Paragon Calls Out OPT’s Inaccurate Statements About Voting on the Blue Proxy Card; Vote the Blue Proxy Card and Put an End to the Corporate Greed and Drowning Share Price

Rhea-AI Summary

Paragon Technologies, Inc. (PGNT) urges Ocean Power Technologies, Inc. (OPTT) shareholders to ignore misleading statements from OPT.

EASTON, PA / ACCESSWIRE / January 22, 2024 / Paragon Technologies, Inc. ("Paragon"), a diversified holding company, owning approximately 4.8% of the outstanding shares of Ocean Power Technologies, Inc. (NYSE American:OPTT), ("Company") ("OPT"), asks shareholders to disregard misleading statements from OPT about your vote not counting on the BLUE proxy card. Your vote does count. The Delaware court, not OPT, will determine the voting.

Please click the below link and see why by voting on the BLUE you are voting against the continued corporate greed, entrenchment, and most importantly, an end to the nearly 90% decline in OPT's share price since the newly constituted Board and CEO were put in place.

Click here: Important Message to OPT Shareholders

If you didn't receive a BLUE PROXY CARD and want to vote to send OPT's Board and CEO a message to stop the destruction of shareholder value, please provide us with your contact information, and we will arrange to have the BLUE PROXY CARD sent to you.

Please email us at ir@pgntgroup.com with any questions about how to vote your BLUE proxy card.

We appreciate the support from shareholders thus far. If shareholders have any questions, please contact our Proxy Solicitor, Alliance Advisors at:

Alliance Advisors
200 Broadacres Drive, 3rd Floor
Bloomfield, NJ 07003
Toll-Free Phone: 855-200-8651
Email: OPTT@allianceadvisors.com

By voting on Paragon's BLUE universal proxy card, you can send a message to OPT that you do not support their actions in relation to the Annual Meeting and attempting to block the recognition of Paragon's nominees.

OPT has said that it will disregard proxy votes in favor of Paragon's director nominees. Whether OPT may lawfully disregard Paragon's director nominees is an issue that Paragon expects will be resolved by the Delaware courts.

Stockholders should review the section of Paragon's proxy statement titled "Questions And Answers Relating To This Proxy Solicitation--Why is OPT saying it will disregard Paragon's director nominations, and how does that impact proxies that stockholders provide to Paragon?"

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Paragon Technologies, Inc., together with the other participants named herein, intends to make a filing with the Securities and Exchange Commission (the "SEC") of a proxy statement and an accompanying proxy card to be used to solicit votes for the election of director nominees at the 2023 annual meeting of shareholders of Ocean Power Technologies, Inc., a Delaware corporation (the "company").

Paragon Technologies, Inc. is the beneficial owner of 2,649,241 shares of common stock of the company, par value $0.001 per share ("common stock").

Paragon Technologies, Inc., and Paragon's director nominees Hesham M. Gad, Shawn M. Harpen, Jack H. Jacobs, and Samuel S. Weiser, will be the participants in the proxy solicitation. Mr. Gad, Executive Chairman of Paragon's Board of Directors and Chief Executive Officer of Paragon, and Messrs. Jacobs and Weiser, directors of Paragon, may be deemed to beneficially own the shares of the company's common stock held by Paragon. Ms. Harpen does not own beneficially or of record any securities of the company. Updated information regarding the participants and their direct and indirect interests in the solicitation, by security holdings or otherwise, will be included in Paragon's proxy statement and other materials filed with the SEC.

SHAREHOLDERS OF THE COMPANY SHOULD READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS CAREFULLY AND IN THEIR ENTIRETY AS THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION RELATING TO THE COMPANY'S ANNUAL MEETING, PARAGON'S SOLICITATION OF PROXIES AND PARAGON'S NOMINEES TO THE BOARD. SUCH PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEB SITE AT WWW.SEC.GOV OR FROM PARAGON TECHNOLOGIES, INC. REQUESTS FOR COPIES, WHEN AVAILABLE, SHOULD BE DIRECTED TO PARAGON'S PROXY SOLICITOR.

SOURCE: Paragon Technologies Inc.

View the original press release on accesswire.com

FAQ

What is the ticker symbol for Paragon Technologies, Inc.?

The ticker symbol for Paragon Technologies, Inc. is PGNT.

What percentage of outstanding shares does Paragon Technologies, Inc. own in Ocean Power Technologies, Inc.?

Paragon Technologies, Inc. owns approximately 4.8% of the outstanding shares of Ocean Power Technologies, Inc.

What is the ticker symbol for Ocean Power Technologies, Inc.?

The ticker symbol for Ocean Power Technologies, Inc. is OPTT.

What is the message from Paragon Technologies, Inc. to Ocean Power Technologies, Inc. shareholders?

Paragon Technologies, Inc. urges Ocean Power Technologies, Inc. shareholders to disregard misleading statements from OPT.