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PARAGON TECHS INC (PGNT) is a diversified holding company heavily invested in Ocean Power Technologies, Inc. (OPT), owning 4.8% of its outstanding shares. The company, led by Chairman and CEO Sham Gad, is committed to safeguarding shareholder value and demanding accountability from OPT's Board. Paragon has offered up to $3 million in non-dilutive preferred equity to save OPT from insolvency and ensure sustainable growth. Despite OPT's recent order and funding announcements, Paragon remains critical of OPT's financial losses and unsustainable expenses, urging transparent communication with individual investors. Paragon's ongoing proxy solicitation seeks to challenge OPT's current Board and CEO, calling for a strategic shift towards profitability and enhanced shareholder value. With a focus on corporate transparency and value creation, Paragon continues to engage with OPT shareholders to drive positive change and sustainable growth.
Paragon Technologies (OTC PINK:PGNT) has appointed three new independent directors: David Lontini, Howard Brownstein, and Tim Eriksen, while announcing the retirement of Jack Jacobs after 12 years of service, effective December 31, 2024. The board will temporarily expand from three to six directors before reducing to five upon Jacobs' retirement.
The new directors bring diverse expertise: Eriksen is CEO of Solitron Devices and specializes in micro-cap stocks; Brownstein has extensive experience in corporate governance and investment banking; and Lontini, current Chairman of Check Cap , is known for operational optimization. They will exclusively compose the company's Audit, Compensation, and Nominating Committees, with Brownstein, Lontini, and Eriksen serving as respective chairs.
Paragon Technologies (OTC PINK:PGNT) has announced that its Audit Committee has initiated an independent investigation into Hesham M. Gad's conduct, engaging legal counsel from Holland & Knight LLP. The company previously removed Gad from his positions as Chairman of the Board and CEO on August 9, 2024, followed by his termination as President of SI Systems, and all remaining positions within Paragon and its subsidiaries on November 4, 2024. While the Audit Committee is committed to a thorough investigation, the duration and outcome remain uncertain.
Paragon Technologies (OTC PINK:PGNT) has announced an upcoming investor update call scheduled for November 21, 2024, at 4:00 p.m. EDT. The call will review the company's third quarter performance for the period ending September 30, 2024. Participants can pre-register to receive a unique PIN for immediate access, or join via provided toll-free and international dial-in numbers. A replay will be available on the company's website's Investor Relations section.
Paragon Technologies, Inc. (OTC PINK:PGNT) has released its financial results for the three and six months ended June 30, 2024. The company, which operates as a holding company, made this announcement on August 9, 2024. Paragon has provided a Consolidated Statement of Operations comparing the periods ended June 30, 2024, and 2023.
Key points from the release include:
- Shareholders are advised to review the detailed quarterly report available at www.pgntgroup.com
- The company's investment gains or losses reflect realized changes in its investment portfolio
- Paragon uses pre-tax operating income, a non-GAAP measure, in its financial analysis
- Pre-tax operating earnings are defined separately from the company's investment gains/losses
The release also notes that since 2018, new accounting rules require companies to record unrealized losses or gains from equity investments in the income statement.
Paragon Technologies, a major shareholder of Ocean Power Technologies (OPTT), has expressed serious concerns about OPT's refusal to engage in good faith discussions regarding a $3 million investment offer. Paragon proposed this investment in April 2024, which included dropping existing lawsuits against OPT. However, OPT's Board has made unreasonable demands and continues to issue vague press releases about partnerships and testing studies that lack clear financial impact.
OPT's recent SEC filing claimed it would achieve positive cash flow in 2025, but without specific accountability. Despite increased trading volume, OPT's share price has dropped by 50% over the past three months and over 90% since 2021. Paragon criticizes OPT for diluting shareholders by selling additional shares at low prices while failing to deliver transparent financial information. Paragon urges OPT's CEO to address the company's true financial state and the impact of recent actions on achieving profitability.
Paragon Technologies, Inc. reported its results for the first quarter of 2024. The company's net sales increased to $31,521, with operating income at $534. However, it experienced a net loss of $(53) due to investment gains/losses. Shareholders can find detailed information in the quarterly report on the company's website.
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