Exhibit 99.1

 

 

 

 NEWS RELEASE   

   

       

Ocean Power Technologies Announces Results for the

Fiscal Fourth Quarter and Full Year Ended April 30, 2017

 

 

 

PENNINGTON, N.J., July 14, 2017 (GLOBE NEWSWIRE) --

Ocean Power Technologies, Inc. (Nasdaq:OPTT) today announced financial results for its fiscal 2017 fourth quarter and the full fiscal year 2017 ended April 30, 2017.

 

George H. Kirby, President and Chief Executive Officer of OPT, stated, "Fiscal 2017 marked a year of substantial progress in our commercialization efforts. We continue to see large interest in our PB3 PowerBuoy through communications with key decision-makers and end-users. During the fourth quarter, we accomplished some key milestones. We announced the relocation of our corporate headquarters and manufacturing center that will occur during the latter part of calendar year 2017 to our new location in Monroe, New Jersey, which is more than double the size of our current facility in Pennington, New Jersey and which significantly expands our manufacturing capacity. The move will allow us to dramatically expand our manufacturing capabilities to support the increasing interest in our PB3 . We also shipped a PB3 to Japan to fulfill the requirements of our previously announced lease with Mitsui Engineering and Shipbuilding (MES) and then later successfully deployed the buoy off of the coast of Kozushima Island. The unit continues to meet all of its performance requirements, and our accelerated life testing program continues to increase our confidence level in the readiness of our design. We have continued to advance our PB15 product design, and have undertaken initial steps of product life cycle management of our PB3 to define and implement cost removal initiatives. We continue to aggressively pursue our markets and business opportunities by hiring market experts and business development personnel."

 

Mr. Kirby further stated, "After the close of the fourth quarter, OPT attended one of the largest global offshore oil and gas events in the world, the Offshore Technology Conference (OTC), which took place in Houston, TX, in early May. This was a tremendous business development and marketing opportunity for us, where we exhibited our second commercial PB3 unit to potential customers and end-users. Also in early May, we closed on a public offering of 6,192,750 shares of common stock, which generated net proceeds of approximately $7.2 million.”  

 

 
 

The following information was filed by Ocean Power Technologies, Inc. (OPTT) on Friday, July 14, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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