Ocean Power Technologies Expands in Latin America with Reseller Agreement in Costa Rica

Rhea-AI Summary

Ocean Power Technologies (NYSE American: OPTT) has signed a reseller agreement with Geos Telecom, a leading maritime communication and navigation solutions provider in Costa Rica. This partnership marks OPT's expansion into the Latin American market and includes the immediate sale of a WAM-V (Wave Adaptive Modular Vessel). The agreement is expected to drive near-term growth of PowerBuoy systems and WAM-Vs in response to regional demand.

CEO Philipp Stratmann emphasized that this collaboration enhances OPT's footprint in Latin America and enables the delivery of advanced USV capabilities to a new customer base. The immediate WAM-V sale highlights the growing demand for OPT's technology and supports their mission to provide innovative solutions for safer, cleaner, and more productive ocean operations.

Positive

• Expansion into Latin American market through reseller agreement with Geos Telecom in Costa Rica
• Immediate sale of a WAM-V (Wave Adaptive Modular Vessel)
• Anticipated near-term growth of PowerBuoy systems and WAM-Vs in the region

Negative

• None.

Includes Completion of First WAM-V Order

MONROE TOWNSHIP, N.J., July 30, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. (NYSE American: OPTT) (“OPT” or the “Company”), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, is thrilled to announce the signing of a reseller agreement with Geos Telecom, a prominent provider of maritime communication and navigation solutions in Costa Rica. This partnership marks a significant expansion of OPT’s presence in the Latin American market and includes the immediate sale of a WAM-V (Wave Adaptive Modular Vessel) with anticipated near-term continued growth of PowerBuoy systems and WAM-V’s in support of regional demand.

Philipp Stratmann, CEO of OPT, commented on the new partnership: "We are excited to collaborate with Geos Telecom as our strategic reseller in Costa Rica. We believe this agreement not only enhances our footprint in Latin America but also enables us to deliver advanced USV capabilities to a new customer base. The immediate sale of a WAM-V underscores the growing demand for our technology and supports our mission to provide innovative solutions for safer, cleaner, and more productive ocean operations."

For additional information about OPT and its services, please visit our website Ocean Power Technologies. For more details about Geos Telecom and its offerings, please visit their website Geos Telecom.

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, with an additional office in Richmond, California. 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 that could be inaccurate and subject to risks and uncertainties, including the potential success with our new partner, Geos Telecom, the delivery of customers services and the conversion of potential customers to contracts and the realization of the potential revenue thereunder. 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 U.S. Securities and Exchange Commission for 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.

FAQ

What is the significance of OPT's reseller agreement with Geos Telecom in Costa Rica?

The agreement marks OPT's expansion into the Latin American market, allowing them to deliver advanced USV capabilities to a new customer base and potentially drive growth of PowerBuoy systems and WAM-Vs in the region.

What product did OPT immediately sell as part of the agreement with Geos Telecom?

OPT immediately sold a WAM-V (Wave Adaptive Modular Vessel) as part of the reseller agreement with Geos Telecom in Costa Rica.

How does the Geos Telecom agreement align with OPT's mission?

The agreement supports OPT's mission to provide innovative solutions for safer, cleaner, and more productive ocean operations by expanding their reach in Latin America and meeting the growing demand for their technology.

What is the stock symbol for Ocean Power Technologies?

Ocean Power Technologies trades on the NYSE American under the stock symbol OPTT.