Ocean Power Technologies: $1.1 Million Received
PENNINGTON, New Jersey - Ocean Power Technologies, Inc. (Nasdaq:OPTT) ("OPT" or "the Company"), a leading wave energy technology company, announced that it has received approximately $1.1 million through the State of New Jersey's Business Tax Certificate Transfer Program (the Program).
The Program enables companies to raise cash to finance their growth and operations and is administered by the New Jersey Economic Development Authority (NJEDA) and the New Jersey Department of the Treasury's Division of Taxation. Under the Program, New Jersey-based technology or biotechnology companies with fewer than 225 US employees may be eligible to sell net operating losses (NOLs) and research and development tax credits to unaffiliated corporations, for at least 80 percent of their value, up to a maximum lifetime benefit of $15 million per business.
Mark A. Featherstone, Chief Financial Officer of OPT commented, "We are pleased by NJEDA's decision to approve our application to this year's program. As in prior years, we were fortunate to work with Public Service Enterprise Group (PSEG) on the sale of our NOLs and research and development tax credits. We appreciate the continued support of technology companies like OPT by both the State of New Jersey and PSEG. This program makes an important contribution to our technology development efforts."
About Ocean Power Technologies
Headquartered in Pennington, New Jersey, Ocean Power Technologies (Nasdaq:OPTT) is a pioneer in renewable wave-energy technology development that converts ocean wave energy into electricity. OPT's proprietary PowerBuoy® technology is based on a modular design and has undergone periodic ocean testing since 1997.
CONTACT: Company Contact:
Ocean Power Technologies, Inc.
Mark A. Featherstone, Chief Financial Officer
Telephone: +1 609 730 0400