Ocean Power Technologies Announces Oregon-Based Regional Representation
PENNINGTON, N.J., June 7, 2013 (GLOBE NEWSWIRE) -- Ocean Power Technologies,
Inc. (Nasdaq:OPTT) ("OPT", or "the Company"), a leading wave energy technology
company, today announced that it has engaged consultant Kevin Watkins to serve
as its Pacific Northwest Representative. OPT is planning for deployment of a
Mark 3 PowerBuoy^® wave energy conversion system off the coast of Oregon, and
Mr. Watkins will provide support to this process as well as work with
interested local groups and stakeholders.
Charles F. Dunleavy, Chief Executive Officer of OPT, said, "We are very happy
to have the assistance of Kevin, as we progress with our business activities
in Oregon. His career experience with both conventional and renewable energy
is a key asset, and he has worked in the past with many of the groups
interested in OPT's wave energy project.Living in Oregon, Kevin will be a
vital, local link to those stakeholders.His role will include communications,
community outreach, and liaison with local regulatory groups."
Kevin Watkins has worked in the electric power industry for over 30 years.He
was the Engineering Vice President at PNGC Power for 15 years where he
coordinated power generation operations and information technology activities
required to support power scheduling operations.
"I am excited to work with OPT on this 'first of its kind' energy generation
project for the Pacific Northwest," said Kevin Watkins."I have been involved
with alternative and emerging electricity generation technologies for several
years and ocean wave energy has the potential to provide significant value to
the region."While at PNGC Power, Mr. Watkins also directed implementation of
a Smart Grid Investment Grant awarded to PNGC Power and served on technical
review and evaluation committees for the Northwest Power Planning Council and
the State of Oregon.He is a registered Professional Engineer.
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 over 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
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
CONTACT: Ocean Power Technologies, Inc.
Charles F. Dunleavy, Chief Executive Officer
Telephone: +1 609 730 0400
Telephone: +1 971 404 4859
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