Ocean Power Technologies Announces $1.2 million award from the New Jersey Economic Development Authority (NJEDA) Net Operating Loss (NOL) Program
29 Janvier 2024 - 2:27PM
Ocean Power Technologies, Inc. (“OPT” or the “Company”) (NYSE
American: OPTT), a leader in innovative and cost-effective
low-carbon marine power, data, and service solutions, today
announced it has been awarded approximately $1.2 million under the
New Jersey Economic Development Authority (NJEDA) 2023
Technology Business Tax Certificate Transfer Program, commonly
known as the Net Operating Loss (NOL) Program.
This program enables technology and life
sciences businesses in New Jersey to sell a percentage of their New
Jersey net operating losses and unused research and development
(R&D) tax credits to unrelated profitable corporations for
cash. OPT takes part in the NJEDA NOL program annually and this
funding represents a significant resource as the Company continues
to make progress on its previously announced path to profitability.
In addition, the receipt of this award demonstrates the potential
value of the Company’s net operating losses and unused R&D tax
credits and the need to preserve these potentially valuable assets
and thereby preserve OPT’s ability to participate in future value
enhancing monetization opportunities.
About Ocean Power Technologies
OPT provides intelligent maritime solutions and
services that enable safer, cleaner, and more productive ocean
operations for the defense and security, oil and gas, science and
research, and offshore wind markets. Our PowerBuoy® platforms
provide clean and reliable electric power and real-time data
communications for remote maritime and subsea applications. We also
provide WAM-V® autonomous surface vessels (ASVs) and marine
robotics services. The Company’s headquarters is in Monroe
Township, New Jersey and it has an additional office
in Richmond, California. To learn more,
visit www.OceanPowerTechnologies.com.
Forward-Looking Statements
This press release contains forward-looking
statements that are within the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements in this release include, but are not
limited to, those statements relating to the value to OPT of its
net operating losses and unused R&D tax credits, OPT’s ability
to preserve its net operating losses and unused R&D tax
credits, the future opportunities OPT may have to participate in
the NJEDA NOL program and monetize its net operating losses and
unused R&D tax credits, OPT’s future operating and financial
performance, the impact of the completion by OPT of various
milestones and initiatives – including the reallocation of
headcount towards commercialization – on the enhancement of
stockholder value and OPT’s future operating and financial
performance, OPT’s expectation that it will reach profitability
during calendar year 2025 using current capital resources the
growth in OPT’s opportunity pipeline and backlog, OPT’s ability to
monetize such opportunities and backlog into actual revenue, and
the impact on OPT of expanding its executive leadership team, OPT’s
ability to drive the next phase of its growth and the
commercialization of its products, the current and future
commercial viability and success of OPT’s suite of products and
their ability to drive OPT’s profitability during calendar year
2025, OPT’s belief that it is well-positioned to drive shareholder
value creation, OPT’s ability to execute on its strategy and create
value for its stockholders, the expenses that OPT will incur to
respond to the actions of Paragon Technologies, Inc., including,
but not limited to, the litigation Paragon has brought against OPT
in the Delaware Court of Chancery, OPT’s ability to finance its
operations without seeking additional capital from financing
sources, the impact on OPT of recent contract wins, the growth in
OPT’s commercial pipeline, the cessation of OPT’s material R&D
efforts, the divestiture of OPT’s strategic consulting team and the
projected savings therefrom, and the projected savings from the
reduction of OPT’s engineering team, other statements relating to
OPT’s future economic and operating performance, plans, or
objectives, and all other statements contained in this press
release that are not historical facts. Other 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 OPT’s
current expectations about its future performance, plans, and
objectives. By their nature, forward-looking statements rely on a
number of assumptions and estimates that could be inaccurate and
involve risks and uncertainties that could cause actual results to
materially differ from those anticipated or expressed in any
forward-looking statement. These estimates and assumptions reflect
our best judgment based on currently known market conditions and
other factors. Although we believe such estimates and assumptions
to be reasonable, they are inherently uncertain and involve a
number of risks and uncertainties that are beyond our control,
including, without limitation risks related to our ability to
execute on our strategy, drive growth, and create value for our
stockholders; our ability to develop, market, and commercialize our
products; our ability to monetize our opportunity pipeline; our
ability to achieve and, thereafter, sustain profitability; our
ability to win government contracts, including in the defense and
security sectors; the possibility that we may not be able to obtain
the necessary facility and personnel clearances to qualify for
certain government contracts, including in the defense and security
sectors; our ability to continue the development of our proprietary
technologies; our expected continued use of cash from operating
activities unless or until we achieve positive cash flow from the
commercialization of our products and services; our ability to
obtain additional funding, as and if needed; our history of
operating losses, which we expect to continue for at least the
short term and possibly longer; our ability to control our
expenses; our ability to attract and retain qualified personnel,
including executive management; our ability to manage and mitigate
risks associated with our internal cyber security protocols and
protection of the data we collect and distribute; our ability to
protect our intellectual property portfolio; the impact of
inflation related to the U.S. dollar on our business, operations,
customers, suppliers and manufacturers, and personnel; our ability
to meet product development, manufacturing and customer delivery
deadlines; our ability to identify and penetrate markets for our
products, services, and solutions; and the risks related to
the actions of Paragon Technologies, Inc. against OPT and the
related litigation brought against OPT in the Delaware Court of
Chancery, including the amount of related costs incurred by OPT and
the disruption caused to OPT’s business activities by these
actions.
Many of these factors are beyond our ability to
control or predict. These factors are not intended to represent a
complete list of the general or specific factors that may affect
us. Additional factors are described in OPT’s Form 10-K, Form 10-Q,
and Form 8-K reports (including all amendments to those reports).
Any forward-looking statements speak only as of the date on which
such statements are made, and OPT undertakes no obligation or
intent to update such forward-looking statements to reflect events
or circumstances arising after such date. OPT cautions investors
not to place undue reliance on any such forward-looking statements.
These cautionary statements qualify all forward-looking statements
attributable to us or persons acting on our behalf.
Contact Information
Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
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