Ocean Power Technologies Acquires 3Dent Technology, LLC - Seite 2

Under the terms of the deal, OPT agreed to pay 3Dent an amount of stock equal to $800,000 using the closing strike price on December 11, 2020 – the date that the parties executed a non-binding letter of intent -- equating to 361,991 shares of OPT common stock.

About 3Dent Technology
Houston, Texas-based 3Dent Technology is a wholly owned subsidiary of Ocean Power Technologies. 3Dent’s engineers and naval architects are uniquely suited for high-level offshore engineering, providing consulting engineering and design services to drilling contractors, defense contractors, construction yards, engineering firms, and oil and gas, offshore wind, wave energy, and marine construction and service companies. To learn more, visit www.3DentTech.com.

About Ocean Power Technologies
Headquartered in Monroe Township, New Jersey, OPT aspires to transform the world through durable, innovative, and cost-effective ocean energy solutions. Its PowerBuoy solutions platform provides clean and reliable electric power and real-time data communications for remote offshore and subsea applications in markets such as offshore oil and gas, defense and security, science and research, and communications. To learn more, visit www.OceanPowerTechnologies.com.

Forward-Looking Statements
This release may contain forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Forms 10-Q and 10-K and subsequent filings with the U.S. Securities and Exchange Commission for a further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.

CONTACT: Contact Information
Investors: 609-730-0400 x401 or [e-mail]
Media: 609-730-0400 x402 or [e-mail]