PARAGON TECHS INC - PGNT STOCK NEWS

Paragon Technologies, Inc. (POTN) owns approximately 4.9% of the outstanding shares of Ocean Power Technologies, Inc. (NYSE American:OPTT). Paragon has mailed out its BLUE proxy card to OPT shareholders, urging them to vote for its director nominees to increase stockholder value.

Ocean Power Technologies, Inc. (NYSE American: OPTT) urges shareholders to vote 'FOR' all company proposals, including voting 'FOR ALL' of the Board's nominees. The company remains focused on executing its strategy to drive long-term growth, profitability, and shareholder value.

Paragon Technologies, a diversified holding company, owning approximately 4.9% of the outstanding shares of Ocean Power Technologies, Inc. (NYSE American:OPTT), calls out OPT's recent contract award press releases in response to Paragon's criticism of the financial mismanagement of OPT as yet another attempt to divert shareholder attention from the degrading financial condition of the Company. Paragon expressed grave concerns to the OPT Board regarding the Company's alarming financial losses and rapid decline in shareholder value, requesting that its three directors be part of OPT's six-member Board to contribute an equal voice. OPT's financial degradation has worsened significantly, with a decline of 88% in share price, and Board and Executive Officer Compensation more than doubling and exceeding OPTT's revenues. Despite delivering an 800% return to shareholders over the last five years, Paragon's director nominees have been met with resistance from OPT's directors, who have spent millions to protect their Board seats. OPT's recent press release announcing the 'Letter Contract with a $6.5M Ceiling' is criticized for misleading shareholders and failing to provide definitive commitment of business or profitability.

Paragon Technologies, Inc. (PGNT) owns approximately 4.9% of the outstanding shares of Ocean Power Technologies, Inc. (OPTT). The company urges OPT shareholders to vote the BLUE proxy, expressing concerns about the OPT Board and management's financial decisions. Paragon proposes a new direction for OPT, aiming to reduce costs, focus on Marine Advance Robotics, and achieve cash flow break-even in 2024.

Paragon Technologies (PGNT) owns 4.9% of Ocean Power Technologies (OPTT) shares. The Delaware Court denied Paragon's request for a preliminary injunction regarding OPT's advance notice bylaws. The Court expressed doubts about the OPT Board's good faith and found a credible basis of wrongdoing in prior litigation.

Paragon Technologies, Inc. (PGNT) Discloses 4% Ownership of Ocean Power Technologies, Inc. (OPT)

Paragon Technologies, Inc. (PGNT) announced its financial results for the three and nine months ended September 30, 2023. The company reported a decrease in net sales from $34,498 in 2022 to $30,045 in 2023. Operating income also decreased from $2,323 to $429 for the same period. The company's investment gains or losses reflect realized gains or losses in its investment portfolio. Paragon utilizes pre-tax operating income, a non-GAAP financial measure, in its analysis of financial results.

Paragon Technologies, Inc. has sent a letter to the independent directors of Ocean Power Technologies, Inc. accusing them of blocking qualified director candidates from being presented to shareholders. Paragon highlights actions taken by OPT, including adopting burdensome advance notice by-laws, implementing an anti-shareholder poison pill, engaging high-priced law firms and proxy defense firm, blocking access to books and records, rejecting Paragon's nomination notice, and playing games with shareholder lists. Paragon questions why OPT is spending exorbitant fees and increasing expenses while its stock price declines. Paragon urges OPT to cut costs and let shareholders vote.

The Delaware Court of Chancery ruled in favor of Paragon Technologies, finding a credible basis that wrongdoing occurred at Ocean Power Technologies.