Ocean Power Technologies: $1.7 Million Through New Jersey's Technology Business Tax Certificate Transfer Program
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Ocean Power Technologies, Inc. (Nasdaq:OPTT) announced that it recently received approximately $1.7 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 and 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 up to a maximum lifetime benefit of $15 million per business.
Mark A. Featherstone, Chief Financial Officer of OPT, commented, "We appreciate NJEDA's decision to approve our application to the program again this year. 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 continues to make an important contribution to our on-going 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 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. OPT specializes in cost-effective and environmentally sound ocean wave based power generation and management technology.
Mark A. Featherstone,
Chief Financial Officer of OPT
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