Ocean Power Technologies initiates strategic alternatives review; retains Bowen, Inc. as advisor

Ocean Power Technologies, Inc.

Board initiated review of strategic alternatives to maximize stockholder value; no definitive course approved.
Retained Bowen, Inc., an investment banking advisory firm, as financial advisor for the review.
Considering full range of alternatives to accelerate growth, expand market access, and strengthen financial position.
No timetable set; company will not comment until Board approves a course of action or process concludes.
Acting Chairman Joseph Diguardo cites rising demand for maritime technologies as reason to evaluate opportunities.

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