RETRANSMISSION: Paragon Calls Out Ocean Power’s Contract Award Announcements in Response to Paragon’s Campaign as Too Little, Too Late

EASTON, PA / ACCESSWIRE / December 13, 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"), calls out OPT's recent contract award press releases in response to Paragon's criticism of the financial mismanagement of OPT as yet another attempt to divert shareholder attention from the degrading financial condition of the Company.

When Paragon expressed its grave concerns to the OPT Board regarding the Company's alarming financial losses and rapid decline in shareholder value, Paragon requested that its three directors be part of OPT's six-member Board, thus contributing an equal voice on the Board. As the largest shareholder, owning 4.9% of OPT, and with a proven track record of creating long-term shareholder value, we believe our inclusion was in the absolute best interest of all OPT shareholders, and would provide them a more balanced shareholder aligned Board.

Ever since we voiced those concerns, the financial degradation of OPTT has gotten drastically worse:

FY Ended April 30, 2021 2022 2023 Q1 - 2024

Sales $1.2M $1.8M $2.7M $1.3M

Expenses $12.5M $21.5M $28.3M $8.1M

Net Loss ($14.8M) ($18.9M) ($26.3M) ($7.0M)

Cash & ST Inv. $83.0M $57.3M $34.7M $26.6M

On April 30^th, 2021, OPT's share price closed at $2.51. Today the share price is $0.30, a decline of 88%.

Perhaps more self-serving at the expense of shareholders is that over the past three years Board and Executive Officer Compensation more than doubled and exceeded OPTT's revenues!

Fiscal Year Ended 2021 2022 2023 Total

Revenues $1.2M $1.8M $2.7M $5.7M

Board and Exec. Comp $2.1M $3.0M $2.6M $7.7M

% Total Compensation to Sales 175% 168% ~100%

Yet rather than work constructively with Paragon's director nominees - who have delivered an 800% return to shareholders over the last five years - OPT's directors instead have spent millions to protect their Board seats.