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Ocean Power Technologies Announces Election Of New Directors

"We are very pleased to announce these talented additions to our Board of Directors," said Charles F. Dunleavy, Chief Executive Officer of OPT. "David brings broad energy industry experience including both traditional and renewable energy project development, while Bruce has invaluable managerial financial and operational credentials gained at public companies where he has been an important contributor to their growth. Such experience will prove crucial as we continue to pursue the commercialization of our PowerBuoy technology and increase deployments around the globe. We look forward to incorporating the expertise that David and Bruce bring into our already strong Board and, at the same time, wish both Paul Lozier and Victor Chatigny well in their future endeavors. We appreciate their many years of service to Ocean Power Technologies."

Biographies for both Mr. Davis and Mr. Peacock are available on the Company’s website at www.oceanpowertechnologies.com.

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. More information can be found at www.oceanpowertechnologies.com.

Copyright Business Wire 2010
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