LANCASTER, Pa., April 26, 2018 /PRNewswire/ -- Ocean
Thermal Energy Corporation (OTCQB: CPWR) ("OTE" or "the Company"), a project developer for Ocean Thermal Energy Conversion (OTEC) renewable energy and water
desalinization plants, is today providing an update on its plans to acquire synergistic international and US based
companies.
Ocean Thermal Energy Corporation, after six years of significant investment into OTEC research, the development of
proprietary, trade secret technology, and the assembling of an exceptional management, engineering, and consulting team, is now positioned to accelerate the implementation of
its OTEC technology for projects in the U.S.,
the Caribbean, the Asia Pacific region, and eventually
worldwide.
To expedite its projects, the Company has engaged in meaningful discussions since the beginning of the year with its legal,
accounting, and investment partners to acquire two established OTEC and SWAC engineering companies, Both companies are currently
under review and consideration and have ongoing, revenue-producing contracts. These companies offer experienced technical
teams and an infrastructure that will support and enhance OTE's US and International operations.
The Acquisition
Strategy
Concept plants in Hawaii
and elsewhere have proven that OTEC technology works. Since then, several leading international engineering firms in the
industry, including Ocean Thermal Energy Corporation, have implemented significant technological advances demonstrating that OTEC
is on its way to transforming renewable energy and water desalinization methods worldwide on a large scale. Ocean Thermal Energy
Corporation believes acquiring OTEC and Seawater Air
Conditioning (SWAC) engineering and project companies, whose goals and objectives mirror its own, is a way to further advance
its own projects and grow the business.
OTE Corporation Offers Proven Solutions to Help Millions of People Worldwide
Ocean Thermal Energy Corporation is playing a major role in advancing OTEC solutions by designing, receiving approval, and initiating projects in The Bahamas, U.S. Virgin Islands, Philippines,
and with a major U.S. Defense contractor. Jeremy Feakins , Chairman and CEO, stated: "We believe that our
acquisition strategy will help fast-track OTE's business model. Further, it will provide an ideal way for us to quickly enhance
our own technology team and establish our Company as the industry leader for the implementation of both renewable energy and the
production of water for drinking, food
production, and economic development. Our technology, in particular our water desalinization methods, are intended to benefit
millions of people in tropical and subtropical regions of the
world."
About OTEC and SWAC
OTEC plants generate renewable energy by "harvesting" the heat in ocean water and using that heat to warm liquids with a low
boiling point (such as ammonia) so that vapor is produced. The vapor turns a turbine and generates electricity. Cold water then
condenses the vapor, and the closed loop cycle continues. Supporting the efforts for more sustainable living in developing
nations around the world, Ocean Thermal Energy Corporation's OTEC and SWAC technologies drastically reduce the output of carbon
emissions and produce renewable energy without the use of fossil fuels. This translates to slowing down climate change and
cleaning up our atmosphere for a healthier planet for all.
About Ocean Thermal Energy
Corporation
OTE is a Lancaster, Pennsylvania-based company that designs and develops deep- water
hydrothermal clean-energy systems which produce fossil-fuel free electricity through Ocean Thermal Energy Conversion (OTEC), and environmentally friendly cooling
through Seawater Air Conditioning (SWAC) without
the use of fossil fuels. An important part of the technology is the production of large amounts of water for drinking, aquaculture, agriculture, and
economic development.
OTE's technology is ideally suited to tropical and subtropical regions of the world -- where about 3 billion people live. It
utilizes the natural temperature differential in oceans to generate base-load, 24/7, clean, non-polluting electricity, as well as
alternative, energy-efficient cooling systems and fresh water, the latter of which is essential for the entire world,
particularly developing communities.
For additional information regarding OTE, please visit the company's website at www.otecorporation.com.
Safe Harbor
Statement
Except for the historical information contained herein, this press release contains forward-looking statements made pursuant to
the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in
this press release regarding OTE's plans or expectations constitute forward-looking statements. These statements involve risks
and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. These risks
and uncertainties include, without limitation: a decision by any of the interested parties to not enter into a definitive power
purchase agreement; the inability of the parties to successfully negotiate and enter into a definitive power purchase agreement;
the inability of the parties to meet every closing condition contained in such definitive power purchase agreement and the
protection and maintenance of OTE's intellectual property rights.
Additional information and factors that could cause actual results to differ materially from those in the forward-looking
statements are contained in OTE's periodic reports filed with the Securities and Exchange Commission under the heading "Risk
Factors." Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made, and
the facts and assumptions underlying the forward- looking statements may change.
Except as required by law, OTE disclaims any obligation to update these forward-looking statements to reflect future
information, events or circumstances.
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SOURCE Ocean Thermal Energy Corporation