Ocean Power Technologies Initiates Strategic Alternatives Review To Maximize Stockholder Value; Retains Bowen, Inc. As Financial Advisor To Evaluate Opportunities To Accelerate Growth, Expand Market Access And Strengthen Financial Position

Ocean Power Technologies, Inc. ("OPT" or the "Company") (NYSE:OPTT), a leader in maritime operational infrastructure and autonomous ocean systems, today announced that that its Board of Directors has initiated a review of strategic alternatives with the goal of maximizing value for its stockholders.

The Company has retained Bowen, Inc., an investment banking advisory firm, as its financial advisor in connection with the review.

The Board intends to consider a full range of potential alternatives that could accelerate OPT’s growth, expand market access and strengthen its financial position.