Ocean Power Technologies & Taiwan-based Firm BAP Precision Sign Letter of Intent
February 28 2020 - 9:00AM
Ocean Power Technologies, Inc. (NASDAQ: OPTT), a leader in
innovative and cost-effective ocean energy solutions, today
announced that it has signed a letter of intent with Taiwan-based
BAP Precision, Inc. (“BAP”) to provide PowerBuoy® joint
surveillance solutions for government agency contract pursuits for
policing territorial waters.
“BAP is an established provider of satellite
data solutions for industry and government applications and I’m
excited to formalize our relationship,” said George Kirby, OPT
President and Chief Executive Officer. “The company’s satellite
surveillance services are an excellent complement to OPT’s PB3 and
hybrid PowerBuoy® surveillance and Exclusion Zone
Monitoring™ solutions.”
OPT and BAP are initially focusing on solutions
for multiple agencies of Southeast Asian island nations seeking to
meet the challenges of protecting fisheries, trafficking, and
foreign encroachment upon territorial waters. A combination of
predictive satellite and tactical marine monitoring capabilities
interfacing with a grid of interconnected PowerBuoy® surveillance
solutions has been proposed.
“With cutting edge radar and sonar equipment
tied into satellite data, it is possible to create an autonomous,
zero-emission advance warning system over a previously untenable
expanse, enabling intelligent monitoring and interdiction cues for
marine authorities, backed with photo/video, AIS tracking, and
other evidence to aid prosecution,” Kirby added. “We are in
discussions with surveillance equipment providers from the global
defense and security industry to provide an integrated package.
Coupled with our existing service partnerships, this enables OPT to
provide an end-to-end solution for our clients in the governmental
and environmental protection space.”
Such a surveillance solution would be suitable
for monitoring fishery activities, supporting border surveillance
and asset protection, and protecting critical marine habitats in
waters throughout the world.
“We are intent on entering new markets and our
agreement with BAP Precision to pursue government-based
surveillance opportunities in Asia is a testament to that pursuit,”
concluded Kirby. “BAP Precision’s abilities and current
governmental contracts and relationships are a distinct asset in
proposing wide-scope solutions for modern maritime security
challenges in the region.”
About the OPT PB3
PowerBuoy®
The OPT PB3 PowerBuoy® integrates patented
technologies in hydrodynamics, electronics, energy conversion, and
computer control systems to extract the natural energy in ocean
waves. The result is a leading edge, ocean-tested, proprietary
autonomous system that turns wave power into reliable, clean, and
carbon-free electricity for offshore applications. PB3 PowerBuoy®
solutions are tailored to customer needs including monitoring,
surveillance, subsea charging and connectivity for the offshore
industries including oil and gas, science and research, and
telecommunications.
About BAP Precision, Inc.
Based in Taoyuan City, Taiwan, BAP Precision,
Inc. is a satellite GIS- and GPS-related products and
solution-based R&D team. Founded in 2010, the company provides
solutions for industrial and governmental challenges, and won the
Taiwan government’s Golden Torch Award in 2016 and the Republic of
China’s Jinfeng Award in 2017.
About Ocean Power
Technologies
Headquartered in Monroe Township, New
Jersey, Ocean Power Technologies aspires to transform the
world through durable, innovative and cost-effective ocean energy
solutions. Its PB3 PowerBuoy® solution platform provides clean and
reliable electric power and real-time data communications for
remote offshore and subsea applications in markets such as offshore
oil and gas, defense and security, science and research, and
communications. To learn more, visit
www.oceanpowertechnologies.com.
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 Information
Investors:609-730-0400
x401InvestorRelations@oceanpowertech.com
Media:609-730-0400
x402MediaRelations@oceanpowertech.com
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