OPT appoints new Chief Financial Officer

 

TIDMOPT 
 
RNS Number : 9038M 
Ocean Power Technologies Inc 
02 June 2010 
 

 
          OCEAN POWER TECHNOLOGIES APPOINTS NEW CHIEF FINANCIAL OFFICER 
 
Pennington, New Jersey - June 2, 2010 - Ocean Power Technologies, Inc. (Nasdaq: 
OPTT and London Stock Exchange AIM: OPT) ("OPT" or the "Company") is pleased to 
announce the appointment of Brian M. Posner as Chief Financial Officer, 
effective June 1, 2010. 
 
Mr. Posner, 48, is a financial executive with over 25 years of experience in 
both public and private companies, with a notable track record in working with 
capital markets, regulatory and accounting matters and strategic alliances. 
 
Charles F. Dunleavy, Chief Executive Officer of Ocean Power Technologies, 
commented: "We are very pleased to welcome Brian Posner to OPT. He brings an 
important depth and scope of financial experience and leadership skills to the 
Company as we move to the next stage of the commercialization of our wave power 
systems in global markets.  Brian has a proven track record of success in the 
financial management of companies focused on bringing new products to market, 
and in effectively communicating with the capital markets.  This background is 
important to the Company's growth, and we welcome him to the senior management 
team." 
 
Prior to joining OPT, Mr. Posner held the position of Chief Financial Officer of 
Power Medical Interventions, Inc., a NASDAQ-listed manufacturer of medical 
devices with operations in the United States, France, Germany and Japan. He 
played a key role in that company's restructuring. From 1999 to 2008, Mr. Posner 
held various financial positions at Pharmacopeia, Inc., a publicly-traded 
clinical development biopharmaceutical company, most recently as Executive Vice 
President and Chief Financial Officer. While at Pharmacopeia, Mr. Posner 
provided input and support on financial, operational and strategic issues. These 
efforts included the reduction in the company's annual cash burn, raising $70 
million in new capital, successful oversight of regulatory matters and financial 
controls, extensive investor relations out-reach, and the evaluation of the 
company's clinical development strategy from a financial and investor 
perspective. His career has also encompassed working at other early-stage and 
publicly-held businesses as well as serving on the audit staff of 
PriceWaterhouseCoopers, LLP where he had a diverse group of clients in the 
manufacturing, banking and natural resources sectors. 
 
Mr. Posner is a Certified Public Accountant, and holds a Master of Business 
Administration degree from Pace University and a Bachelors degree in Accounting 
from Queens College in New York City. 
 
 
Forward-Looking Statements 
 
This release may contain "forward-looking statements" that are within the safe 
harbor provisions of the Private Securities Litigation Reform Act of 1995. These 
forward-looking statements reflect the Company's current expectations about its 
future plans and performance, including statements concerning the impact of 
marketing strategies, new product introductions and innovation, deliveries of 
product, sales, earnings and margins. These forward-looking statements rely on a 
number of assumptions and estimates which could be inaccurate and which are 
subject to risks and uncertainties. Actual results could vary materially from 
those anticipated or expressed in any forward-looking statement made by the 
Company. Please refer to the Company's most recent Form 10-K for a further 
discussion of these risks and uncertainties. The Company disclaims any 
obligation or intent to update the forward-looking statements in order to 
reflect events or circumstances after the date of this release. 
 
About Ocean Power Technologies 
 
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) 
is a pioneer in wave-energy technology that harnesses ocean wave resources to 
generate reliable, clean and environmentally-beneficial electricity. OPT has a 
strong track record in the advancement of wave energy and participates in a $150 
billion annual power generation equipment market. The Company's proprietary 
PowerBuoy  system is based on modular, ocean-going buoys that capture and 
convert predictable wave energy into low-cost, clean electricity. The Company is 
widely recognized as a leading developer of on-grid and autonomous wave-energy 
generation systems, benefiting from over a decade of in-ocean experience. OPT's 
technology and systems are insured by Lloyds Underwriters of London. OPT is 
headquartered in Pennington, New Jersey with offices in Warwick, UK. More 
information can be found at www.oceanpowertechnologies.com. 
 
 
 
                                   ********** 
 
Contact information: 
+----------------------------------------+---------------------------------+ 
| Ocean Power Technologies, Inc.         |                                 | 
| Charles F. Dunleavy, Chief Executive   | Telephone: [phone]      | 
| Officer                                |                                 | 
+----------------------------------------+---------------------------------+ 
| Nomura Code Securities Limited         |                                 | 
| Juliet Thompson, Richard Potts         | Telephone: [phone]     | 
+----------------------------------------+---------------------------------+ 
|                                        |                                 | 
| Media Contact:                         |                                 | 
| Corfin Communications                  |                                 | 
| Neil Thapar, Claire Norbury            | Telephone: [phone]     | 
|                                        |                                 | 
+----------------------------------------+---------------------------------+ 
 
 
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This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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