Optima Health Regulatory News (OPT)

13 Nov 2006 07:01

Ocean Power Technologies Inc13 November 2006 Ocean Power Technologies, Inc. 1590 Reed Road Pennington, New Jersey 08534 USA For Immediate Release 13 November 2006 Ocean Power Technologies, Inc. Files Registration Statement for Initial Public Offering in US Ocean Power Technologies, Inc. ("OPT" or the "Company") announced today that ithas filed a registration statement with the Securities and Exchange Commissionto register up to $100 million in shares for a proposed public offering of theCompany's common stock in the United States. All shares of the common stock tobe sold in the offering will be sold by Ocean Power Technologies, Inc. The Company will apply to list the shares to be sold in the offering on TheNASDAQ Global Market and on the AIM market of the London Stock Exchange. Afterthe offering, the Company plans to continue to list its common stock on the AIMmarket of the London Stock Exchange. The Company intends to use net proceeds of the offering to constructdemonstration wave power stations and to fund minority investments in wave powerstation projects to encourage market adoption of the Company's wave powerstations; to fund the continued development of the Company's PowerBuoy(R)system, including increases in system output; to expand its international salesand marketing capabilities; and for working capital and general corporatepurposes, including potential acquisitions of complementary businesses, productsor technologies. The joint book-running underwriters for the offering are UBS Investment Bank,Banc of America Securities LLC and Bear, Stearns & Co. Inc. First Albany CapitalInc. is acting as co-manager. The offering will be made only by means of aprospectus. When available, copies of the preliminary prospectus relating tothis offering may be obtained by contacting UBS Investment Bank, at 299 ParkAvenue, New York, New York 10171, Attention: Prospectus Department, telephone(212) 821-3000; Banc of America Securities LLC, at 100 West 33rd Street, 3rdFloor, New York, NY 10001, Attention: Capital Markets Operations, email:dg.prospectus_distribution@bofasecurities.com; or Bear, Stearns & Co. Inc., at383 Madison Avenue, New York, New York 10179, Attention: Prospectus Department. A registration statement relating to these securities has been filed with theSecurities and Exchange Commission but has not yet become effective. Thesesecurities may not be sold nor may offers to buy be accepted prior to the timethat the registration statement becomes effective. This press release shall notconstitute an offer to sell or the solicitation of an offer to buy nor shallthere be any sale of these securities in any US state or jurisdiction in whichsuch offer, solicitation or sale would be unlawful prior to registration orqualification under the securities laws of any such state. 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. 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 Ben Hunt, Neil Thapar Telephone: +44 20 7929 8989 This information is provided by RNS The company news service from the London Stock Exchange