Daily News: October 4, 2013

Avidbank Corporate Finance Provides LightPath Tech Facility

LightPath Technologies announced that it secured a $2 million line of credit with Avidbank Corporate Finance, a division of Avidbank. The facility will be used as follows: $1 million for working capital flexibility and $1 million for equipment acquisitions.

“We are very pleased to be working with Avidbank; they quickly understood our business, what we have accomplished and where we want to go,” stated Jim Gaynor, president and chief executive officer. “The ability to establish this type of credit facility signals the progress LightPath has made and the sustainability of our growing business. This line of credit facility will provide us flexibility to meet any potential liquidity issues as we grow our business. We are excited to establish this partnership and are looking forward to a long-term relationship with Avidbank.”

“I am glad we were able to put this facility in place for LightPath,” said Avidbank Corporate Finance executive vice president, Mike Hansen. “They have built a quality team with extensive experience and insight into this marketplace. We appreciate the opportunity to contribute to their continued success.”

LightPath Technologies provides optics and photonics solutions for the industrial, defense, telecommunications, testing and measurement, and medical industries.