Ocean Power Technologies Announces Election of New Director
May 12 2015 - 8:00AM
Ocean Power Technologies, Inc. (Nasdaq:OPTT) ("OPT" or "the
Company"), a leading wave energy technology company, announced
today that Robert J. Burger was elected to the Company's Board of
Directors effective May 8, 2015.
Most recently, Mr. Burger was President and CEO of MAN Diesel
& Turbo North America Inc., a German manufacturer and the
world's leading provider of large diesel engines for use in ships
and power stations. Prior to that, he was President of the Service
Americas business of LM Wind Power. Mr. Burger began his
corporate career in the energy division of General Electric after
serving as an officer in the U.S. Navy. Mr. Burger holds Master's
and Doctorate degrees in Mechanical Engineering from the Naval
Postgraduate School in Monterey, California and is a graduate of
the U.S. Naval Academy, with a Bachelor's Degree in Ocean
Engineering.
Terence J. Cryan, Chairman of the Board of OPT, commented, "Mr.
Burger has a broad range of executive experience in both the
alternative and traditional energy industries, and we are pleased
that he agreed to join our Board of Directors. We are confident
that Mr. Burger's significant managerial, commercial and technical
experience will provide additional insight and perspective to Ocean
Power Technologies. We are excited that he is bringing his
strong experience in the marine and power generation sales and
service industries to help us execute our strategy and accelerate
the commercialization of our unique technology."
About Ocean Power Technologies
Headquartered in Pennington, New Jersey, Ocean Power
Technologies (Nasdaq:OPTT) is a pioneer in renewable wave-energy
technology 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. OPT specializes in
advanced autonomous (not grid connected), cost-effective, and
environmentally sound ocean wave based power generation and
management technology.
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:
Mark A. Featherstone
Chief Financial Officer
Ocean Power Technologies, Inc.
Phone: (609) 730-0400
Investor Relations:
Shawn Severson
The Blueshirt Group
Phone: (415) 489-2198
E-mail: shawn@blueshirtgroup.com
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