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EX-10.1 - 2018 OMNIBUS INCENTIVE PLAN - LIGHTPATH TECHNOLOGIES INC | lpth_ex101.htm |
8-K - CURRENT REPORT - LIGHTPATH TECHNOLOGIES INC | lpth_8k.htm |
Exhibit 99.1
Dr. Joseph Menaker, Infrared Optics Executive, Appointed to
LightPath Board of Directors
ORLANDO,
FL – November 19, 2018 --LightPath
Technologies, Inc. (NASDAQ: LPTH) (“LightPath,”
the “Company,” or “we”), a leading
vertically integrated global
manufacturer, distributor and
integrator of
proprietary optical
components and high-level
assemblies, today announced the appointment of Dr. Joseph
Menaker to its Board of Directors (the “Board”),
effective November 15, 2018. An infrared optics executive with
nearly 30 years of experience, Dr. Menaker will also serve on
LightPath’s finance committee. With the addition of Dr.
Menaker, the Company’s Board will have eight directors, six
of whom are independent as defined by the NASDAQ Listing
Rules.
In his
role as the former President of ISP Optics Corporation, Dr. Menaker
led the company in growing its revenue from startup to its
successful sale to LightPath in December 2016. Dr. Menaker’s
expertise gained in various roles in financial management,
international operations, manufacturing of infrared optics and
their applications for over thirty years coupled with his knowledge
gained as a researcher and analyst in economics provide invaluable
qualifications that make him an important addition to
LightPath’s Board.
Bob
Ripp, Chairman of LightPath’s Board of Directors, stated,
“I am pleased that Joseph will join our Board so that we may
continue to benefit from his contributions. Joseph further
strengthens our Board with decades of valuable experience,
including deep knowledge of the rapidly evolving infrared optics
sector from product development to market penetration. His insights
will be beneficial as we implement initiatives to achieve enhanced
results.”
Jim
Gaynor, President and Chief Executive Officer of LightPath,
commented, “We are delighted to welcome Joseph to our Board.
Having worked alongside of Joseph for over a year, he has proven to
be a valuable contributor to the fastest growing segment of our
consolidated operations. Our Board and overall leadership are
bolstered by his continued participation as we intend to expand our
share of the global infrared market.”
Dr.
Menaker stated, “I am excited to join the Board at a time
when the Company is embarking on its next phase of growth.
LightPath is differentiating itself in an evolving and expanding
industry by uniting its expertise in multiple optical technologies,
manufacturing processes and handling of applied materials. After
working with the Board and management as a consultant over the past
few years, I have come to appreciate the team and believe in the
potential of LightPath.”
Mr.
Joseph Menaker, Ph.D. co-founded ISP Optics Corporation and served
as its President until its sale to LightPath in December 2016.
Since the acquisition, he has served in a consultative capacity to
LightPath. He is also involved in the Latvia-based UAV Factory, a
manufacturer of unmanned aerial vehicles. Dr. Menaker holds
advanced degrees in Economics, earning a Ph.D. in Econometrics and
Quantitative Economics from the Leningrad Finance and Economics
Institute and an MS in Economics from Latvian State University. As
a result of his role as a consultant to LightPath during the
integration of ISP Optics Corporations following the acquisition,
and certain payments made to him in such role, as well as sums paid
to him in connection with the acquisition, the Board determined
that Dr. Menaker is a non-independent director under the applicable
NASDAQ Listing Rules.
About LightPath Technologies
LightPath
Technologies, Inc. (NASDAQ: LPTH) is a leading global, vertically
integrated provider of optics, photonics and infrared solutions for
the industrial, commercial, defense, telecommunications 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 proprietary Black
DiamondTM
(“BD6”) chalcogenide-based glass 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 Latvia and China.
LightPath’s
wholly-owned subsidiary, ISP Optics
Corporation, 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 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.
Company Contact:
Jim
Gaynor
President
& CEO
jgaynor@lightpath.com
407-382-4003
x377
Investor Contact:
Jordan
Darrow
Darrow
Associates, Inc.
jdarrow@darrowir.com
631-367-1866