolla
Chief Financial Officer
dcipolla@lightpath.com
407-382-4003 x305
Investor Relations Contact:
Jordan Darrow
Darrow Associates, Inc.
jdarrow@darrowir.com
631-367-1866
Avidbank Contact:
Steve
Leen
Chief Financial Officer
sleen@avidbank.com
(650) 843-2204
SOURCE LightPath Technologies, Inc.