30th Jan 2006 07:00
Ocean Power Technologies Inc30 January 2006 NEWS RELEASE Ocean Power Technologies, Inc. 1590 Reed Road Pennington, New Jersey 08534 USA For Immediate Release CONTRACT FOR HOMELAND SECURITY Pennington, NJ, USA, 30 January 2006 - Ocean Power Technologies, Inc ("OPT", orthe "Company") (London Stock Exchange:AIM-OPT), a leading renewable energytechnology company that is commercialising its off-shore wave-powered electricalgeneration systems, announces that it has been awarded a new contract under aprogram sponsored by the US Department of Homeland Security. This initial contract is for the design, analysis and planning related toocean-based systems for the detection and tracking of sea-going vessels. Thesesystems will be designed to include a network of passive acoustic sensors andcommunications equipment, all powered by OPT's PowerBuoyTM technology. Theacoustic sensor array technology will be provided to OPT under a subcontract toLockheed Martin Corporation, for integration with an optimised signal processingand communication system. A subsequent contract would include an oceandemonstration of a prototype system, leading to full commercialisation of thedistributed vessel detection system. Dr. George W. Taylor, Chief Executive Officer of the Company stated, "OPT ispleased to be a part of this new program which is a vital part of overall bordersecurity. Working with Lockheed Martin, we look to optimise and leverageexisting ocean-tested technologies in the areas of power generation, sensorarrays and advanced communications platforms. This has important internationalsecurity and safety applications, and we look forward to being an importantcontributor to this major programme." For further information, please contact: Dr. George W. Taylor, Charles F. Dunleavy,Chief Executive Officer Chief Financial OfficerTelephone: (609) 730-0400 Telephone: (609) 730-0400E-mail: [email protected] E-mail: [email protected] Michael Brennan, Ken Cronin, Evolution Securities Ltd. Gavin Anderson & CompanyTelephone: +44 207 071 4300 Telephone: +44 207 554 1400 Background Information Ocean Power Technologies, Inc. OPT is the world's first publicly listed wave power company. It iscommercialising its proprietary technology for the generation of electricalpower using the energy of ocean waves. OPT's wave energy systems are based onmodular, buoy-like structures, called PowerBuoysTM, which are "intelligent"systems capable of responding to differing wave conditions. The Company'socean-tested systems have the potential to provide cost competitive, cleanelectrical power on a large scale without the enhancements of tax credits orsubsidies. For further information, see the Company's website:www.oceanpowertechnologies.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Optima Health