MONROE TOWNSHIP, N.J., Jan. 17, 2019 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NASDAQ: OPTT), a leader
in innovative and cost-effective ocean energy solutions, announced today that it recently received $0.9 million of non-dilutive
funding through the New Jersey Economic Development Authority’s Technology Business Tax Certificate Transfer Program (the
“Program”).
The Program enables companies to raise funding to finance their growth and operations and is administered by the New Jersey
Economic Development Authority (NJEDA) and the New Jersey Department of the Treasury’s Division of Taxation. Under the
Program, New Jersey-based technology and biotechnology companies with fewer than 225 US employees may be eligible to sell net
operating losses (NOLs) and research and development tax credits to unaffiliated corporations up to a maximum lifetime benefit of
$15 million per business.
Matthew T. Shafer, Chief Financial Officer of OPT, commented, “We appreciate NJEDA’s decision to approve our application to the
program again this year. As in prior years, we were fortunate to work with Public Service Enterprise Group (PSEG) on the sale
of our NOLs and research and development tax credits. We appreciate the continued support for technology companies like OPT
by both the State of New Jersey and PSEG. This Program continues to make an important contribution to our on-going technology
development efforts.”
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™ uses ocean waves to provide clean and reliable
electric power and real-time data communications for remote offshore applications in markets such as 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.
Investor Relations Contact:
Michael Porter, President
Porter, LeVay & Rose
Email: ocean@plrinvest.com
Phone: 212-564-4700
Ocean Power Technologies, Inc.
