Attached files
Exhibit 99.1
For Immediate Release
LightPath Technologies Strengthens Management Team
Donald O. Retreage, Jr. Appointed Chief Financial Officer; New
Senior
Finance/Administration Position Created to Accommodate Continued
Growth
ORLANDO,
FL – June 5, 2018 – LightPath
Technologies, Inc. (NASDAQ: LPTH) (“LightPath,”
the “Company,” or “we”), a leading
vertically integrated global
manufacturer, distributor and
integrator of
proprietary optical
and infrared components and high-level
assemblies, today announced that it is strengthening its
senior leadership team to support its ongoing growth strategy.
Dorothy M. Cipolla, the Company’s current Chief Financial
Officer, has been named Vice President and Executive Director of
Compliance, Treasury and Tax, a newly created position, effective
June 18, 2018. In connection with this new position, Ms. Cipolla
will resign as Chief Financial Officer effective as of the same
date. Donald O. Retreage, Jr. has been named as the Company’s
new Chief Financial Officer, effective June 18, 2018.
“LightPath
has gone through a significant transformation over the past few
years. Our business has diversified internationally as we have
become a global leader of infrared and visible optical technologies
with revenues exceeding $28 million in fiscal 2017, representing a
200% increase in revenues as compared to $14 million in fiscal
2015. As we continue to implement our strategic growth plan, we are
mindful of the planning needed to optimize all facets of the
organization, including facilities management, technical
capabilities, product roadmap, capitalization and capital
investments, balance sheet strength, and financial controls.
Effective implementation and management of these areas required the
expansion of our senior leadership team,” said Jim Gaynor,
President and Chief Executive Officer of LightPath.
“We
determined the need to create a new role, which we believe is
critical to our overall financial strategy due to the increased
complexity of our domestic and international operations along with
our anticipated continued growth. Cash management, tax issues,
foreign currency exchange, and public company reporting
requirements continue to increase in complexity and scope requiring
full time attention. Reflecting our preference to promote from
within, and after conducting a comprehensive search, we concluded
that the best candidate to fill the newly created finance and
administrative role is our current Chief Financial Officer, Dorothy
Cipolla. Dorothy has made significant contributions to the success
of LightPath during the past 12 years and we are gratified by her
continued commitment to the Company as we embark on our next phase
of growth. We are equally excited to welcome Donald Retreage, Jr.
to our expanding team as our new Chief Financial Officer. With the
strengthening of our senior leadership team, particularly in the
areas of finance and strategy, we are far better positioned to
capitalize on the opportunities ahead.”
Donald
Retreage, Jr. is a corporate leader with vast experience of nearly
25 years in international finance and accounting, a financial
management expert with a proven track record of accelerating
revenue growth, and adept at strategic decision-making resulting
directly in maximized workforce productivity and business
profitability. He brings to LightPath a multi-faceted skillset that
effectively aligns strategic initiatives with corporate targets
across revenue generation, cost controls, financial reporting,
staff development, employee engagement, and public company
valuation metrics. Mr. Retreage comes to LightPath from Houser
Logistics, Inc., where he served as Senior Vice President. After
graduating from the University of Louisiana of Lafayette with a
Bachelor of Science in Business Administration, Accounting &
Finance, he spent the majority of his career in increasingly
progressive financial and operational roles for multinational
corporations, including Seaboard Corporation and Sodexho/Universal
Ogden Services.
About LightPath Technologies
LightPath
Technologies, Inc. (NASDAQ: LPTH) is a leading global, vertically
integrated provider of optics, photonics and infrared solutions for
the industrial, defense, telecommunications, testing and
measurement, and medical industries. LightPath designs,
manufactures, and distributes proprietary 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. The Company is headquartered in Orlando, Florida,
with manufacturing and sales offices in New York, Latvia and
China.
LightPath’s
wholly-owned subsidiary, ISP Optics
Corporation (“ISP”), manufactures a full
range of infrared products from high performance MWIR and LWIR
lenses and lens assemblies. ISP’s infrared lens assembly
product line includes athermal lens systems used in cooled and
un-cooled thermal imaging cameras. Manufacturing is performed
in-house to provide precision optical components including
spherical, aspherical and diffractive coated infrared lenses.
ISP’s optics processes allow it to manufacture its products
from all important types of infrared materials and crystals.
Manufacturing processes include CNC grinding and CNC polishing,
diamond turning, continuous and conventional polishing, optical
contacting and advanced coating technologies.
For
more information on LightPath and its businesses, please visit
www.lightpath.com.
Forward-Looking Statements
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 future sales growth. 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, including its most recent
Annual Report on Form 10-K. 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.
Contacts:
Jim Gaynor, President & CEO
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Jordan Darrow
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LightPath Technologies, Inc.
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Darrow Associates, Inc.
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Tel: 407-382-4003
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Tel:
512-551-9296
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jgaynor@lightpath.com
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jdarrow@darrowir.com
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Web: www.lightpath.com
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Web:www.darrowir.com
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