Optima Health Regulatory News (OPT)

2 Oct 2006 07:02

Ocean Power Technologies Inc02 October 2006 Lockheed Martin Ocean Power Technologies, Inc.MS2 Undersea Systems 1590 Reed Road9500 Godwin Drive Pennington, NJ 08534Manassas, VA 20110 October 2, 2006 OCEAN POWER TECHNOLOGIES ("OPT") AND LOCKHEED MARTIN ESTABLISH MARKETING AGREEMENT Lockheed Martin (NYSE:LMT) and Ocean Power Technologies, Inc. (LSE:AIM-OPT) recently signed a marketing cooperation agreement to identify and jointly pursue sales opportunities. These opportunities will use Lockheed Martin's extensive experience in undersea systems and OPT's extensive experience in the design, development and support of wave energy technology. "We are pleased to announce this agreement to work with Lockheed Martin inidentifying and developing marketing opportunities that draw on key capabilitiesof each company," said Dr. George W. Taylor, Chief Executive Officer of OPT. "Weexpect that our PowerBuoy(R) technology for generating renewable power for oceanapplications, combined with Lockheed Martin's advanced technology for oceansensing and communications, will open new markets for ocean applications." "There is growing interest from the Department of Defense and other U.S.government agencies in renewable energy sources for the U.S.," said JohnO'Neill, vice president & general manager of Lockheed Martin's Undersea Systemsline of business. "With the need to reduce life cycle costs, Lockheed Martinviews this partnership with OPT as providing key enabling technologies for ourproducts and markets." Both companies anticipate pursuing opportunities in autonomous maritime sensing,ocean observation, unmanned undersea vehicles and other related areas for bothgovernment and non-government commercial customers. OPT and Lockheed Martin have worked together since 2003 on systems for maritimesurveillance consisting of OPT's unique small-scale, wave energy converterintegrated with Lockheed Martin's advanced acoustic sensors, signal processingand communications systems. In September 2004, OPT and Lockheed Martinsuccessfully demonstrated in ocean tests that OPT's PowerBuoy could providecontinuous, renewable power for Lockheed Martin's sensor system. In January 2006, OPT was awarded an initial Small Business Innovation Research(SBIR) contract from the U.S. Department of Homeland Security for the design ofan ocean-based system for the detection and tracking of sea-going vessels.Lockheed Martin provided the acoustic sensor array technology under asubcontract from OPT. Headquartered in Bethesda, MD, Lockheed Martin employs about 135,000 peopleworldwide and is principally engaged in the research, design, development,manufacture, integration and sustainment of advanced technology systems,products and services. Ocean Power Technologies, Inc. OPT is the world's first publicly listed wavepower company. It is commercializing its proprietary technology for thegeneration of electrical power using the energy of ocean waves. OPT's waveenergy systems are based on its PowerBuoy system, modular, buoy-like structures,which are "intelligent" systems capable of responding to differing waveconditions. The company's ocean-tested systems have the potential to providecost competitive, clean electrical power on a large scale. Enquiries: Lockheed MartinJack Papp Tel: +703 367 2484jack.papp@lmco.com For additional information, visit our Web site: www.lockheedmartin.com Ocean Power TechnologiesCharles F. Dunleavy, Chief Financial Officer Tel: +609-730-0400cdunleavy@oceanpowertech.com Corfin CommunicationsBen Huntbhunt@corfinpr.comNeil Thapar Tel: +44 20 7929 8989nthapar@corfinpr.com For additional information, visit our Web site:www.oceanpowertechnologies.com This information is provided by RNS The company news service from the London Stock Exchange