Paragon Technologies Inc - PGNT STOCK NEWS

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.

Paragon Technologies, Inc. calls on Ocean Power Technologies, Inc. to stop diluting existing stockholders to fund losses and executive compensation, committing up to $3 million in non-dilutive preferred equity to save the company. The market has lost faith in OPT's strategy, leading to a 40% share price drop. Paragon filed a complaint alleging an invalid annual meeting. OPT's stock price continues to decline, prompting Paragon's offer to invest in the company to prevent insolvency and create shareholder value.

Paragon Technologies, Inc. (PGNT) announces financial results for the year ended December 31, 2023, revealing a decrease in net sales compared to previous years. Operating income also declined, impacted by investment gains and losses. Shareholders can access the Annual Letter on April 8, 2024, for detailed information.

Paragon Technologies, Inc. expresses disappointment in Ocean Power Technologies, Inc.'s preference for institutional investors over individual shareholders.

Paragon Technologies, Inc. calls on Ocean Power Technologies, Inc. CEO to provide transparency on recent order and funding announcements. OPT's financial data shows growing expenses and losses despite minimal revenue growth.

Paragon Technologies, Inc. issues a statement to Ocean Power Technologies, Inc. shareholders regarding the postponement of its annual meeting and the company's failure to obtain a quorum. Paragon's investigation raises concerns about SEC rule violations. Paragon Chairman and CEO Sham Gad criticizes OPT's financial performance and board actions, highlighting a 90% decline in shareholder value since the appointment of the current CEO. He accuses the board of self-serving behavior and neglecting shareholder interests. Paragon urges shareholders to reject OPT's directors and executives, alleging entrenchment and misleading statements.

Ocean Power Technologies, Inc. (NYSE American: OPTT) announced that the 2023 Annual Meeting of Shareholders was reconvened and adjourned due to the failure to reach the required quorum. Paragon Technologies, Inc. prevented its shares from being counted, forcing the company to incur additional costs and divert attention from enhancing shareholder value. The meeting will reconvene on February 28, 2024, and shareholders are urged to vote on the WHITE proxy card.

Paragon Technologies, Inc. advises Ocean Power Technologies, Inc. (OPT) shareholders to disregard any communication from OPT soliciting their votes, as the company's Board postponed their annual meeting due to lack of shareholder support. Paragon, a diversified holding company, owns approximately 4.8% of OPT's outstanding shares.