OPT and Gardline Environmental Announce Agreement for Joint Development of Metocean Monitoring and Maritime Security Systems ...
October 26 2015 - 7:30AM
Ocean Power Technologies, Inc. (Nasdaq:OPTT) and
Gardline Environmental, Ltd announced today a
Memorandum of Understanding ("MOU") to jointly develop innovative
metocean monitoring and maritime security systems for prospective
customers in the ocean observing and defense and security markets.
The MOU outlines a multi-phase effort which is the basis for
ongoing collaboration between the two companies. Under this
agreement, OPT and Gardline will work closely to investigate,
develop, test and market advanced innovative solutions enabled by
both companies' technologies.
OPT President and Chief Executive Officer, George H. Kirby
stated, "We are very excited about the opportunity to work with
Gardline to develop a joint monitoring solution for offshore
applications. The lack of cost effective delivery of reliable
offshore power has long been the cause of stifled innovation. This
MOU represents an important step in our intensified efforts to
accelerate PowerBuoy commercialization and market adoption.
Gardline's expertise with systems integration, sensors and
communications complemented by OPT's leadership in wave energy
conversion technology paves the way for novel solutions in offshore
markets. We are pleased that Gardline chose to work with OPT to
provide advanced systems solutions to the offshore industry."
Gardline Environmental, Ltd is a market leader within the
worldwide environmental services market and is part of Gardline
Marine Sciences and the Gardline Group. Gardline has been
successfully completing environmental, metocean, hydrographic, and
geophysical surveys worldwide for more than 45 years, which has
allowed the development of a high level of scientific and technical
experience in the full range of marine environments.
Gardline's Metocean Business Manager, Adam Nicholls commented,
"We are excited about working closely with OPT to create new,
innovative applications and solutions that offer a potentially
revolutionary improvement to current operational practices while
reducing costs to clients within the metocean, security and defense
markets."
About Gardline Environmental, Ltd
Gardline Marine Sciences is an international and
multi-disciplinary marine service company at the forefront of
marine management. Gardline combines high quality marine science,
real world commercial acumen with the latest technology and
software, research analysis and management tools, offering a full
range of marine scientific services.
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
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 Contact:
Mark A. Featherstone,
Chief Financial Officer of OPT
Phone: 609-730-0400
Investor Relations Contact:
Shawn Severson
The Blueshirt Group
Phone: 415-489-2198
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