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EX-10.1 - EMPLOYMENT AGREEMENT BETWEEN THE COMPANY AND MR. SAM RUBIN - LIGHTPATH TECHNOLOGIES INC | lpth_ex101.htm |
8-K - CURRENT REPORT - LIGHTPATH TECHNOLOGIES INC | lpth_8k.htm |
Exhibit 99.1
For Immediate Release
LightPath Technologies' Board of Directors Elects Mr. Sam Rubin as
President and CEO
ORLANDO,
FL – February 26, 2020 – LightPath
Technologies, Inc. (NASDAQ: LPTH) (“LightPath,”
the “Company,” or “we”), a leading
vertically integrated global
manufacturer, distributor and
integrator of
proprietary optical
and infrared components and high-level
assemblies, today announced that Sam Rubin will join the
Company as President and Chief Executive Officer
(“CEO”), effective March 9, 2020. He has also been
appointed as a member Board of Directors (the “Board”)
and will stand for election at the next annual stockholder meeting
to be held in November 2020. Mr. Rubin succeeds LightPath’s
current President and CEO, J. James Gaynor. Mr. Rubin was formerly
General Manager at Thorlabs Inc.
(“Thorlabs”).
In Mr.
Rubin’s prior senior executive role at Thorlabs, he was
responsible for Thorlabs’ Imaging Systems Division, a
standalone organization with its own sales and marketing, as well
as global responsibility for all of Thorlabs’ Life Science
activities. Among the positions he held at Thorlabs, Mr. Rubin
founded and grew Thorlabs’s fast growing operation in China,
and spearheaded Thorlabs’ entry and significant growth in the
Life Sciences market. As a member of the senior executive team, Mr.
Rubin led new strategic initiatives for Thorlabs, including new
product lines, acquisitions and growth into new markets. Prior to
joining Thorlabs, Mr. Rubin co-founded XLight Photonics, an optical
communication startup, which was later sold to a telecommunications
private equity firm. Mr. Rubin holds a Bachelor of Science degree
in Electronic Engineering from Ben Gurion University, a Master of
Business Administration degree from New York University, Stern
School of Business, and is a graduate of the Executive Education,
Program for Leadership Development at Harvard Business
School.
Mr. Sam
Rubin commented, “I am delighted to be joining LightPath as
the next President and CEO at an exciting time for the business. It
is a company with a long history of innovation and delivery of
exceptional products to its customers. I have known LightPath for
over 25 years, as a customer, vendor, and a business partner, and I
am very excited to be now part of the Company. I look forward to
taking my next step into the world of public companies and to work
closely with the Board, the leadership team, and all employees over
the coming years to continue to transform and grow
LightPath.”
Mr.
Robert Ripp, Chairman of the Board, continued “The Board
thanks Mr. Jim Gaynor, current President and CEO, for his 13 years
of service. During his leadership, the Company was transformed from
a small custom optical lens design company into a leading
manufacturer of molded visible lens, and infrared lens, and
assemblies. With his leadership, LightPath established a major
presence in the Chinese markets, developed new glass materials,
acquired infrared lens capabilities, and innovated several
manufacturing technologies that made LightPath a top tier optical
design and low-cost manufacturing company. Mr. Gaynor will serve as
consultant to the Board through June 2020 to provide assistance to
Sam, as needed, during this transition period.”
Mr.
Ripp concluded, “The Board looks forward to working with Sam.
He has demonstrated leadership in managing complex organizations
and improving their performance. He has successfully increased
revenue and profit growth in multiple assignments. Sam is also very
capable of providing a strategy that we believe will better
position LightPath for the future, and that over the long run, will
deliver enhanced value for our customers, employees, and
stockholders.”
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, manufactures, and
distributes 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 news release includes statements that constitute
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
including statements regarding our ability to expand our presence
in certain markets, future sales growth, continued improvements in
our financial results,and implementation of new distribution
channels. This information may involve risks and uncertainties that
could cause actual results to differ materially from such
forward-looking statements. Factors that could cause or contribute
to such differences include, but are not limited to, factors
detailed by LightPath Technologies, Inc. in its public filings with
the Securities and Exchange Commission, including its most recent
Annual Report on Form 10-K. 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.
Contacts:
Jordan Darrow
Darrow Associates
Tel:
512-551-9296
jdarrow@darrowir.com