OPT appoints new Vice President of Operations
17 Junho 2010 - 3:00AM
RNS Non-Regulatory
TIDMOPT
Ocean Power Technologies Inc
17 June 2010
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OCEAN POWER TECHNOLOGIES APPOINTS NEW VICE PRESIDENT OF OPERATIONS
Pennington, NJ - June 17, 2010 -- Ocean Power Technologies, Inc. (Nasdaq: OPTT
and London Stock Exchange AIM: OPT) ("OPT" or "the Company") is pleased to
announce the appointment of Michael G. Kelly as Vice President of Operations.
Mr. Kelly, 50, joins OPT with thirty years of experience in the marine industry,
spanning design, manufacturing, deployment and field service of large, complex
ocean-based systems. The scope of this work has included the management of
international commercial and technical teams to deliver best-in-class solutions
within schedule and budget.
Reporting to Charles F. Dunleavy, Chief Executive Officer of OPT, Mr. Kelly is
responsible for OPT's PowerBuoy manufacturing and marine operations for the
production, deployment and servicing of the Company's wave energy systems. This
includes ensuring process and procedures meet the requirements for timely
delivery against project goals, best safety practices and effective project
management of Company resources.
Mr. Dunleavy said: "We are delighted to welcome Mike Kelly, who brings a wealth
of leadership experience in the marine industry. The breadth of his
international work in delivering technology-based products and services to
customers is a real asset to the Company. Mike's contribution will further
strengthen OPT's management team as we deploy our world class wave power
generation systems in major markets."
Prior to joining OPT, Mr. Kelly held the position of Assistant Director,
Regional Cabled Observatory, at the University of Washington's School of
Oceanography. This role included the commercial lead and technical team member
in the acquisition and implementation of a $150 million project to build an
undersea cabled ocean observatory. This followed a career of almost 20 years at
VSNL International (including at the company's predecessors, Tyco
Telecommunications and AT&T Submarine Systems), now part of Tata Communications,
in the deployment, management and maintenance of undersea communications cable
systems. During this time, he held several positions, including Senior Director
of Strategic Network Planning, Senior Director of Service Management and
Director of Marine Operations. In addition, he served as Captain of the Global
Mariner, a ship responsible for the installation and repair of international
telecommunications cables, and was the technical lead for the acquisition and
implementation of a $250 million project to build an undersea communications
network connecting six countries within Asia, India and North America. Mr.
Kelly's career began in 1981 with the U.S. Navy, where he was involved in
numerous cable R&D projects with organizations such as AT&T Bell Labs, Johns
Hopkins University and Naval Research Laboratory. In addition to cable ships, he
also gained experience aboard deep ocean research vessels. In 1986, he was
appointed Captain of the cable ship USNS Zeus, becoming the youngest Master in
the history of Military Sealift Command.
Mr. Kelly has written and co-authored several research papers for the Sub-Optic
Telecommunications Conference. He is a U.S. Coast Guard licensed Master Mariner.
Mr. Kelly holds a Master of Business Administration degree from Rutgers
University and a Bachelor of Science degree in Marine Transportation from the
Massachusetts Maritime Academy.
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 | |
| Brian M. Posner, Chief Financial | |
| 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 7596 2860 |
| | |
+----------------------------------------+---------------------------------+
******
This information is provided by RNS
The company news service from the London Stock Exchange
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