Ocean Power Technologies and Sonalysts Announce Joint Marketing Agreement
December 05 2016 - 9:15AM
Ocean Power Technologies, Inc. (NASDAQ:OPTT) (“OPT” or “the
Company”) and Sonalysts, Inc. announced today that they are
partnering to explore and pursue mutual opportunities through a
joint marketing agreement in defense and oil and gas applications
where persistent power, and real-time data collection, processing,
and transmission are critical. OPT’s PB3 PowerBuoy® is a
reliable and persistent power and communication platform for remote
offshore applications that enables the use of advanced
multi-functional sensors and autonomous underwater vehicles.
End-users can apply the PB3 to a suite of mission critical payloads
while extending their range of operation, lowering their
operational costs, and enabling real-time data transfer and
decision making.
Founded in 1973, Sonalysts is a
multi-disciplinary engineering and technical services firm with
tremendous competency and expertise as a systems integrator
developing and supporting mission critical systems for the U.S.
Navy Submarine Force. Such applications include real-world
mission and tactical analyses and electronic warfare, imaging and
combat control systems. Sonalysts’ core strengths also
include developing and delivering interactive, computer-based
training solutions, operations analysis, human systems integration
solutions, and weather and aviation information processing and
streaming systems. Additionally, Sonalysts maintains core
technology and expertise in undersea wireless communications and in
autonomous undersea systems analysis which are available to a
variety of defense and commercial customers.
George Kirby, OPT Chief Executive Officer
stated: “We are excited to partner with such an innovative company
as Sonalysts. We see great synergy with their core
capabilities in systems integration, human-machine interfacing, big
data processing, and undersea communication technologies. For
instance, we believe that OPT’s PB3 PowerBuoy® is uniquely situated
to be the charging and communications platform of choice for
autonomous underwater vehicles in the defense and oil and gas
industries. We believe that OPT’s technology combined with
Sonalysts’ systems integration expertise will enable us to deliver
real value to customers in the defense and oil and gas
industries.”
Larry Clark, Sonalysts Chief Executive Officer
stated, “We believe Sonalysts’ wXstation® software and Dispatch
Weather Client (DWC) integrated with OPT’s PB3 PowerBuoy®, have the
potential to form the base technology in support of future
commercial and defense unmanned undersea systems power and
communication requirements. Bringing the unique capabilities
and expertise of our two companies together to enable the
autonomous undersea vehicle infrastructure in these two critically
important business sectors could provide our customers with a
substantial return on investment as compared to today’s manned and
remotely operated systems.”
About Ocean Power Technologies,
Inc.Headquartered in Pennington, New Jersey, Ocean Power
Technologies (NASDAQ:OPTT) is a leader in ocean wave energy
conversion. OPT’s proprietary PowerBuoy® technology is based on a
scalable and modular design. OPT specializes in
cost-effective and environmentally sound ocean wave based power
generation and management technology.
About Sonalysts
CorporationSonalysts, Inc., an employee-owned business
founded in 1973, offers extensive experience and strong
qualifications in a wide variety of technical disciplines. The
company’s multidisciplinary services organization includes
approximately 350 engineers, scientists, computer scientists, and
publication, media, and training specialists.
Forward-Looking StatementsThis
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:
Matthew T. Shafer,
Chief Financial Officer and Treasurer
Phone: 609-730-0400
Investor Relations Contact:
Andrew Barwicki
Barwicki Investor Relations Inc
Phone: 516-662-9461
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