OPT Optima Health Plc

 

TIDMOPT 
 
 
Ocean Power Technologies Inc 
17 June 2010 
 
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       OCEAN POWER TECHNOLOGIES APPOINTS NEW VICE PRESIDENT OF OPERATIONS 
 
Pennington, NJ - June 17, 2010 -- Ocean Power Technologies, Inc. (Nasdaq: OPTT 
and London Stock Exchange AIM: OPT) ("OPT" or "the Company") is pleased to 
announce the appointment of Michael G. Kelly as Vice President of Operations. 
 
Mr. Kelly, 50, joins OPT with thirty years of experience in the marine industry, 
spanning design, manufacturing, deployment and field service of large, complex 
ocean-based systems. The scope of this work has included the management of 
international commercial and technical teams to deliver best-in-class solutions 
within schedule and budget. 
 
Reporting to Charles F. Dunleavy, Chief Executive Officer of OPT, Mr. Kelly is 
responsible for OPT's PowerBuoy manufacturing and marine operations for the 
production, deployment and servicing of the Company's wave energy systems. This 
includes ensuring process and procedures meet the requirements for timely 
delivery against project goals, best safety practices and effective project 
management of Company resources. 
 
Mr. Dunleavy said: "We are delighted to welcome Mike Kelly, who brings a wealth 
of leadership experience in the marine industry. The breadth of his 
international work in delivering technology-based products and services to 
customers is a real asset to the Company. Mike's contribution will further 
strengthen OPT's management team as we deploy our world class wave power 
generation systems in major markets." 
 
Prior to joining OPT, Mr. Kelly held the position of Assistant Director, 
Regional Cabled Observatory, at the University of Washington's School of 
Oceanography. This role included the commercial lead and technical team member 
in the acquisition and implementation of a $150 million project to build an 
undersea cabled ocean observatory. This followed a career of almost 20 years at 
VSNL International (including at the company's predecessors, Tyco 
Telecommunications and AT&T Submarine Systems), now part of Tata Communications, 
in the deployment, management and maintenance of undersea communications cable 
systems. During this time, he held several positions, including Senior Director 
of Strategic Network Planning, Senior Director of Service Management and 
Director of Marine Operations. In addition, he served as Captain of the Global 
Mariner, a ship responsible for the installation and repair of international 
telecommunications cables, and was the technical lead for the acquisition and 
implementation of a $250 million project to build an undersea communications 
network connecting six countries within Asia, India and North America. Mr. 
Kelly's career began in 1981 with the U.S. Navy, where he was involved in 
numerous cable R&D projects with organizations such as AT&T Bell Labs, Johns 
Hopkins University and Naval Research Laboratory. In addition to cable ships, he 
also gained experience aboard deep ocean research vessels. In 1986, he was 
appointed Captain of the cable ship USNS Zeus, becoming the youngest Master in 
the history of Military Sealift Command. 
 
Mr. Kelly has written and co-authored several research papers for the Sub-Optic 
Telecommunications Conference. He is a U.S. Coast Guard licensed Master Mariner. 
Mr. Kelly holds a Master of Business Administration degree from Rutgers 
University and a Bachelor of Science degree in Marine Transportation from the 
Massachusetts Maritime Academy. 
 
 
 
 
 
 
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: +1 609 730 0400      | 
| Officer                                |                                 | 
| Brian M. Posner, Chief Financial       |                                 | 
| Officer                                |                                 | 
+----------------------------------------+---------------------------------+ 
| Nomura Code Securities Limited         |                                 | 
| Juliet Thompson, Richard Potts         | Telephone: +44 20 7776 1200     | 
+----------------------------------------+---------------------------------+ 
|                                        |                                 | 
| Media Contact:                         |                                 | 
| Corfin Communications                  |                                 | 
| Neil Thapar, Claire Norbury            | Telephone: +44 20 7596 2860     | 
|                                        |                                 | 
+----------------------------------------+---------------------------------+ 
 
 
****** 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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