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8-K - CURRENT REPORT - LIGHTPATH TECHNOLOGIES INC | lpth_8k.htm |
EX-10.1 - EMPLOYEMENT AGREEMENT - LIGHTPATH TECHNOLOGIES INC | lpth_ex101.htm |
Exhibit
99.1
For Immediate Release
LightPath Technologies Announces Management
Appointments
Planning for Global Growth and Chief Financial Officer
Succession
ORLANDO,
FL – April 22, 2021 – LightPath
Technologies, Inc. (NASDAQ: LPTH) (“LightPath,”
the “Company,” or “we”), a leading
vertically integrated global
manufacturer and integrator of
proprietary optical
and infrared components and high-level
assemblies, today announced several appointments to its
management team and the succession plan for its Chief Financial
Officer (“CFO”). The new management appointments
enhance the Company’s ability to deliver revenue growth,
improved financial performance, increased manufacturing production,
and industry leading customer service and support.
“The
series of management appointments announced today reflect the
opportunities presented to LightPath to accelerate its global
growth and prominence,” said Sam Rubin, President and Chief
Executive Officer of LightPath. “We are grateful for the
contributions of our departing CFO, Don Retreage, following an
important transitional period for the Company as we expanded our
infrared product portfolio and global manufacturing operations. We
are very pleased to have attracted such high caliber and
experienced executives to help lead us through our next phase of
growth which includes a strategic orientation toward the provision
of photonics solutions and closer collaboration as a valued partner
to our customers.”
LightPath’s
CFO, Donald Retreage, will retire on May 7, 2021, and will serve as
a consultant and special advisor during the department’s
transition to a new leader. In connection with the CFO succession,
Albert Miranda was appointed to the position of Vice President,
Finance, effective April 19, 2021. Most recently, Mr. Miranda was
President of the North American subsidiary of publicly traded
Germany-based Jenoptik AG, where he led the North American
subsidiary in top and bottom line double digit growth. Jenoptik
is known globally for
specializing in photonic based technology across several
markets.
Albert
Miranda is a proven strategic executive leader known for delivering
high financial growth across a broad group of products and services
in demanding and diverse industries including healthcare, defense
and security, consumer electronics, automotive, and semiconductors.
He attained significant professional experience and management
expertise through key functional areas encompassing finance,
operations, business development, sales, marketing, human
resources, and information technology. For the past 12 years, he
has been with Jenoptik North America, Inc. and held the positions
of President and Chief Financial Officer. Earlier, he held senior
level management, finance and operational positions in optical
products groups within Carl Zeiss AG and served in the finance
department for a division of BASF SE.
In
addition, Joseph Huang has been appointed as General Manager of the
Company’s operations in China, replacing Hui Yue, effective
April 7, 2021. The Company’s operating units in China include
LightPath Optical Instrumentation (Zhenjiang) Co., Ltd. ("LPOIZ")
in Zhenjiang, and LightPath Optical Instrumentation (Shanghai) Co.,
Ltd. in Shanghai (“LPOI”). Mr. Huang is a native Chinese/English bi-lingual speaker
originally from Taiwan with
more than 30 years’ experience in OEM manufacturing working in various
international markets with a focus on
China. For more than the past decade, he has held
executive positions that
involved transition
management, performance improvement, business development and
C-suite coaching for Cargill, IBM, Samsung
and other large companies in China. Mr. Huang is a graduate
of Soochow University in China and the University of Illinois at
Urbana-Champaign.
The
Company is also currently in the late stages of a search for the
position of Vice President, Operations to be based at the
Company’s headquarters in Orlando, FL.
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 and manufactures 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 press release includes statements that constitute
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words
such as “forecast,” “guidance,”
“plan,” “estimate,” “will,”
“would,” “project,” “maintain,”
“intend,” “expect,”
“anticipate,” “prospect,”
“strategy,” “future,” “likely,”
“may,” “should,” “believe,”
“continue,” “opportunity,”
“potential,” and other similar expressions that predict
or indicate future events or trends or that are not statements of
historical matters, and include, for example, statements related to
the expected effects on the Company’s business from the
COVID-19 pandemic. These forward-looking statements are based on
information available at the time the statements are made and/or
management’s good faith belief as of that time with respect
to future events, and are subject to risks and uncertainties that
could cause actual results to differ materially from those
expressed in or suggested by the forward-looking statements.
Factors that could cause or contribute to such differences include,
but are not limited to, the duration and scope of the COVID-19
pandemic and impact on the demand for the Company products; the
ability of the Company to obtain needed raw materials and
components from its suppliers; actions governments, businesses, and
individuals take in response to the pandemic, including mandatory
business closures and restrictions on onsite commercial
interactions; the impact of the pandemic and actions taken in
response to the pandemic on global and regional economies and
economic activity; the pace of recovery when the COVID-19 pandemic
subsides; general economic uncertainty in key global markets and a
worsening of global economic conditions or low levels of economic
growth; the effects of steps that the Company could take to reduce
operating costs; the inability of the Company to sustain profitable
sales growth, convert inventory to cash, or reduce its costs to
maintain competitive prices for its products; circumstances or
developments that may make the Company unable to implement or
realize the anticipated benefits, or that may increase the costs,
of its current and planned business initiatives; and those factors
detailed by LightPath Technologies, Inc. in its public filings with
the Securities and Exchange Commission, including its Annual Report
on Form 10-K for the year ended June 30, 2020. Should one or more
of these risks, uncertainties, or facts materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those indicated or anticipated by the
forward-looking statements contained herein. Accordingly, you are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date they are made.
Forward-looking statements should not be read as a guarantee of
future performance or results and will not necessarily be accurate
indications of the times at, or by, which such performance or
results will be achieved. 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.
Investor
Relations Contact for LightPath:
Jordan Darrow
Darrow Associates, Inc.
Tel:
512-551-9296
jdarrow@darrowir.com