1st May 2007 08:40
Ocean Power Technologies Inc01 May 2007 NEWS RELEASE------------------------------------------------------ Ocean Power Technologies, Inc. 1590 Reed Road Pennington, New Jersey 08534 USA For immediate release May 1 2007 OCEAN POWER TECHNOLOGIES COMPLETES INITIAL PUBLIC OFFERING IN THE US Pennington, New Jersey- Ocean Power Technologies, Inc. (Nasdaq: OPTT; LondonStock Exchange AIM: OPT) ("OPT" or the "Company") today announced the completionof its initial public offering of 5,000,000 shares of its common stock in theUnited States at $20 per share. The Company received net proceeds from the offering of approximately $90.1million after payment of underwriting discounts and commissions and estimatedoffering expenses. The shares sold in the offering are listed on The NASDAQ Global Market and OPTplans to apply for these shares to be listed on the AIM market of the LondonStock Exchange. The Company intends to use the net proceeds from this offering to: •Construct demonstration wave power stations; •Fund minority investments in OPT wave station projects to encourage market adoption of our wave power stations; •Fund the continued development and commercialization of our PowerBuoy(R) systems; •Fund the expansion of assembly, test and field service facilities; •Expand our international sales and marketing capabilities; •Provide working capital and funding for other general corporate purposes, including potential acquisitions of complementary products, technologies or businesses. The joint book-running underwriters for the offering are UBS Investment Bank,Banc of America Securities LLC and Bear, Stearns & Co. Inc. First Albany CapitalInc. is acting as co-manager. The offering will be made only by means of aprospectus. Copies of the final prospectus relating to this offering may beobtained by contacting UBS Investment Bank, at 299 Park Avenue, New York, NewYork 10171, Attention: Prospectus Department, telephone (212) 821-3000; Banc ofAmerica Securities LLC, at 100 West 33rd Street, 3rd Floor, New York, NY 10001,Attention: Capital Markets Operations, email:[email protected]; or Bear, Stearns & Co. Inc., at383 Madison Avenue, New York, New York 10179, Attention: Prospectus Department. About Ocean Power Technologies Ocean Power Technologies, Inc. develops and is commercializing proprietarysystems that generate electricity by harnessing the renewable energy of oceanwaves. The Company's PowerBuoy(R) system is based on modular, ocean-going buoys,which have been ocean tested for nearly a decade. The waves move the buoy-likestructure creating mechanical energy that the Company's proprietary technologiesconvert into electricity. For further information, please contact: Ocean Power Technologies, Inc Telephone: +1 609 730 0400Dr. George W. Taylor, Chief Executive Officer Telephone: +1 609 730 0400Charles F. Dunleavy, Chief Financial Officer Corfin Communications Telephone: +44 20 7929 8989Ben Hunt, Neil Thapar This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Optima Health