USA: Ocean Power Technologies Elects New Director

Ocean Power Technologies, Inc.(OPT), a leading wave energy technology company, today announced that Terence J. Cryan was duly elected to the Company’s Board of Directors at the Company’s Annual Meeting of Stockholders held on October 4, 2012. In addition, Thomas J. Meaney retired from the Board of Directors effective with the Annual Meeting.

Terence Cryan is the co-founder and a managing director at Concert Energy Partners, a New York based private equity investment firm focused on the alternative energy, power, and natural resources industries. At Concert, he has been instrumental in selecting and managing a number of investments with early stage development companies in the renewable energy sector.

Mr. Cryan serves on the boards of several public and private companies. Previously, he was president and chief executive officer of privately-held Medical Acoustics LLC of Buffalo, New York, a start-up medical device technology company. Mr. Cryan has also held a number of senior positions within energy investment banking at top-tier firms including Bear Stearns and PaineWebber.

“We are very pleased to announce Terry’s addition to our Board of Directors,” said Charles F. Dunleavy, Chief Executive Officer of OPT. “He brings strong experience from the energy sector and, importantly, has worked first-hand with organizations commercializing new, groundbreaking technology. His background in these areas, as well as in the financial industry, will serve us well as we gear up for a very busy 2013. We look forward to working with Terry on many exciting initiatives and also wish Tom Meaney well in his future endeavors. We greatly appreciate his years of service on the Company’s Board of Directors.” 

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Press release, October 5, 2012