Paragon Technologies Commences Mailing of BLUE Proxy Card and Issues Letter to Ocean Power Technologies Shareholders

EASTON, PA / ACCESSWIRE / December 18, 2023 / Paragon Technologies, Inc. ("Paragon"), a diversified holding company, owning approximately 4.9% of the outstanding shares of Ocean Power Technologies, Inc. (NYSE American:OPTT), ("Company") ("OPT"), today mailed out its BLUE proxy card to OPT shareholders and issued the following letter:

To the Stockholders of Ocean Power Technologies:

While I realize most of you have endured significant and consistent losses holding OPT shares, I along with my director nominees believe there is an enormous opportunity to increase stockholder value at OPT if you support Paragon's director nominees by voting the BLUE Proxy Card.

We urge you to vote the BLUE Proxy Card no matter how many shares you own. Paragon has purchased nearly 3 million shares or 4.9% of OPT. We are by far the largest stockholder. Our alignment is 100% alongside all stockholders.

OPT has said that it will disregard proxy votes in favor of Paragon's director nominees. Stockholders should review the section of Paragon's proxy statement titled "Questions And Answers Relating To This Proxy Solicitation--Why is OPT saying it will disregard Paragon's director nominations, and how does that impact proxies that stockholders provide to Paragon?"

With the dismal financial results at OPT and director and executive compensation exceeding its minimal revenues, the OPT board is doing everything it can to block Paragon's director nominations. Why won't the OPT board just let stockholders vote? While OPT is losing millions of dollars each quarter on a path to insolvency, the OPT board could have saved millions of dollars by just facilitating a fair election.

Paragon intends to seek enforcement of all votes on the BLUE Proxy Card in the Delaware courts. We will continue to fight for the right of stockholders to nominate and elect directors of their choice. You can send the OPT board a message by voting Paragon's BLUE Proxy Card.

We have never analyzed a financial calamity as severe as OPT: no profit during their entire 30-year operating history. Worse has been the financial decimation of OPT over the past three and a half years under the current Board.

In just over three years, the Board and CEO have been responsible for an approximate 90% decline in the OPT share price. Here's how:

FY Ended April 30, 2021 2022 2023 Q1/Q2 - 2024

Sales $1.2M $1.8M $2.7M $2.2M