15th Jan 2008 07:01
Ocean Power Technologies Inc15 January 2008 NEWS RELEASE-------------------------------------------------------------------------------- Ocean Power Technologies, Inc. 1590 Reed Road Pennington, New Jersey 08534 USAFor Immediate Release January 15, 2008 Grant of Stock Options Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT)("OPT" or the "Company") announces in compliance with the AIM Rules forCompanies that on January 11, 2008, options to purchase shares of common stockunder the Company's 2006 Stock Incentive Plan were granted to non-executiveDirectors of the Company. The option grants to non-executive Directors are inconnection with their annual fee for service on OPT's Board of Directors and areas follows: Seymour S. Preston III (non-executive Director): 2,500 shares exercisablethrough to January 10, 2018 at US $14.02 per share. Following this award, Mr.Preston holds options for 13,000 shares, and owns 4,936 shares of OPT's US$0.001 Common Stock ("Common Stock"). Sir Eric Ash (non-executive Director): 2,500 shares exercisable through toJanuary 10, 2018 at US $14.02 per share. Following this award, Sir Eric holdsoptions for 18,250 shares, and owns 3,000 shares of OPT's Common Stock. Thomas J. Meaney (non-executive Director): 2,500 shares exercisable through toJanuary 10, 2018 at US $14.02 per share. Following this award, Mr. Meaney holdsoptions for 5,000 shares, and owns 5,448 shares of OPT's Common Stock. The exercise price of US $14.02 per share is the closing market price on theNasdaq market on January 11, 2008. 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 7977 0020Martin Sutton, Neil Thapar Collins Stewart Europe Limited Telephone: +44 20 7523 8353Adrian Hadden This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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