Ocean Power Technologies Announces Proposed Public Offering of Common Stock
April 03 2014 - 4:29PM
Ocean Power Technologies, Inc. (Nasdaq:OPTT) ("OPT" or "the
Company"), today announced that it intends to offer shares of its
common stock in an underwritten public offering. The offering is
subject to market and other conditions, and there can be no
assurance as to whether or when the offering may be completed, or
as to the actual size or terms of the offering.
Roth Capital Partners is acting as the sole manager for the
offering.
The Company intends to use the net proceeds of any sale of
securities under this prospectus supplement for any combination of
working capital, capital expenditures, and general business
purposes, including additional development, testing and
demonstrations of its PowerBuoy systems. Until the Company uses the
net proceeds in the manner described above, it may temporarily use
them to make short-term investments.
The Company may also use a portion of the net proceeds to
acquire or invest in complementary businesses, products and
technologies. Although the Company has no specific agreements,
commitments or understandings with respect to any such
opportunities other than those publicly disclosed, it evaluates
acquisition opportunities and engages in related discussions with
other companies from time to time and may use a portion of the
proceeds from this offering in connection with one or more such
acquisitions.
The shares described above are being offered by OPT pursuant to
a registration statement previously filed with and subsequently
declared effective by the Securities and Exchange Commission
("SEC"). An electronic preliminary prospectus relating to the
offering has also been filed with the SEC and is available on the
SEC's website at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. Copies of the
preliminary prospectus supplement and accompanying base prospectus
relating to this offering may be obtained from Roth Capital
Partners, 888 San Clemente, Newport Beach, CA 92660, (800) 678-9147
or by accessing the SEC's website, www.sec.gov.
About Ocean Power Technologies
The Ocean Power Technologies group 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. Ocean Power Technologies 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. Ocean Power Technologies, Inc. is listed on
Nasdaq (OPTT), and is headquartered in Pennington, New Jersey,
USA. Ocean Power Technologies (Australasia) Pty Ltd has
operations in Melbourne and Perth, Australia, and Ocean Power
Technologies Ltd is based in Warwick, UK. More information can be
found at www.oceanpowertechnologies.com, www.optaustralasia.com.au
and www.victorianwaveproject.com.au.
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 Forms 10-Q
and 10-K and subsequent filings with the SEC 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: Company Contact:
Mark A. Featherstone, Chief Financial Officer
Telephone: (+1) 609 730 0400
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