PENNINGTON, N.J.--(BUSINESS WIRE)--Dec. 1, 2009--
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange
AIM: OPT) ("OPT" or the "Company") announces the appointment of Philip
J. Pellegrino to the position of Vice President, North America Business
Development & Marketing. Reporting to Dr. George W. Taylor, OPT’s
Executive Chairman, Mr. Pellegrino will be responsible for business
development, sales and marketing activities of the Company throughout
North America.
Prior to joining OPT, Mr. Pellegrino’s career encompassed extensive
experience in energy technology, direct sales of electricity products to
electric utilities and major multinational companies, and the
negotiation of power supply arrangements with independent power
producers and large-scale power project developers. Mr. Pellegrino’s
previous positions include six years as President of Super Power, Inc.,
a subsidiary of Royal Philips Electronics (formerly Intermagnetics
General Corporation). Super Power develops and sells second generation
high-temperature superconductors for customers in the electric power,
industrial and military sectors. Before joining Super Power, Mr.
Pellegrino was Chief Executive Officer and Director of the New England
Independent System Operator (the New England electrical power grid),
Senior Vice President of the Transmission Business Unit of the New York
Power Authority, and he held several positions at American Electric
Power Service Corporation.
Commenting on the appointment, Dr. Taylor stated: “We are very pleased
to have Phil Pellegrino join OPT, and we welcome him to the management
team. He brings an impressive depth and scope of business development
skills to the Company, as we advance our strategy to commercialize wave
power in North America and globally. Phil’s career has encompassed a
broad range of responsibilities within both the alternative and
conventional energy sectors, and marketing to a diverse base of
world-class customers. This background will facilitate the Company’s
growth, as we continue to expand our business development activities.”
Mr. Pellegrino holds a Master of Science degree in industrial management
from Columbia University, and a Bachelor of Science degree in Electrical
Engineering from City College of New York. He is also a past member of
the Electric Power Research Institute’s Research Advisory Committee, and
Chair of its Retail Energy Council.
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
the advancement of 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 a leading developer of on-grid and autonomous
wave-energy generation 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.
George W. Taylor, Executive
Chairman, +1-609-730-0400
Charles F. Dunleavy, Chief Financial
Officer, +1-609-730-0400
or
Nomura Code Securities Limited
Juliet
Thompson, Richard Potts, +44 20 7776 1200
or
Media Contact:
Corfin
Communications
Neil Thapar, Martin Sutton, Claire Norbury, +44
20 7977 0020
