LightPath Technologies, Inc. Secures $2,000,000 Line of Credit Facility from
Avidbank Corporate Finance
ORLANDO, Fla., Oct. 3, 2013
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.
(Logo: http://photos.prnewswire.com/prnh/20130122/FL45558LOGO )
"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
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.
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.
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.
Dorothy M. Cipolla
Chief Financial Officer
Investor Relations Contact:
Darrow Associates, Inc.
Chief Financial Officer
SOURCE LightPath Technologies, Inc.
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