Ocean Power Technologies Welcomes Three New Members to its Board of Directors
December 23 2020 - 4:10PM
Ocean Power Technologies, Inc. ("OPT" or "the Company")
(NASDAQ: OPTT), a leader in innovative and cost-effective ocean
energy solutions, today announced that Clyde W. Hewlett, Diana G.
Purcel, and Peter E. Slaiby were elected to its Board of Directors
by the Company stockholders at the 2020 Annual General Meeting
effective December 23, 2020.
"We are excited to welcome Clyde, Diana, and Pete
as new independent directors to the OPT board. These new directors
bring valuable expertise in offshore energy, safety, and finance
and governance, and join OPT at an exciting time. We have proven
products and solutions ready for commercialization, a receptive
marketplace, access to capital, and a dedicated and experienced
team to continue innovations towards providing ocean energy
solutions," said Terence J. Cryan, Chairman of the Board of OPT.
"The Board carefully considered the qualifications and abilities of
each new Director this past fall to ensure that we have the right
balance of skills and experience to grow and govern the Company
effectively. We are pleased that the stockholders agreed with our
recommendations to elect them to the Board and look forward to
their contributions."
Clyde Hewlett has more than 40 years of experience
in offshore engineering design, manufacturing, and operations,
having most recently served from 2015 to 2019 as Chief Operating
Officer of Oceaneering International Inc. (NYSE: OII), a global
provider of engineered services and products to the offshore energy
industry as well as the defense, entertainment, and aerospace
industries. Mr. Hewlett has also served on the Board of Directors
of Seismic City, Inc. since April 2000. Mr. Hewlett will Chair the
OPT Board of Directors' Health, Safety, and Environment (HSE)
Committee.
Diana Purcel has 20 years of experience as a Chief
Financial Officer, including 17 years with several small cap
publicly traded companies. Ms. Purcel currently serves on the Board
of Directors for the Animal Humane Society (since 2017) and Now
Boarding (since 2019), and she previously served on the Board of
Directors for Multicultural Foodservice and Hospitality Alliance
(from 2005 to 2008), including service as the Chair of its Audit
Committee. Ms. Purcel will Chair the OPT Board's Audit Committee
and serve on the Compensation Committee and the Nominating and
Corporate Governance Committee.
Pete Slaiby has more than 39 years of offshore
experience in the oil and gas industry, including several senior
executive roles with Royal Dutch Shell (NYSE: RDS.A). Mr. Slaiby
serves on the Board of Directors for Glacier Oil and Gas (since
2019) and The Harris School in Houston, Texas (since 2017). During
Mr. Slaiby's tenure as Shell's Vice President for Alaska
Operations, he served on the Board of Directors for the Alaska Oil
& Gas Association (from 2009 to 2014) including as its Chairman
(in 2014) and served on the Chancellors Advisory Board for
University of Alaska – Anchorage (from 2010 to 2013). Mr. Slaiby is
currently serving as the Managing Director for Quartz Upstream
(since 2017) and is serving as Managing Partner for Floris Energy
(since April 2020). Mr. Slaiby will serve on the OPT Board's Audit
Committee and HSE Committee.
At the Annual General Meeting, the stockholders
also approved the use of the Company's new financing facility with
Aspire Capital in excess of 19.99 percent of the common stock
available on the date that the agreement was executed, approved an
increase in the Company's stock incentive plan used to make equity
grants to directors, officers, and employees, ratified the
selection of EisnerAmper as the Company's independent auditor for
Fiscal Year 2021, and approved the Company's executive compensation
plan.
About Ocean Power
TechnologiesHeadquartered in Monroe Township, New Jersey,
OPT aspires to transform the world through durable, innovative, and
cost-effective ocean energy solutions. Its PowerBuoy® solutions
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 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 U.S. Securities and
Exchange Commission 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 x401 or InvestorRelations@oceanpowertech.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
Oceaneering (NYSE:OII)
Historical Stock Chart
From Aug 2024 to Sep 2024
Oceaneering (NYSE:OII)
Historical Stock Chart
From Sep 2023 to Sep 2024