OPTT Ocean Power Technologies Inc

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): October 20, 2014

 

OCEAN POWER TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)

 

Delaware		001-33417				22-2535818
(State or other Jurisdiction of Incorporation)		(Commission File Number)				(IRS Employer Identification No.)

 

1590 Reed Road Pennington, NJ				08534
(Address of Principal Executive Offices)				(Zip Code)

Registrant's telephone number, including area code: (609) 730-0400

 

(Former name or former address if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

  

 

Item 8.01 Other Events

 

On October 20, 2014, Ocean Power Technologies, Inc. issued a press release in connection with its intent to deploy a PB40 PowerBuoy off the coast of New Jersey. A copy of such press release is attached hereto as Exhibit 99.1

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits

 

99.1 Press release issued by the Company dated October 20, 2014.

  

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	OCEAN POWER TECHNOLOGIES, INC.
Date: October 20, 2014	By:	/s/MARK A. FEATHERSTONE
		Mark A. Featherstone
		Chief Financial Officer

 

Exhibit 99.1

 

 

Ocean Power Technologies to Deploy PB40 PowerBuoy off New Jersey

 

 

 

Pennington, NJ – October 20, 2014 -- Ocean Power Technologies, Inc. (Nasdaq: OPTT) (“OPT” or “the Company”), announced today that the PB40 PowerBuoy fabricated for the WavePort Project has shipped from Santander, Spain to Bayonne, NJ with the intent to deploy off the coast of New Jersey in the first quarter of 2015. The PowerBuoy is expected to arrive around mid-November and having been disassembled for transport, will require re-assembly, final checkout and permits before deployment. The PowerBuoy was fabricated with partial funding and support provided under the European Commission’s 7^th Framework Programme and, after evaluation of several sites, New Jersey was selected as the best location for deployment. Final assembly and checkout was completed in Spain, ownership transferred to OPT per the contract and the buoy departed Santander on October 7.

 

  

David Keller, Interim CEO of OPT, stated “We thank the EC and members of the WavePort Consortium, specifically, ISRI, WavEC, DeGima SA, Fugro Oceanor AS and the University of Exeter for their support in advancing this important project. We intend to deploy and ocean test the PB40 as quickly as possible in order to achieve the original WavePort project objectives to demonstrate performance of a large scale wave energy converter.”

  

 

Mr. Keller continued, “We continue to believe that ocean trials are the most effective means of demonstrating the current state of technology and to provide the critical operating data to guide further product improvements. Due to the shared technology with our smaller scale autonomous buoys, the testing of the PB40 also enables us to more rapidly execute our strategic shift to capitalize on the growing market for offshore data collection and transmission that require off grid power production at smaller scale.”

  

 

 

 

About Ocean Power Technologies

 

Headquartered in Pennington, New Jersey, Ocean Power Technologies, Inc. (Nasdaq:OPTT) is a pioneer in wave-energy technology that harnesses ocean wave resources to generate reliable, clean and environmentally-beneficial electricity. OPT has a long track record in the advancement of wave energy with a proprietary PowerBuoy® system based on modular, ocean-going buoys that capture and convert predictable wave energy into electricity and has conducted periodic ocean testing since 1997. 

 

********

 

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. 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 the Company's current expectations about its future plans and performance. 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.

 

Company Contact:   Ocean Power Technologies, Inc.   Mark A. Featherstone, Chief Financial Officer

Telephone: +1 609 730 0400