Ocean Power Technologies, Inc. (NYSE American: OPTT) (“OPT” or the
“Company”), a leader in innovative and cost-effective low-carbon
marine power, data, and service solutions, today announced that
leading proxy advisory firm Institutional Shareholder Services Inc.
(“ISS”) has recommended shareholders vote
ONLY on
the
WHITE proxy card “
FOR” all of
the OPT Board of Director’s (the “Board”) highly qualified and
experienced director nominees at the upcoming 2023 Annual Meeting
of Stockholders (“2023 Annual Meeting”), scheduled to be held on
Wednesday, January 31, 2024, via live webcast.
As a reminder, shareholders may receive proxy
materials from an activist investor, Paragon Technologies, Inc.
(“Paragon”) (OTC Pink: PGNT). A vote for any of Paragon’s
purported nominees on the blue proxy card will not
be counted at the 2023 Annual Meeting. Shareholders are
urged not to sign or return any blue proxy card and to discard
Paragon’s materials. If a shareholder previously signed a blue
proxy card sent by Paragon, that proxy card can be revoked by
voting on a new WHITE proxy card. Only the
latest-dated proxy card will count.
Shareholders are urged to protect their
investment by voting “FOR” all of
OPT’s proposals, including voting “FOR ALL” of the
OPT Board’s highly qualified and experienced director nominees, by
promptly signing, dating, and returning each of the
WHITE proxy cards they have received or by voting
by telephone or internet.
***
THE OPT BOARD UNANIMOUSLY RECOMMENDS A
VOTE “FOR” ALL THE COMPANY’S
PROPOSALS, INCLUDING A VOTE “FOR
ALL” THE OPT BOARD’S NOMINEES ON THE
WHITE PROXY CARD
OPT SHAREHOLDERS ARE REMINDED THAT THEIR
VOTE IS VERY IMPORTANT, NO MATTER HOW MANY OR HOW FEW SHARES THEY
OWN
PLEASE COMPLETE, DATE, SIGN, AND RETURN
EVERY WHITE PROXY CARD YOU
RECEIVE.
DO NOT SIGN OR RETURN ANY BLUE PROXY CARD
SENT BY PARAGON
***
If shareholders have any questions or require assistance in
voting your WHITE proxy card, please contact
Morrow Sodali, our proxy solicitation firm, at:
MORROW SODALI
509 Madison Avenue Suite 1206New York, NY
10022Shareholders Call Toll Free: (800) 662-5200Banks, Brokers,
Trustees, and Other Nominees Call Collect: (203) 658-9400Email:
OPT@investor.MorrowSodali.com
About Ocean Power Technologies
OPT provides intelligent maritime solutions and
services that enable safer, cleaner, and more productive ocean
operations for the defense and security, oil and gas, science and
research, and offshore wind markets. Our PowerBuoy® platforms
provide clean and reliable electric power and real-time data
communications for remote maritime and subsea applications. We also
provide WAM-V® autonomous surface vessels (ASVs) and marine
robotics services. The Company’s headquarters is in Monroe
Township, New Jersey and has an additional office in Richmond,
California. To learn more, visit
www.OceanPowerTechnologies.com.
Forward-Looking Statements
This press release may contain forward-looking
statements that are within the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Any such
forward-looking statements in this release are identified by
certain words or phrases such as “may”, “will”, “aim”, “will likely
result”, “believe”, “expect”, “will continue”, “anticipate”,
“estimate”, “intend”, “plan”, “contemplate”, “seek to”, “future”,
“objective”, “goal”, “project”, “should”, “will pursue” and similar
expressions or variations of such expressions. These
forward-looking statements reflect OPT’s current expectations about
its future performance, plans, and objectives. By their nature,
forward-looking statements rely on a number of assumptions and
estimates that could be inaccurate and involve risks and
uncertainties that could cause actual results to materially differ
from those anticipated or expressed in any forward-looking
statement. These estimates and assumptions reflect our best
judgment based on currently known market conditions and other
factors. Although we believe such estimates and assumptions to be
reasonable, they are inherently uncertain and involve a number of
risks and uncertainties that are beyond our control, including,
without limitation risks related to our ability to execute on our
strategy, drive growth, and create value for our stockholders; our
ability to develop, market, and commercialize our products; our
ability to monetize our opportunity pipeline; our ability to
achieve and, thereafter, sustain profitability; our ability to win
government contracts, including in the defense and security
sectors; the possibility that we may not be able to obtain the
necessary facility and personnel clearances to qualify for certain
government contracts, including in the defense and security
sectors; our ability to continue the development of our proprietary
technologies; our expected continued use of cash from operating
activities unless or until we achieve positive cash flow from the
commercialization of our products and services; our ability to
obtain additional funding, as and if needed; our history of
operating losses, which we expect to continue for at least the
short term and possibly longer; our ability to control our
expenses; our ability to attract and retain qualified personnel,
including executive management; our ability to manage and mitigate
risks associated with our internal cyber security protocols and
protection of the data we collect and distribute; our ability to
protect our intellectual property portfolio; the impact of
inflation related to the U.S. dollar on our business, operations,
customers, suppliers and manufacturers, and personnel; our ability
to meet product development, manufacturing and customer delivery
deadlines; our ability to identify and penetrate markets for our
products, services, and solutions; and the risks related to the
actions of Paragon Technologies, Inc. against OPT and the related
litigation brought against OPT in the Delaware Court of Chancery,
including the amount of related costs incurred by OPT and the
disruption caused to OPT’s business activities by these
actions.
Many of these factors are beyond our ability to
control or predict. These factors are not intended to represent a
complete list of the general or specific factors that may affect
us. Additional factors are described in OPT’s Form 10-K, Form 10-Q,
and Form 8-K reports (including all amendments to those reports).
Any forward-looking statements speak only as of the date on which
such statements are made, and OPT undertakes no obligation or
intent to update such forward-looking statements to reflect events
or circumstances arising after such date. OPT cautions investors
not to place undue reliance on any such forward-looking statements.
These cautionary statements qualify all forward-looking statements
attributable to us or persons acting on our behalf.
Important Additional Information And Where To Find
It
OPT has filed with the SEC a revised definitive
proxy statement on Schedule 14A on December 4, 2023, including a
form of WHITE proxy card, and other relevant
documents with respect to its solicitation of proxies for OPT’s
2023 Annual Meeting of Stockholders scheduled to be held on January
31, 2024 (the “2023 Annual Meeting”). INVESTORS AND
SECURITY HOLDERS ARE URGED TO READ THE REVISED DEFINITIVE PROXY
STATEMENT (INCLUDING THE SUPPLEMENT THERETO FILED WITH THE SEC ON
JANUARY 3, 2024 AND ANY OTHER AMENDMENTS OR SUPPLEMENTS TO OPT’S
REVISED DEFINITIVE PROXY STATEMENT) FILED BY OPT AND ANY OTHER
RELEVANT DOCUMENTS THAT OPT FILES WITH THE SEC CAREFULLY AND IN
THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT
INFORMATION ABOUT OPT’S SOLICITATION. Investors and
security holders may obtain copies of these documents and other
documents filed with the SEC by OPT free of charge through the
website maintained by the SEC at www.sec.gov. Copies of the
documents filed by OPT are also available free of charge by
accessing OPT’s corporate website at
www.oceanpowertechnologies.com, by writing to OPT’s Corporate
Secretary at Ocean Power Technologies, Inc., 28 Engelhard Drive,
Suite B, Monroe Township, NJ 08831, or by contacting OPT at (609)
730-0400.
Certain Participant Information
OPT, its directors, and executive officers may
be deemed to be participants in the solicitation of proxies with
respect to a solicitation by OPT in connection with matters to be
considered at OPT’s 2023 Annual Meeting. Information about OPT’s
executive officers and directors, including information regarding
the direct and indirect interests, by security holdings or
otherwise, is available in OPT’s revised definitive proxy statement
for the 2023 Annual Meeting (including the schedules and appendices
thereto), which was filed with the SEC on December 4, 2023. To the
extent holdings of OPT securities reported in the revised
definitive proxy statement for the 2023 Annual Meeting have changed
or subsequently change, such changes have been or will be reflected
on Statements of Change in Ownership on Forms 3, 4, or 5 filed with
the SEC. These documents are or will be available free of charge at
the SEC’s website at www.sec.gov.
Investors:609-730-0400 x401
orInvestorRelations@oceanpowertech.com
Media:609-730-0400 x402
orMediaRelations@oceanpowertech.com
Or
Longacre Square PartnersJoe Germani / Dan
Zaccheijgermani@longacresquare.com /
dzacchei@longacresquare.com
Ocean Power Technologies (AMEX:OPTT)
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