ALBUQUERQUE, N.M., Aug. 10 -- LightPath Technologies Inc. announced the completion of a $1 million private placement of convertible debentures and attached warrants. Fahnestock & Co. Inc. of New York managed the placement.
Don Lawson, president and CEO of LightPath, commented, We are pleased with Fahnestock's participation in the placement of this expansion capital. It will be used to increase our delivery capability for the rollout of the single mode fiber collimating product line based on our proprietary laser fusion technology. Lawson went on to note, Orders for our telecom-related photonics products have steadily grown since we began shipments for field trials and testing earlier this year. The company has successfully secured follow-on production orders from two key customers in July that are representative of the market acceptance we expected.