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Ocean Power Technologies Receives Approximately $1.5 Million Under New Jersey's Technology Business Tax Certificate Transfer

Ocean Power Technologies Receives Approximately $1.5 Million Under New
Jersey's Technology Business Tax Certificate Transfer Program

PENNINGTON, N.J., Jan. 24, 2013 (GLOBE NEWSWIRE) -- Ocean Power Technologies,
Inc. (Nasdaq:OPTT) ("OPT" or "the Company"), a leading wave energy technology
company, today announced that it recently received approximately $1.5 million
under the State of New Jersey's Business Tax Certificate Transfer Program (the
"Program").

The Program enables companies to raise cash to finance their growth and
operations and is administered by the New Jersey Economic Development
Authority (NJEDA) and the New Jersey Department of the Treasury's Division of
Taxation. Under the Program, New Jersey-based technology or biotechnology
companies with fewer than 225 US employees may be eligible to sell NJ state
net tax operating losses (NOL's) and research and development tax credits to
unaffiliated corporations, for at least 80 percent of their value, up to a
maximum lifetime benefit of $15 million per business. The State of New Jersey
was the originator of the Program and the first state to implement and fund
it.

Brian M. Posner, Chief Financial Officer of OPT, commented, "We are greatly
appreciative of the NJEDA's decision to approve our application in this year's
program.We were fortunate to work with Public Service Enterprise Group (PSEG)
for the sale of our NOL's and research and development tax credits under the
program.We are grateful to both the state of New Jersey and PSEG for their
continued support of technology companies like OPT.This Program makes an
important contribution to our on-going technology development activities in
New Jersey."

About Ocean Power Technologies

Ocean Power Technologies, Inc. (Nasdaq:OPTT) is a pioneer in wave-energy
technology that harnesses ocean wave resources to generate reliable and clean
and environmentally-beneficial electricity. OPT has a strong track record in
the advancement of wave energy and participates in an estimated $150 billion
annual power generation equipment market. OPT's proprietary PowerBuoy® system
is based on modular, ocean-going buoys that capture and convert predictable
wave energy into clean electricity. The Company is widely recognized as a
leading developer of on-grid and autonomous wave-energy generation systems,
benefiting from 15 years of in-ocean experience. OPT is headquartered in
Pennington, New Jersey, USA with an office in Warwick, UK and operations in
Melbourne and Perth, Australia. More information can be found at
www.oceanpowertechnologies.com.

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 and subsequent filings with the Securities and Exchange
Commission 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.

CONTACT: Ocean Power Technologies, Inc.
         Brian M. Posner, Chief Financial Officer
         Telephone: +1 609 730 0400

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