LightPath Technologies says it has raised approximately USD2,929,000 through the sale of 8% convertible debentures to a group of institutional and private investors for growth in China.
LightPath's CEO Jim Gaynor stated, "We are pleased that in this difficult financial environment we were able to complete our offering. The proceeds will help us continue to fuel our marketing efforts and increase our growth in China. We will be announcing our interim financial results for the fourth quarter in August and final results are planned for the second half of September. We anticipate that those results will reflect continued progress on our expanding revenue base and sustained reductions in our fixed overhead structure as well as our variable costs."
LightPath will utilize some of the proceeds to make an undefined modest investment in the imaging cons...
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