24th Jun 2008 11:29
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NEWS RELEASE |
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Ocean Power Technologies, Inc. 1590 Reed Road Pennington, New Jersey 08534 USA |
For Immediate Release June 24, 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 AIM rules that on June 20, 2008, options to purchase shares of common stock under the Company's 2006 Stock Incentive Plan were granted to certain Directors of the Company. The option grants to the following executive Directors are in connection with their annual performance reviews, as recommended by the Compensation Committee of the Board of Directors, and approved by the Board of Directors. The options were granted to the Directors as follows:
Dr. George W. Taylor (CEO): 45,000 shares exercisable through June 19, 2018 at US $9.52 per share. Following this award, Dr. Taylor holds options for 421,000 shares.
Charles F. Dunleavy (CFO): 40,000 shares exercisable through June 19, 2018 at US $9.52 per share. Following this award, Mr. Dunleavy holds options for 317,500 shares.
The exercise price of $9.52 per share is the closing market price on the Nasdaq market on June 20, 2008.
About Ocean Power Technologies
Ocean Power Technologies, Inc. develops and is commercializing proprietary systems that generate electricity by harnessing the renewable energy of ocean waves. The Company's PowerBuoy® system is based on modular, ocean-going buoys, which have been ocean tested for nearly a decade. The waves move the buoy-like structure creating mechanical energy that the Company's proprietary technologies convert into electricity.
Please visit our website: https://www.oceanpowertechnologies.com
For Further information, please contact:
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Ocean Power Technologies, Inc Dr. George W. Taylor, Chief Executive Officer Charles F. Dunleavy, Chief Financial Officer |
Telephone: +1 609 730 0400 Telephone: +1 609 730 0400 |
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United Kingdom: Corfin Communications Martin Sutton, Neil Thapar |
Telephone: +44 20 7977 0020 |
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United States: Edelman Mona J. Walsh |
Telephone: +1 212 704 4598 email: [email protected] |
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Collins Stewart Europe Limited Adrian Hadden |
Telephone: +44 20 7523 8350 |
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