1st May 2007 09:17
Ocean Power Technologies, Inc. (Nasdaq:OPTT) (LSE:OPT) ("OPT" orthe "Company") today announced the completion of its initial publicoffering of 5,000,000 shares of its common stock in the United Statesat $20 per share. £ The Company received net proceeds from the offering ofapproximately $90.1 million after payment of underwriting discountsand commissions and estimated offering expenses. £ The shares sold in the offering are listed on The NASDAQ GlobalMarket and OPT plans to apply for these shares to be listed on the AIMmarket of the London Stock 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 UBSInvestment Bank, Banc of America Securities LLC and Bear, Stearns &Co. Inc. First Albany Capital Inc. is acting as co-manager. Theoffering will be made only by means of a prospectus. Copies of thefinal prospectus relating to this offering may be obtained bycontacting UBS Investment Bank, at 299 Park Avenue, New York, New York10171, Attention: Prospectus Department, telephone (212) 821-3000;Banc of America 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., at 383 Madison Avenue, New York, New York 10179, Attention:Prospectus Department. £ About Ocean Power Technologies £ Ocean Power Technologies, Inc. develops and is commercializingproprietary systems that generate electricity by harnessing therenewable energy of ocean waves. The Company's PowerBuoy(R) system isbased on modular, ocean-going buoys, which have been ocean tested fornearly a decade. The waves move the buoy-like structure creatingmechanical energy that the Company's proprietary technologies convertinto electricity. Copyright Business Wire 2007Related Shares:
Optima Health