Mark Draper has been appointed as Chief Executive Officer of Ocean Power Technologies, Inc. with effect from Friday (29th January). Draper has been a longstanding member of the company's management team serving as COO since June 2007 and as the Chief Executive and Director of OPT’s wholly-owned European subsidiary, Ocean Power Technologies Limited, based in Warwick, England, since September 2004.

Dr. Taylor’s responsibilities will include strategic direction of the company and marketing and business development activities. Additionally, Mr. Seymour S. Preston III, previously Chairman and Non-Executive Director, has been appointed Vice Chairman of the Company and Lead Independent Director.

In connection with his appointment, Mr. Draper received a grant of options to purchase 20,000 shares of the Company’s $.001 Common Stock (“Shares”) exercisable through January 28, 2019 at US $6.48 per share, and an award of 30,000 restricted Shares. Following these awards, Mr. Draper has options to purchase a total of 203,499 shares, and 30,000 restricted Shares, which such shareholding represents 0.3% of OPT’s issued share capital. No further information is required to be disclosed pursuant to AIM Rule 17.