13th Apr 2007 14:00
Ocean Power Technologies Inc13 April 2007 NEWS RELEASE------------------------------------------------------ Ocean Power Technologies, Inc. 1590 Reed Road Pennington, New Jersey 08534 USA For Immediate Release April 13, 2007 OCEAN POWER TECHNOLOGIES ANNOUNCES REVERSE STOCK SPLIT Ocean Power Technologies, Inc. ("OPT" or the "Company") (London Stock Exchange:AIM-OPT), announced today that it will effect a one-for-ten reverse stock splitas of the close of the AIM market on 20 April 2007. OPT's common stock willbegin trading on a reverse split basis on 23 April 2007. This reverse stock split was approved by OPT's shareholders at OPT's AnnualGeneral Meeting held on 12 January 2007. At the close of the AIM market on 20 April 2007, each outstanding share of OPT'scommon stock will immediately and automatically change into one-tenth of a shareof OPT common stock. In addition, the number of shares of OPT common stocksubject to outstanding options issued by OPT, and the number of shares reservedfor future issuances under OPT's stock plans, will be reduced by a factor often. No fractional shares of OPT common stock will be issued in connection withthe reverse stock split. Holders of OPT common stock who would otherwise receivea fractional share of OPT common stock will receive cash in lieu of thefractional share in the manner set forth in OPT's Proxy Statement for its 2007Annual Meeting of Shareholders. 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. This release contains certain forward-looking statements within the meaning ofSection 21E of the Securities Exchange Act of 1934, as amended. We intend theseforward-looking statements to be subject to the safe harbor created by thatprovision. These forward-looking statements involve risks and uncertainties andinclude, but are not limited to, statements regarding future events and ourplans, goals and objectives. Our actual results may differ materially from thesestatements. Although we believe the assumptions underlying the forward-lookingstatements are reasonable, any of the assumptions could prove to be inaccurate.Therefore, we can give no assurances that the results contemplated in theseforward-looking statements will be realized. The inclusion of thisforward-looking information should not be regarded as a representation by theCompany or by any person that the future events, plans or expectationscontemplated by our Company will be achieved. Furthermore, past performance inoperations and share price is not necessarily predictive of future performance. 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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