Paragon Technologies Reminds Ocean Power Technologies Shareholders to Vote the BLUE Proxy Card for Paragon’s Nominees

EASTON, PA / ACCESSWIRE / December 8, 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"), reminds OPT shareholders to vote the BLUE proxy and disregard any materials from OPT.

1. Unless a complete overhaul of the OPT Board happens NOW, we believe the share price of OPT is headed towards ZERO in 2024.
2. OPT's claims that the Company is headed to profitability in 2025 is a desperate and continued attempt by the Board and CEO to paint a false narrative of the business.
3. As OPT continues to lose more money and weakens its balance sheet, management tells shareholders they are pleased with the results and managing costs.

Since Paragon first expressed our grave financial concerns for OPT to the CEO and Chairman of the Board, the OPT Board has spent millions of dollars to deny shareholders an opportunity to vote on alternative directors proposed by the company's largest shareholder.

While OPT was losing tens of millions of dollars a year, OPT's Board and Executives were paying themselves more money than the Company was generating in revenues.

With $26.5 million in cash as of July 31, 2023, we estimate that OPT currently has less than $20 million in cash today. With quarterly expenses running at $6-$8 million a quarter, OPT will almost certainly face insolvency by the second half of 2024. OPT's answer is to try and sell tens of millions of shares on the open market with the stock trading at $0.35 further diluting existing shareholders and further destroying shareholder value.

If this Board is allowed to continue running OPT, we believe shareholders will be completely wiped out in 2024. With OPT's only financing option likely being the sale of sell millions of shares in the open market, the OPT stock price will likely continue spiraling lower and lower. OPT's Board and CEO continue granting themselves shares (further diluting existing shareholders) instead of buying them in the open market, a lower OPT share price has little, to no, financial impact on them.

Paragon has purchased nearly 3 million shares. We are 100% aligned with shareholders. As directors Paragon's director nominees will:

• reduce unnecessary cost which we estimate to be significant.
• restructure operations to focus on Marine Advance Robotics.
• implement a disciplined capital allocation approach; and
• bring OPT to cash flow break even in 2024.

Paragon is confident it can achieve these objectives and will commit to investing more capital in OPT to support our plan.