PALO ALTO, Calif.--(BUSINESS WIRE)--
Avidbank Specialty Finance, a Division of Avidbank that specializes in
technology and asset-based lending, has provided LightPath Technologies
with new a $5 million acquisition term loan in addition to renewing an
existing line of credit.
Headquartered in Orlando, Florida, and with facilities in Shanghai and
Zhenjiang, China, LightPath designs, manufactures, and distributes
optical and infrared components and sub-systems, and custom optical
assemblies.
Jim Gaynor, President and Chief Executive Officer of LightPath, said,
“We are excited to have consummated the acquisition of ISP Optics
Corporation as planned and welcome ISP employees to the expanding global
LightPath team. This transformative acquisition was made possible
through a fully subscribed underwritten public offering of common stock
along with a term loan through Avidbank. We appreciate the great working
relationship we have with Avidbank and the confidence they have given to
LightPath as we grow our company. The combination of LightPath and ISP
positions us for continued growth with greater scale and scope to offer
a comprehensive platform of visible and infrared solutions.”
“We have worked with LightPath Technologies since 2013 and are pleased
to expand our relationship as they enter the next stage of growth. We
look forward to supporting the company as it gains synergies from this
combination and scales to become the market leader,” stated Stephen
Chen, Avidbank Specialty Finance Relationship Manager.
About Avidbank
Avidbank Holdings, Inc. (OTCBB:AVBH), headquartered in Palo Alto,
California, offers innovative financial solutions and services. We
specialize in the following markets: commercial & industrial, specialty
finance, asset-based lending, real estate construction and commercial
real estate lending, and real estate bridge financing. Avidbank advances
the success of our clients by providing them with financial
opportunities and serving them as we wish to be served – with mutual
effort, ingenuity and trust – creating long-term banking relationships.
About LightPath Technologies
LightPath Technologies is a recognized leader in optics and photonics
solutions, serving blue chip customers in the industrial, defense,
telecommunications, testing and measurement, and medical industries, for
over 30 years. 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® lenses. LightPath also offers
custom optical assemblies, including full engineering design support for
both optics and mechanics.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170105005566/en/
Avidbank Holdings, Inc.
Steve Leen, 650-843-2204
Chief
Financial Officer
www.avidbank.com
Source: Avidbank Holdings, Inc.