<SEC-DOCUMENT>0001102624-16-003225.txt : 20160808
<SEC-HEADER>0001102624-16-003225.hdr.sgml : 20160808
<ACCEPTANCE-DATETIME>20160808083131
ACCESSION NUMBER:		0001102624-16-003225
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160808
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160808
DATE AS OF CHANGE:		20160808

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LIGHTPATH TECHNOLOGIES INC
		CENTRAL INDEX KEY:			0000889971
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				860708398
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-27548
		FILM NUMBER:		161812832

	BUSINESS ADDRESS:	
		STREET 1:		2603 CHALLENGER TECH CT
		STREET 2:		SUITE 100
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32826
		BUSINESS PHONE:		4073824003
</SEC-HEADER>
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<DESCRIPTION>LIGHTPATH TECHNOLOGIES, INC. 8-K
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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 27.35pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 24pt; FONT-WEIGHT: bold">LIGHTPATH TECHNOLOGIES, INC.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">[&#160;&#160;]&#160;&#160; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br style="LINE-HEIGHT: 11.4pt" />
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Item 1.01. Entry into a Material Definitive Agreement.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">On August 3, 2016, LightPath Technologies, Inc., a Delaware corporation (the "Company"), entered into a stock purchase agreement (the "Stock Purchase Agreement"), by and among ISP Optics Corporation ("ISP"), Joseph Menaker and Mark Lifshotz (the "ISP Stockholders"), and the Company, pursuant to which the Company will acquire (the "Acquisition") all of the outstanding common stock of ISP (the "Purchased Shares") from the ISP Stockholders.&#160; ISP is a New York-based manufacturer of precision optics.&#160; ISP has one wholly-owned subsidiary, ISP Optics Latvia, SIA, a limited liability company formed under the laws of the Republic of Latvia ("ISP Latvia").&#160; Following the closing of the Acquisition, ISP will become the Company's wholly-owned subsidiary.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Consideration</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">The Company will acquire the Purchased Shares for $18,000,000 (the "Purchase Price"), to be paid in a combination of cash (the "Cash Amount") and a promissory note (the "Note").&#160; The Cash Amount, subject to a net working capital adjustment, debt adjustment, and cash adjustment as provided in the Stock Purchase Agreement, will not be less than $12,000,000.&#160; The aggregate principal amount of the Note will equal the Purchase Price less the Cash Amount, as adjusted, but in no event less than $3,000,000.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">During the period commencing on the date the Note is issued (the "Issue Date") and continuing until the fifteen month anniversary of the Issue Date (the "Initial Period"), interest will accrue on only the principal amount of the Note in excess of $2,700,000 at an interest rate equal to ten percent (10%).&#160; After the Initial Period, interest will accrue on the entire unpaid principal amount of the Note from time to time outstanding, at an interest rate equal to ten percent (10%) per annum.&#160; Interest is payable semi-annually in arrears. The term of the Note is five years, and any unpaid interest and principal, together with any other amounts payable under the Note, is due and payable on the maturity date.&#160; The Company may prepay the Note in whole or in part without penalty or premium.&#160; If the Company does not pay any amount payable when due, whether at the maturity date, by acceleration, or otherwise, such overdue amount will bear interest at a rate equal to twelve (12%) per annum from the date of such non-payment until the Company pays such amount in full.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">In addition, upon the occurrence of a payment default, or any other "event of default," such as a bankruptcy event or a change of control of the Company, the entire unpaid and outstanding principal balance of the Note, together with all accrued and unpaid interest and any and all other amounts payable under the Note, will immediately be due and payable.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Representations, Warranties, and Indemnities</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">The Company, ISP, and the ISP Stockholders have made customary representations, warranties, and indemnities subject in some cases to exceptions and qualifications set forth in a disclosure schedule to the Stock Purchase Agreement.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Covenants and Other Agreements</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">The Company, ISP, and the ISP Stockholders agreed to certain covenants and other agreements, including among others, (i) covenants regarding non-solicitation and non-competition and (ii) covenants requiring the Company to use its reasonable best efforts to obtain financing to purchase the Purchased Shares.&#160; The Company agreed to honor agreements between ISP and ISP Latvia and certain of their business employees and to provide to certain business employees compensation and benefits that are substantially comparable to such compensation and benefits as of the Acquisition closing date.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Conditions to Closing of the Acquisition</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Completion of the Acquisition is subject to the satisfaction or waiver of certain conditions.&#160; In addition to customary closing conditions, the Company's obligation to complete the Acquisition is conditioned on receipt by the Company of financing it needs to purchase the Purchased Shares (the "Financing Condition") and obtaining the requisite approval of the Company's stockholders related to the financing and the Acquisition, as applicable, as required by applicable NASDAQ rules and other applicable law (the "Stockholder Approval Condition").</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Closing</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">The closing of the Acquisition will occur on a date and time mutually agreed upon by the Company and the ISP Stockholders, no later than five (5) business days following the satisfaction or waiver of the closing conditions, including, without limitation, the Stockholder Approval Condition and the Financing Condition.&#160; Currently, we anticipate the Acquisition closing in the fourth quarter of calendar year 2016; however, there can be no assurance that the Acquisition will close in the fourth quarter of calendar year 2016, or at all.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Termination of the Stock Purchase Agreement</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">The Stock Purchase Agreement may be terminated under certain circumstances, including, but not limited to:&#160; (i) the mutual written consent of the ISP Stockholders and the Company; (ii) by the ISP Stockholders if any of the representations and warranties made by the Company fail to be true and correct, subject to certain qualifications, or the Company breaches or fails to perform in any material respect any covenant or other agreement in the Stock Purchase Agreement that has not been cured in the requisite time period; (iii) by the Company if any of the representations and warranties made by ISP or the ISP Stockholders fail to be true or correct, subject to certain qualifications, or ISP or the ISP Stockholders breach or fail to perform in any material respect any of their covenants or other agreements contained in the Stock Purchase Agreement that has not been cured in the requisite time period; (iv) by the ISP Stockholders, on the one hand, or by the Company, on the other hand, if the closing of the Acquisition has not occurred on or prior to December 31, 2016, provided that this right to terminate will not be available to any party whose failure to perform any material covenant or obligation under the Stock Purchase Agreement was the cause of, or resulted in, the failure of the closing to occur on or before December 31, 2016; (v) by the ISP Stockholders, on the one hand, or by the Company, on the other hand, if the closing of the Acquisition has not occurred on or prior to December 31, 2016 due to the failure of the Financing Condition; (vi) by the ISP Stockholders, on the one hand, or by the Company, on the other hand, if (a) at a special meeting of the stockholders of the Company, if required, such stockholders do not approve the financing or the Acquisition, as applicable, or (b) the closing of the Acquisition has not occurred on or prior to December 31, 2016 due to the failure to satisfy the Stockholder Approval Condition; and (vii) by the Company, if, after the date of the Stock Purchase Agreement any change or event occurs that has had or would be reasonably likely to have a material adverse change (a) as to ISP or (b) that results in the ISP Stockholders being unable to perform their obligations under the Stock Purchase Agreement and related transaction documents or consummate the Acquisition and the transactions contemplated thereby.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Termination Fees</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">If the Company or the ISP Stockholders terminate the Stock Purchase Agreement due to the failure by the Company to satisfy the Stockholder Approval Condition or the Financing Condition, the Company must pay a termination fee to the ISP Stockholders and ISP for all of their documented out-of-pocket expenses, including, but not limited to, legal, accounting, and travel expenses, up to Two Hundred Fifty Thousand Dollars ($250,000) within three (3) business days of the later of the termination date or the date all reasonable documentation evidencing such expenses has been delivered to the Company.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Retention of Certain Key Officers</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">The parties intend that Joseph Menaker and Mark Lifshotz, ISP's current President and Chief Executive Officer, respectively, will be employed or engaged by ISP or the Company following the closing of the Acquisition under terms and conditions to be agreed upon prior to the closing.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">The foregoing description of the Stock Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the Stock Purchase Agreement, a copy of which will be filed as an exhibit to the Company's Annual Report on Form 10-K for the period ended June 30, 2016.</div>

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<div style="LINE-HEIGHT: 11.4pt; FONT-WEIGHT: bold">Item 7.01. Regulation FD Disclosure.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">On August 8, 2016, the Company issued a press release announcing its entry into the Stock Purchase Agreement as described above under Item 1.01.&#160; The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">The information in Exhibit 99.1 shall not be deemed as "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of such Section, nor shall it be deemed incorporated by reference in any filing by the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.</div>

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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt; VERTICAL-ALIGN: top">Press Release dated August 8, 2016.</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">In addition to statements of current and historical facts, this Current Report on Form 8-K contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.&#160; The words "forecast," "will," "intend," "anticipate," "project," "intend," "expect," "should," "believe," and similar expressions are intended to identify forward-looking statements.&#160; These statements involve risks and uncertainties that could cause the Company's actual future outcomes to differ materially from those set forth in such statements.&#160; Such risks and uncertainties include, but are not limited to, the Company's ability to satisfy the Stockholder Approval Condition, the Financing Condition, or other conditions required to close the Acquisition. You should understand that such risk factors could cause future outcomes to differ materially from those experienced previously or those expressed in such forward-looking statements.&#160; Except as required by law, the Company undertakes no obligation to publicly update or revise any information or any forward-looking statements to reflect events or circumstances that may arise after the date of this release.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this Report to be signed in its behalf by the undersigned, thereunto duly authorized.</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; TEXT-INDENT: -12pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 12pt; FONT-SIZE: 10pt"><u>&#160;&#160;/s/ Dorothy M. Cipolla&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></div>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 11.4pt; FONT-STYLE: italic; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">Dorothy M. Cipolla, Chief Financial Officer</div>
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<div style="TEXT-ALIGN: right; FONT-WEIGHT: bold"><a name="Exhibit99.1"><!--Anchor--></a>Exhibit 99.1</div>

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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">For Immediate Release</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 21.65pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 19pt; FONT-WEIGHT: bold">LightPath Technologies to Acquire ISP Optics</div>

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<div style="TEXT-ALIGN: center; LINE-HEIGHT: 18.25pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 16pt; FONT-WEIGHT: bold">Transformative Acquisition to Create a Global Infrared and Optical Company with Enhanced Growth Opportunities</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">ORLANDO, FL &#8211; August 8, 2016 &#8211; <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">LightPath Technologies, Inc.</font> (NASDAQ: LPTH) ("LightPath," the "Company" or "we"), a leading vertically integrated <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">global manufacturer</font>, <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">distributor</font> and <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">integrator</font> of <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">proprietary optical and infrared components</font> and <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">high-level assemblies</font>, today announced it has executed a definitive agreement to acquire <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">ISP Optics Corporation</font> ("ISP") for $18 million, of which $12 million will be payable in cash with the balance in the form of a note issued to the sellers.&#160; Headquartered in New York State and with major manufacturing operations in Latvia, ISP is <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">a premier manufacturer of advanced infrared optical components, coatings, and optical sub-systems.</font></div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">In 2015, ISP generated, on a consolidated basis, $12.1 million of revenue, $1.5 million of net income and $3.1 million of adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA"). </font>LightPath plans to finance the cash portion of the purchase price through a combination of the offering and issuance of LightPath's common stock and debt financing.&#160; Upon closing, ISP will become a wholly-owned subsidiary of LightPath.&#160; LightPath expects the transaction to be accretive during the first 12 months.</div>

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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; VERTICAL-ALIGN: top">Combines two fast-growing high technology infrared and optical product pioneers to establish a premier, global, leading-edge industrial technology company.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; VERTICAL-ALIGN: top">Combines LightPath's high-volume molding technology with ISP's high-value diamond turning, coatings and polishing capabilities.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; VERTICAL-ALIGN: top">ISP's primary vertical markets are infrared lenses for sensors, military electro-optical products and infrared imaging cameras.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; VERTICAL-ALIGN: top">ISP's 2015 consolidated revenues grew 17% year-over-year, and adjusted EBITDA was 25.7%</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; VERTICAL-ALIGN: top">The ISP business broadens LightPath's global customer base significantly with nominal overlap.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; VERTICAL-ALIGN: top">Expands LightPath's market reach to include major operations in Asia, North America and now Europe with ISP's Latvian operation.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; VERTICAL-ALIGN: top">Generates significant synergies through cross-selling of products, expanded product offerings, greater production and assembly capabilities as well as material processing capabilities.</td>
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<td style="TEXT-ALIGN: justify; WIDTH: auto; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; VERTICAL-ALIGN: top">Expands LightPath's served available market (SAM) to $1.7 billion from $800 million.</td>
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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Jim Gaynor, President and Chief Executive Officer of LightPath commented, "LightPath has made significant progress in growing revenues faster than the industry's growth.&#160; We have reduced costs, improved margins, and increased profits and operating cash flows that have strengthened our balance sheet. Our core strengths in optical lens technology and manufacturing have allowed LightPath the opportunity to expand into the faster growing infrared market with the potential to capture more revenue and profit.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">The acquisition of ISP Optics Corporation will accelerate growth and materially expand our size and, more importantly, our scope of products and capabilities. This acquisition accelerates our global growth strategy.&#160; Bringing together the two companies creates substantial synergies such as the opportunity to cross sell LightPath's products to ISP's customer base and cross sell ISP's products to LightPath's customer base, expansion of each company's distribution channels benefiting from LightPath's strong Asian presence and ISP's strong European presence, leveraging the value of combining molded and turned product designs and in general increasing revenue through the expanded scope of product offerings.&#160; This transaction enables LightPath to be a competitive global supplier with the potential to sustain higher levels of growth."</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">ISP Chief Executive Officer Mark Lifshotz said, "The collective technological capabilities of LightPath and ISP position us for continued high growth, with concentration in key markets for infrared sensors, global military electro-optical infrared products and infrared imaging cameras, among other mission critical and broad-based applications.&#160; We are very excited about our combination with LightPath, one of the world's most accomplished optical technology leaders, to create an even more significantly competitive market participant.&#160; Through the combined complementary capabilities and assets of these two companies we will create one full service company able to offer our customers a single source for all their infrared needs."</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Transaction</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">The closing of the acquisition is subject to the satisfaction of various conditions, including the approval by LightPath's stockholders for LightPath to issue its common stock in connection with the acquisition.&#160; LightPath intends to pursue and close the financing needed for the acquisition in the fourth quarter of calendar year 2016, with the acquisition expected to close at or around the same time.&#160; LightPath will seek a fairness opinion with respect to the transaction.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Notices Regarding Sales of Securities</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein as potentially being offered in connection with the financing, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">About ISP</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">ISP Optics Corporation is a vertically integrated manufacturer offering a full range of infrared products from high performance MWIR and LWIR lenses and lens assemblies.&#160; The Company's infrared lens assembly product line includes athermal lens systems used in cooled and un-cooled thermal imaging cameras.&#160; ISP manufactures in-house precision optical components including spherical, aspherical and diffractive coated infrared lenses.&#160; ISP's optics processes allow it to manufacture its products from all of the important infrared materials and crystals.&#160; Manufacturing processes include CNC grinding and CNC polishing, diamond turning, continuous and conventional polishing, optical contacting and advanced coating technologies.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Due to increases in demand over the past 18 months, ISP has implemented a major expansion in its diamond turning department and nearly doubling its production capacity.&#160; This makes ISP one of the most diverse and agile diamond turning operations in the world and enables it to provide fast, high quality solutions for customers. ISP manufacturing includes state of the art turning machines from Moore Nanotechnology and Precitech as well as metrology equipment from Zygo and Taylor Hobson within its temperature controlled facilities.</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">About LightPath Technologies</div>

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<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">LightPath Technologies, Inc. (NASDAQ: LPTH) provides optics and photonics solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries.&#160; 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&#174; lenses.&#160; LightPath also offers custom optical assemblies, including full engineering design support.&#160; For more information, visit <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">www.lightpath.com</font>.</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Forward-Looking Statements</div>

<div style="TEXT-ALIGN: justify; LINE-HEIGHT: 13.7pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">This release includes statements that constitute "forward-looking statements" within the meaning of federal securities laws, which are statements other than historical facts and that frequently use words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan," "position," "should," "strategy," "target," "will" and similar words.&#160; All forward-looking statements speak only as of the date of this release.&#160; Although we believe that the plans, intentions, and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions, or expectations will be achieved.&#160; Therefore, actual outcomes and results could materially differ from what is expressed, implied, or forecasted in such statements.&#160; This release contains certain forward-looking statements that are based on current plans and expectations and are subject to various risks and uncertainties.&#160; Our business may be influenced by many factors that are difficult to predict, involve uncertainties that may materially affect results, and are often beyond our control.&#160; Factors that could cause or contribute to such differences include, but are not limited to, factors detailed by us in our public filings with the Securities and Exchange Commission.&#160; All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements.&#160; 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.</div>

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<div>Jim Gaynor, President &amp; CEO</div>
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<td style="WIDTH: 28.77%">Tel: 407-382-4003</td>
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<td style="WIDTH: 420px">Tel:<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"> 512-551-9296</font></td>
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<td style="WIDTH: 28.77%">jgaynor@lightpath.com</td>
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<td style="WIDTH: 28.77%">Web: www.lightpath.com</td>
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