7th Jun 2007 07:03
Ocean Power Technologies Inc07 June 2007 NEWS RELEASE------------------------------------------------------ Ocean Power Technologies, Inc. 1590 Reed Road Pennington, New Jersey 08534 USA For Immediate Release June 7, 2007 OPT wins new contract with US Navy Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT)("OPT" or the "Company") announced today that it has been awarded a US $1.7million contract from the US Navy to provide its PowerBuoy(R) technology to aunique program for ocean data gathering. The Navy's Deep Water AcousticDetection System ("DWADS") program is designed to utilize sophisticated datagathering and communications systems. This advanced technology program has prospective applications which includevessel tracking for homeland security, and utilizes wide-area unattended sensornetworks. Under this contract, the Navy will ocean test OPT's autonomousPowerBuoy as the power source for the DWADS program. In addition, OPT willsupport the Navy's ocean test procedures in the areas of mooring design, at-seaoperations and deployment. OPT's performance under this contract will commencein June 2007, and is expected to continue over an eighteen-month period. Dr. George W. Taylor, Chief Executive Officer of OPT, stated, "We are verypleased to have been selected by the Navy for this ocean test of our autonomousPowerBuoy technology and to support this important program. It builds on ourprior experience in deep-water power source applications, and we believe thatthe advanced control features of the PowerBuoy will make a unique contributionto the success of the Navy's initiatives." 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:
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