PENNINGTON, N.J.--(BUSINESS WIRE)--Oct. 5, 2012--
Ocean Power Technologies, Inc. (Nasdaq:OPTT) (“OPT” or “the Company”), a
leading wave energy technology company, today announced that Terence J.
Cryan was duly elected to the Company’s Board of Directors at the
Company’s Annual Meeting of Stockholders held on October 4, 2012. In
addition, Thomas J. Meaney retired from the Board of Directors effective
with the Annual Meeting.
Terence Cryan is the co-founder and a managing director at Concert
Energy Partners, a New York based private equity investment firm focused
on the alternative energy, power, and natural resources industries. At
Concert, he has been instrumental in selecting and managing a number of
investments with early stage development companies in the renewable
energy sector. Mr. Cryan serves on the boards of several public and
private companies. Previously, he was president and chief executive
officer of privately-held Medical Acoustics LLC of Buffalo, New York, a
start-up medical device technology company. Mr. Cryan has also held a
number of senior positions within energy investment banking at top-tier
firms including Bear Stearns and PaineWebber.
"We are very pleased to announce Terry’s addition to our Board of
Directors," said Charles F. Dunleavy, Chief Executive Officer of OPT.
"He brings strong experience from the energy sector and, importantly,
has worked first-hand with organizations commercializing new,
groundbreaking technology. His background in these areas, as well as in
the financial industry, will serve us well as we gear up for a very busy
2013. We look forward to working with Terry on many exciting initiatives
and also wish Tom Meaney well in his future endeavors. We greatly
appreciate his years of service on the Company’s Board of Directors."
A complete biography for Terence Cryan is available on the Company’s
website at www.oceanpowertechnologies.com.
About Ocean Power Technologies
Ocean Power Technologies, Inc. (Nasdaq: OPTT) is a pioneer in
wave-energy technology that harnesses ocean wave resources to generate
reliable and clean and environmentally-beneficial electricity. OPT has a
strong track record in the advancement of wave energy and participates
in an estimated $150 billion annual power generation equipment market.
OPT’s proprietary PowerBuoy® system is based on modular, ocean-going
buoys that capture and convert predictable wave energy into clean
electricity. The Company is widely recognized as a leading developer of
on-grid and autonomous wave-energy generation systems, benefiting from
15 years of in-ocean experience. OPT is headquartered in Pennington, New
Jersey, USA with an office in Warwick, UK and operations in Melbourne
and Perth, Australia. More information can be found at www.oceanpowertechnologies.com.
Source: Ocean Power Technologies, Inc.
Ocean Power Technologies, Inc.
M. Posner, Chief Financial Officer
Telephone: +1 609 730 0400
Neil Thapar, Claire Norbury
+44 20 7618 9100
John Gardner, Blake Wilshaw
+61 89 2120101
Investor Relations Contact:
Telephone: +1 646 438 9385