Lightpath Technologies (LPTH) Says Director Zhu Resigned

September 7, 2016 9:10 AM EDT

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LightPath Technologies, Inc. (Nasdaq: LPTH) announced that Dr. Xudong Zhu resigned from its Board of Directors (the "Board"), effective September 6, 2016. Dr. Zhu is the President of Pudong Science & Technology Investment (Cayman) Co., ("Pudong") a LightPath stockholder, and its parent, Shanghai Pudong Science and Technology Investment Co., Ltd. Dr. Zhu also serves as the Chairman of the Board of Shanghai Pudong Science and Technology Investment Co., Ltd. Dr. Zhu began serving on the Board on April 28, 2015, but has since determined that he needed to devote more time to his primary business responsibilities for Pudong and his other business interests. Upon Dr. Zhu's resignation, the Board will have seven directors, six of whom are independent as defined by the NASDAQ Listing Rules.

Robert Ripp, the Chairman of the Board of LightPath, stated, "We have valued Dr. Zhu's service to LightPath and have benefited from his knowledge and experience, and we look forward to continuing our association with him. Dr. Zhu commented "I have appreciated my time on the LightPath Board and, through Pudong's investment, will continue to support LightPath as it pursues the growth of its business."

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