Ocean Power Technologies Receives $1.1 Million Through New Jersey's Technology Business Tax Certificate Transfer Program
December 18 2014 - 10:18AM
Ocean Power Technologies, Inc. (Nasdaq:OPTT) ("OPT" or "the
Company"), a leading wave energy technology company, announced
today that it has received approximately $1.1 million through 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 net
operating losses (NOLs) 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.
Mark A. Featherstone, Chief Financial Officer of OPT commented,
"We are pleased by NJEDA's decision to approve our application to
this year's program. As in prior years, we were fortunate to
work with Public Service Enterprise Group (PSEG) on the sale of our
NOLs and research and development tax credits. We appreciate
the continued support of technology companies like OPT by both the
State of New Jersey and PSEG. This program makes an important
contribution to our technology development efforts."
About Ocean Power Technologies
Headquartered in Pennington, New Jersey, Ocean Power
Technologies (Nasdaq:OPTT) is a pioneer in renewable wave-energy
technology development that converts ocean wave energy into
electricity. OPT's proprietary PowerBuoy® technology is based
on a modular design and has undergone 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.
CONTACT: Company Contact:
Ocean Power Technologies, Inc.
Mark A. Featherstone, Chief Financial Officer
Telephone: +1 609 730 0400
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