Ocean Power Technologies, Inc. (“OPT” or the “Company”) (NYSE
American: OPTT), a leader in innovative and cost-effective
low-carbon marine power, data, and service solutions, today
announced that Rear Admiral Victorino “Vic” G. Mercado (Retired)
has been retained as a special advisor to the Company’s Board of
Directors (the “Board”).
“We are pleased that Admiral Mercado has agreed to share his
expertise with us as a special advisor and consultant to the
Board,” said Terence Cryan, Chairman of the Board. “As Vic consults
with us, his deep security, strategy, and operational experience
from his more than 35-year career in the U.S. Navy and service at
the Department of Defense will be invaluable as we build on our
momentum in providing intelligent maritime solutions to the U.S.
Government and defense and security sectors, and carefully navigate
the challenges of securing access to and protecting highly
sensitive and confidential information. We continue to be committed
to ensuring that we have access to high caliber advisors who have
valuable experience, expertise, and networks that can further the
execution of the Company’s strategy and our ability to enhance
value for all shareholders.”
Mercado said, “I am honored to have the opportunity to serve as
an advisor to the OPT Board and am excited about the opportunities
that lie ahead for the business. I look forward to assisting the
Company in advancing its long-term growth strategy.”
Victorino Mercado Biography
Mercado served as U.S. Assistant Secretary of Defense for
Strategy, Plans, and Capabilities from July 2019 to January 2021,
after being confirmed by the U.S. Senate. In this role, he was a
principal advisor to the U.S. Department of Defense on national
security and defense strategies, and the plans and future
capability investments required to implement the strategies. From
January until July 2019, he served as Deputy Assistant Secretary of
Defense for Plans and Posture. Prior to serving in the U.S.
Department of Defense as a senior civilian, Mercado served 35 years
in the U.S. Navy and retired as a two-star Rear Admiral. His naval
career included a range of senior command and staff positions.
His last tour on active duty from September 2016 to August 2018
was as Director of Maritime Operations for the U.S. Pacific Fleet
where he managed the daily Navy operations within the world’s
largest naval area of responsibility – encompassing the West Coast
of the U.S. outward to the Indian Ocean.
Mercado’s other flag officer tours include Deputy Director,
Surface Warfare Division (N96B) and Director, Assessments Division
(N81) on the staff of the Chief of Naval Operations, Vice Director,
Strategy, Plans, and Policy at U.S. Central Command and command of
Carrier Strike Group 8.
His military career includes a broad variety of significant
assignments. In the Navy, he commanded Destroyer Squadron 21 and
also USS DECATUR (DDG 73) where he was a member of the first
aircraft carrier strike group to deploy from the U.S. in response
to the terrorist attacks of 9/11.
On the Joint Staff, he served as the Joint Staff lead in the
Joint Chiefs of Staff Strategy Group, as Assistant Deputy Director
of Global Strategic Partnerships (J-5), as Executive Assistant to
the Director of Strategic Plans and Policy (J-5), and Executive
Assistant to the Chairman of the Joint Chiefs of Staff.
He also served as a National Defense Fellow for Senator Edward
M. Kennedy and as the military assistant to the Deputy Secretary of
Defense.
Mercado is a National Association of Corporate Directors (NACD)
Certified Director and is a member (since July 2021) of the Board
of Directors of Momentus Inc (NASDAQ: MNTS) where he chairs the
Nominating and Corporate Governance and Security Committees of the
Board. He is also a Partner with IBM Federal Defense
Consulting.
ABOUT OCEAN POWER TECHNOLOGIES
OPT, a leader in innovative and cost-effective, low carbon
marine data, power, and consulting services, 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
(ASV) and marine robotics services through our wholly owned
subsidiary Marine Advanced Robotics and strategic consulting
services including simulation engineering, software engineering,
concept design and motion analysis through our wholly owned
subsidiary 3Dent. We are headquartered in Monroe Township, New
Jersey, and have offices in Houston, Texas, and Richmond,
California. To learn more, visit
www.OceanPowerTechnologies.com.
FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements that are within
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements 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 plans and performance. These forward-looking statements
rely on a number of assumptions and estimates that could be
inaccurate and subject to risks and uncertainties. Actual results
could vary materially from those anticipated or expressed in any
forward-looking statement made by OPT. Please refer to OPT’s most
recent Forms 10-Q and 10-K and subsequent filings with the U.S.
Securities and Exchange Commission for further discussion of these
risks and uncertainties. OPT disclaims any obligation or intent to
update the forward-looking statements in order to reflect events or
circumstances after the date of this release.
IMPORTANT ADDITIONAL INFORMATION AND WHERE TO FIND IT
OPT intends to file a proxy statement and an accompanying
WHITE proxy card with the SEC
in connection with the solicitation of proxies from OPT’s
stockholders in connection with the matters to be considered at
OPT’s 2023 Annual Meeting of Stockholders (the “2023 Annual
Meeting”). INVESTORS AND STOCKHOLDERS ARE STRONGLY ENCOURAGED TO
READ ANY SUCH PROXY STATEMENT AND THE ACCOMPANYING WHITE PROXY CARD AND OTHER DOCUMENTS FILED BY OPT
WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME
AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION.
Stockholders will be able to obtain the Proxy Statement, any
amendments or supplements to the Proxy Statement, the accompanying
WHITE proxy card, and other
documents filed by OPT with the SEC free of charge at the SEC’s
website at www.sec.gov. Copies will also be available free of
charge at the Investor Relations section of OPT’s corporate website
atwww.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, members of its Board of Directors, and certain of its
executive officers are “participants” in the solicitation of
proxies from OPT’s stockholders in connection with the 2023 Annual
Meeting. The following directors and executive officers of OPT
beneficially hold the amount of shares of OPT’s common stock
indicated adjacent to his or her name: (i) OPT directors: Terence
J. Cryan (148,595 shares), Philipp Stratmann (93,807 shares), Clyde
W. Hewlett (71,577 shares), Natalie Lorenz-Anderson (52,448
shares), Diana G. Purcel (71,577 shares), and Peter E. Slaiby
(96,577 shares); and (ii) OPT officers who are not also directors
of OPT: Robert Powers (28,888 shares) and Joseph DiPietro (2,909
shares). The business address for each of the foregoing persons is
c/o Ocean Power Technologies, Inc., 28 Engelhard Drive, Suite B,
Monroe Township, NJ 08831. Additional information regarding OPT’s
directors, executive officers, and other participants in the
solicitation of proxies from OPT’s stockholders in connection with
the matters to be considered at the 2023 Annual Meeting, and their
direct or indirect interests, through security holdings or
otherwise, will be set forth in OPT’s proxy statement for its 2023
Annual Meeting, including the schedules and appendices thereto.
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Investors: 609-730-0400 x401 or
InvestorRelations@oceanpowertech.com Media: 609-730-0400
x402 or MediaRelations@oceanpowertech.com
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