Optima Health Regulatory News (OPT)

26 Jun 2007 07:00

Ocean Power Technologies, Inc. (Nasdaq: OPTT and London StockExchange AIM: OPT) ("OPT" or the "Company") announces that the Boardof Directors of OPT has elected Mark R. Draper as the Company's ChiefOperating Officer. Mr. Draper, 44, has served since September 2004 asthe Chief Executive and Director of the wholly-owned Europeansubsidiary, Ocean Power Technologies Limited, based in Warwick,England. £ Prior to joining OPT in 2004, Mr. Draper's career encompassed abroad range of managerial and engineering roles at Powergen plc - a UKenergy business with an annual turnover in excess of GBP 6 Billion,and its predecessor, the Central Electricity Generating Board of theUK. Mr. Draper's most recent position at Powergen was as ManagingDirector of the Generation Business, with direct responsibility fornine major power stations (9,000 MegaWatts of capacity), a combinedheat and power business, the technology division, and the company'srenewable energy business. He was instrumental in establishing andmanaging the growth of Powergen's renewable generation activities,including on-shore and off-shore wind power stations. Mr. Draperworked internationally while at Powergen, and has also served onmanagement teams assigned to oversee the integration of newly acquiredpower plants, and also managed the sale of plants to multi-nationalenergy companies. £ Dr. George W. Taylor, Chief Executive Officer of OPT, stated, "Iam very pleased that Mark has agreed to accept the position of ChiefOperating Officer. Since joining the Company as Chief Executive ofOcean Power Technologies Limited, he has demonstrated his strongabilities in the areas of operations, as well as technologydevelopment and commercialization. Building on his prior experience inthe utility industry, Mark is well-suited to drive aggressively theCompany's growth in the US, Europe and other parts of the world." £ Mr. Draper holds a Master's Degree in Mechanical and ElectricalEngineering from Cambridge University (UK), and has attendedmanagement training programs at Wharton and Harvard Business schools.He is a Fellow of both the Institute of Mechanical Engineering and theInstitute of Electrical Engineering. £ About Ocean Power Technologies £ Ocean Power Technologies, Inc. develops and is commercializingproprietary systems that generate electricity by harnessing therenewable energy of ocean waves. The Company's PowerBuoy(R) system isbased on modular, ocean-going buoys, which have been ocean tested fornearly a decade. The waves move the buoy-like structure creatingmechanical energy that the Company's proprietary technologies convertinto electricity. Copyright Business Wire 2007