EXHIBIT 99.1
                              PRESS RELEASE OF REGISTRANT DATED JANUARY 23, 2001

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                   LIGHTPATH TECHNOLOGIES SCHEDULES RELEASE OF
                        SECOND QUARTER FINANCIAL RESULTS
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                              FOR IMMEDIATE RELEASE

(JANUARY 23,  2001)  Albuquerque,  NM - LightPath  Technologies,  Inc.  (NASDAQ:
LPTH),  manufacturer of families of high performance  fiber optic components for
the telecom industry, today announced it will release fiscal 2001 second quarter
financial  results  at the close of market on  February  8, 2001  followed  by a
conference call at 2:30 p.m. MST or 4:30 p.m. EST.

CONFERENCE CALL:

A live webcast of the conference call on February 8, 2001 at 2:30 p.m. MST, will
be accessible to the public at the Company's  web site,  For Our  Investors,  at
www.lightpath.com.  A  replay  of  the  webcast  will  be  available  after  the
conclusion of the call on the Investors section of our web site for ninety days.

INVESTOR EVENTS:

LightPath will present at various financial conferences during the third quarter
of fiscal  2001.  Following is the current  schedule of events.  Event dates and
participation  are  subject  to  change.  For event  verification  visit For Our
Investors, event calendar at our web site www.lightpath.com.

         FEBRUARY 13, 2001 AT 1 P.M. (PACIFIC)
         The Tech 2001 Conference
         Robertson Stephens Investment Bankers
         San Francisco, CA

         February 14, 2001 at 10:20 a.m. (Eastern)
         The Wall Street Analyst Forum
         New York, NY

LightPath  manufactures  proprietary  collimator  assemblies,  GRADIUM(R)  glass
products and other optical  telecommunications  products at its  headquarters in
Albuquerque.   The  Company's  subsidiaries,   Horizon  Photonics  and  Geltech,
manufacture  isolator products utilizing  proprietary  automation  technology in
Walnut,  California,  and precision molded  aspherical optics used in the active
telecom   components  market  in  Orlando,   Florida  and  Auburn,   California.

Additionally, Geltech has a unique and proprietary line of all-glass diffraction
gratings  (StableSil(R)) for telecom applications as well as a product family of
Sol-Gel based waveguides.  The Company also has an office in Warren,  New Jersey
for the purpose of developing  various optical switch products.  The Company has
46 U.S. patents, plus 8 more pending,  associated with its optical technologies.
In addition, various foreign countries have issued a total of 18 patents with 28
patents  pending.  LightPath  common stock trades on the Nasdaq  National Market
under the stock symbol LPTH.

          Contacts:  Donald E. Lawson, President & CEO of LightPath
                     Donna Bogue, CFO of LightPath
                     LightPath Technologies, Inc. (505) 342-1100
                     Internet: www.lightpath.com

This  news  release  includes  statements  that may  constitute  forward-looking
statements made pursuant to the safe harbor provisions of the Private Securities
Litigation   Reform  Act  of  1995.  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.