Ocean Power Technologies Establishes a Houston Presence To Support Oil & Gas Business Development
July 25 2017 - 9:10AM
Ocean Power Technologies, Inc. (NASDAQ:OPTT)
(“OPT” or the “Company”) announced today that it has established a
presence in Houston, Texas to more effectively support the
Company’s oil & gas business development activities.
David Marchetti, OPT’s new Director of Global Applications, will
manage the Company’s daily business development activities in
Houston. Mr. Marchetti brings an impressive set of technical
and business skills he developed over his 28-year career in the oil
and gas industry. He had held various positions with increasing
levels of responsibility spanning from business development,
engineering and product development, manufacturing and operations,
to aftermarket. David has a proven track record and demonstrated
expertise in oil and gas subsea production systems, remotely
operated vehicle systems, and general machine design. In his global
applications role for OPT, David’s focus will be to work closely
with customers to understand their challenges, and to develop
unique solutions which integrate the OPT PowerBuoy in order to
support customer subsea remote offshore operations from concept
through deployment and beyond.
“Our expansion to Houston is a direct reflection
of the interest level we’re seeing in the oil and gas industry, as
well as in other industries targeted for our products and
services,” stated George H. Kirby, President and Chief Executive
Officer of OPT. “Having a presence in Houston’s vibrant oil
& gas hub is a critical part of serving prospective U.S. and
international customers. David’s presence in Houston will
support business development activities by directly interacting
with customers to identify opportunities, build business cases, and
to liaise with our New Jersey-based engineering team to develop and
implement robust solutions. We continue to evaluate new geographies
where additional presence might position us for accelerated
growth.”
OPT’s Houston presence is intended to foster new
opportunities such as commercial contracts and strategic
partnerships by establishing strong relationships throughout the
sales cycle with solution evaluators, implementers and end
users.
About Ocean Power Technologies
Headquartered in New Jersey, Ocean Power
Technologies aspires to transform the world through durable,
innovative and cost-effective ocean energy solutions. Our PB3
PowerBuoy uses ocean waves to provide clean, reliable and
persistent electric power and real-time communications for remote
offshore applications in markets such as oil and gas, defense,
security, ocean observing, 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 SEC 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.
Phone: 609-730-0400
Investor Relations Contact:
Andrew Barwicki
Barwicki Investor Relations Inc.
Phone: 516-662-9461
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