Optima Health Regulatory News (OPT)

3 Jan 2008 07:00

Ocean Power Technologies Inc03 January 2008 Ocean Power Technologies, Inc. 1590 Reed Road Pennington, New Jersey 08534 USA OCEAN POWER TECHNOLOGIES APPOINTS NEW HEAD OF BUSINESS DEVELOPMENT AND MARKETING Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT)("OPT" or the "Company") announced today the appointment of Herbert T. Nock tothe position of Vice President, Business Development & Marketing. This is a newposition that has been created as the Company's commercialization of wave poweris expected to continue gaining momentum in 2008. Reporting to Dr. George W.Taylor, OPT's Chief Executive Officer, Mr. Nock will be responsible for businessdevelopment, sales and marketing activities of Ocean Power Technologies, Inc. Prior to joining OPT, Mr. Nock's successful career encompassed extensiveexperience in the marketing and sales of electric utility power plants to aninternational customer base, as well as distributed alternative energy systems.He has been a leader of the commercialization of new electrical powertechnologies at publicly-held companies. Mr. Nock's previous positions heldinclude five years as Senior Vice President Marketing and Sales at Fuel CellEnergy, Inc. (Nasdaq: FCEL) and twenty-nine years in the Power Systems Divisionof General Electric Company (NYSE: GE). At GE, Mr. Nock served as ProductGeneral Manager, Manager - Power Plant Generation Programs, Manager - Marketingand Sales, and in other positions. In these roles, he managed international,multi-channel marketing agreements for gas turbine systems. In addition, he wasa key team member for the successful integration of an internationally-basedcompany acquired by GE, which supplied large gas turbine compressors and powergeneration systems. Mr. Nock also developed and oversaw the international salesorganization responsible for the sale of small gas turbine power generationsystems provided by that GE subsidiary. Dr. Taylor stated, "We are very pleased to have Herb Nock join OPT. He brings animportant depth and scope of experience and business development skills to theCompany. Herb's career has had notable successes in both conventional andalternative energy systems sold to large commercial customers around the world.This background is important to the Company's growth and we welcome him to thesenior management team." Mr. Nock holds an MBA degree with a concentration in marketing and finance fromthe Boston University Graduate School of Management, and a Bachelor of Sciencedegree in Mechanical Engineering from Worcester Polytechnic Institute, and hasbeen a Mentor for the MIT Enterprise Forum. Forward-Looking Statements This release may contain "forward-looking statements" for the purposes of thesafe harbor provisions of the Private Securities Litigation Reform Act of 1995.These forward-looking statements reflect the Company's current expectationsabout its future plans and performance, including statements concerning theimpact of marketing strategies, new product introductions and innovation,deliveries of product, sales, earnings, and margins. These forward-lookingstatements rely on a number of assumptions and estimates which could beinaccurate and which are subject to risks and uncertainties. Actual resultscould vary materially from those anticipated or expressed in any forward-lookingstatement made by the Company. Please refer to the Company's most recent Form10-K and subsequent filings for a further discussion of these risks anduncertainties. The Company disclaims any obligation or intent to update theforward-looking statements in order to reflect events or circumstances after thedate of this release. 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. The waves move the buoy-likestructure creating mechanical energy that the Company's proprietary technologiesconvert into electricity. For Further information, please contact: Ocean Power Technologies, Inc Dr. George W. Taylor, Chief Executive Officer Telephone: +1 609 730 0400Charles F. Dunleavy, Chief Financial Officer Telephone: +1 609 730 0400 Corfin Communications Martin Sutton, Neil Thapar Telephone: +44 20 7977 0020 Collins Stewart Europe Limited Adrian Hadden Telephone: +44 20 7523 8353 This information is provided by RNS The company news service from the London Stock Exchange