OPT appoints new Chief Financial Officer
02 Junho 2010 - 3:00AM
UK Regulatory
TIDMOPT
RNS Number : 9038M
Ocean Power Technologies Inc
02 June 2010
OCEAN POWER TECHNOLOGIES APPOINTS NEW CHIEF FINANCIAL OFFICER
Pennington, New Jersey - June 2, 2010 - Ocean Power Technologies, Inc. (Nasdaq:
OPTT and London Stock Exchange AIM: OPT) ("OPT" or the "Company") is pleased to
announce the appointment of Brian M. Posner as Chief Financial Officer,
effective June 1, 2010.
Mr. Posner, 48, is a financial executive with over 25 years of experience in
both public and private companies, with a notable track record in working with
capital markets, regulatory and accounting matters and strategic alliances.
Charles F. Dunleavy, Chief Executive Officer of Ocean Power Technologies,
commented: "We are very pleased to welcome Brian Posner to OPT. He brings an
important depth and scope of financial experience and leadership skills to the
Company as we move to the next stage of the commercialization of our wave power
systems in global markets. Brian has a proven track record of success in the
financial management of companies focused on bringing new products to market,
and in effectively communicating with the capital markets. This background is
important to the Company's growth, and we welcome him to the senior management
team."
Prior to joining OPT, Mr. Posner held the position of Chief Financial Officer of
Power Medical Interventions, Inc., a NASDAQ-listed manufacturer of medical
devices with operations in the United States, France, Germany and Japan. He
played a key role in that company's restructuring. From 1999 to 2008, Mr. Posner
held various financial positions at Pharmacopeia, Inc., a publicly-traded
clinical development biopharmaceutical company, most recently as Executive Vice
President and Chief Financial Officer. While at Pharmacopeia, Mr. Posner
provided input and support on financial, operational and strategic issues. These
efforts included the reduction in the company's annual cash burn, raising $70
million in new capital, successful oversight of regulatory matters and financial
controls, extensive investor relations out-reach, and the evaluation of the
company's clinical development strategy from a financial and investor
perspective. His career has also encompassed working at other early-stage and
publicly-held businesses as well as serving on the audit staff of
PriceWaterhouseCoopers, LLP where he had a diverse group of clients in the
manufacturing, banking and natural resources sectors.
Mr. Posner is a Certified Public Accountant, and holds a Master of Business
Administration degree from Pace University and a Bachelors degree in Accounting
from Queens College in New York City.
Forward-Looking Statements
This release may contain "forward-looking statements" that are within the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements reflect the Company's current expectations about its
future plans and performance, including statements concerning the impact of
marketing strategies, new product introductions and innovation, deliveries of
product, sales, earnings and margins. These forward-looking statements rely on a
number of assumptions and estimates which could be inaccurate and which are
subject to risks and uncertainties. Actual results could vary materially from
those anticipated or expressed in any forward-looking statement made by the
Company. Please refer to the Company's most recent Form 10-K for a further
discussion of these risks and uncertainties. The Company disclaims any
obligation or intent to update the forward-looking statements in order to
reflect events or circumstances after the date of this release.
About Ocean Power Technologies
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT)
is a pioneer in wave-energy technology that harnesses ocean wave resources to
generate reliable, clean and environmentally-beneficial electricity. OPT has a
strong track record in the advancement of wave energy and participates in a $150
billion annual power generation equipment market. The Company's proprietary
PowerBuoy system is based on modular, ocean-going buoys that capture and
convert predictable wave energy into low-cost, clean electricity. The Company is
widely recognized as a leading developer of on-grid and autonomous wave-energy
generation systems, benefiting from over a decade of in-ocean experience. OPT's
technology and systems are insured by Lloyds Underwriters of London. OPT is
headquartered in Pennington, New Jersey with offices in Warwick, UK. More
information can be found at www.oceanpowertechnologies.com.
**********
Contact information:
+----------------------------------------+---------------------------------+
| Ocean Power Technologies, Inc. | |
| Charles F. Dunleavy, Chief Executive | Telephone: +1 609 730 0400 |
| Officer | |
+----------------------------------------+---------------------------------+
| Nomura Code Securities Limited | |
| Juliet Thompson, Richard Potts | Telephone: +44 20 7776 1200 |
+----------------------------------------+---------------------------------+
| | |
| Media Contact: | |
| Corfin Communications | |
| Neil Thapar, Claire Norbury | Telephone: +44 20 7977 0020 |
| | |
+----------------------------------------+---------------------------------+
******
This information is provided by RNS
The company news service from the London Stock Exchange
END
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