PENNINGTON, N.J.--(BUSINESS WIRE)--
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange
AIM: OPT) (“OPT”) is pleased to announce that the Board of Directors of
OPT has elected Mark Robert Draper as the Company’s Chief Executive
Officer effective January 29, 2009.
Mr. Draper, 45, has served as the Company’s Chief Operating Officer
since June 2007 and as the Chief Executive and Director of OPT’s
wholly-owned European subsidiary, Ocean Power Technologies Limited,
based in Warwick, England, since September 2004. Mr. Draper succeeds Dr.
George W. Taylor, founder of the Company and previously Chief Executive
Officer, who has been appointed Executive Chairman of the Company. Dr.
Taylor’s responsibilities will include strategic direction of the
Company and marketing and business development activities. Additionally,
Mr. Seymour S. Preston III, previously Chairman and Non-Executive
Director, has been appointed Vice Chairman of the Company and Lead
Independent Director.
While at OPT, Mr. Draper has been instrumental to the Company’s progress
in developing its PowerBuoy® PB150 product generation, and in expanding
operations in Europe and North America.
Dr. George W. Taylor, Executive Chairman of OPT stated, “The Board of
Directors is very pleased that Mark has agreed to accept the position of
Chief Executive Officer. Since joining the Company, he has demonstrated
his strong abilities in the areas of operations, technology development
and commercialization. Building on his prior experience in the utility
industry in both renewable and conventional sources of power, Mark is
well suited to lead the Company as it moves to the next stage of growth
in the worldwide marketplace.”
Prior to joining OPT in 2004, Mr. Draper’s career encompassed a broad
range of managerial and engineering roles at Powergen plc – a UK energy
business with an annual turnover in excess of £6 Billion. Mr. Draper’s
most recent position at Powergen was as Managing Director of the
Generation Business, with direct responsibility for nine major power
stations (9,000 MegaWatts of capacity), a combined heat and power
business, the technology division, and the company’s renewable energy
business. He was instrumental in establishing and managing the growth of
Powergen’s renewable generation activities, including on-shore and
off-shore wind power stations.
Mr. Draper holds a Master’s Degree in Mechanical and Electrical
Engineering from Cambridge University (UK), and has attended management
training programs at Wharton and Harvard Business schools. He previously
served as Non-Executive Director for Slough Heat and Power Ltd and
serves as Non-Executive Director for Renewable Power and Light plc. Mr.
Draper is a Fellow of both the Institute of Mechanical Engineers and the
Institute of Electrical Engineers.
In connection with his appointment, Mr. Draper received a grant of
options to purchase 20,000 shares of the Company’s $.001 Common Stock
(“Shares”) exercisable through January 28, 2019 at US $6.48 per share,
and an award of 30,000 restricted Shares. Following these awards, Mr.
Draper has options to purchase a total of 203,499 shares, and 30,000
restricted Shares, which such shareholding represents 0.3% of OPT’s
issued share capital. No further information is required to be disclosed
pursuant to AIM Rule 17.
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. These forward-looking statements reflect the Company's
current expectations about its future plans and performance, including
statements concerning the impact of marketing strategies, new product
introductions and innovation, deliveries of product, sales, earnings,
and margins. 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 Form 10-K
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.
About Ocean Power Technologies
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange
AIM: OPT) is a pioneer in wave-energy technology that harnesses ocean
wave resources to generate reliable, clean, and
environmentally-beneficial electricity. OPT has a strong track record in
harnessing wave energy and participates in a $150 billion annual power
generation equipment market. The Company's proprietary PowerBuoy® system
is based on modular, ocean-going buoys that capture and convert
predictable wave energy into low-cost, clean electricity. The Company is
widely recognized as the leading provider of on-grid and autonomous
wave-energy generation with its energy systems benefiting from over a
decade of in-ocean experience. OPT’s technology and systems are insured
by Lloyds Underwriters of London. OPT is headquartered in Pennington,
New Jersey with offices in Warwick, UK. More information can be found at www.oceanpowertechnologies.com.
Source: Ocean Power Technologies, Inc.
Ocean Power Technologies, Inc.
Dr. George W. Taylor,
+1-609-730-0400
Executive Chairman
or
Charles F.
Dunleavy, +1-609-730-0400
Chief Financial Officer
or
Media
Contact in United States:
Edelman
Mona J. Walsh,
+1-212-704-4598
mona.walsh@edelman.com
or
Media
Contact in United Kingdom:
Corfin Communications
Neil
Thapar, Martin Sutton
+44 20 7977 0020
or
Nomura Code
Securities Limited
Juliet Thompson, Richard Potts
+44 20
7776 1200
