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Contract for Homeland Security
Contract for Homeland Security
Jan 30, 2006 at 12:00 AM EST
This initial contract is for the design, analysis and planning related to ocean-based systems for the detection and tracking of sea-going vessels. These systems will be designed to include a network of passive acoustic sensors and communications equipment, all powered by OPT's PowerBuoy™ technology. The acoustic sensor array technology will be provided to OPT under a subcontract to Lockheed Martin Corporation, for integration with an optimised signal processing and communication system. A subsequent contract would include an ocean demonstration of a prototype system, leading to full commercialisation of the distributed vessel detection system.
Dr. George W. Taylor, Chief Executive Officer of the Company stated, “OPT is pleased to be a part of this new program which is a vital part of overall border security. Working with Lockheed Martin, we look to optimise and leverage existing ocean-tested technologies in the areas of power generation, sensor arrays and advanced communications platforms. This has important international security and safety applications, and we look forward to being an important contributor to this major programme.”
For further information, please contact:
Dr. George W. Taylor, Chief Executive Officer
Telephone: (609) 730-0400
E-mail: gtaylor@oceanpowertech.com
Charles F. Dunleavy, Chief Financial Officer
Telephone: (609) 730-0400
E-mail: cdunleavy@oceanpowertech.com
Michael Brennan, Evolution Securities Ltd.
Telephone: +44 207 071 4300
Ken Cronin, Gavin Anderson & Company Telephone: +44 207 554 1400
Background Information
Ocean Power Technologies, Inc.
OPT is the world's first publicly listed wave power company. It is commercialising its proprietary technology for the generation of electrical power using the energy of ocean waves. OPT's wave energy systems are based on modular, buoy-like structures, called PowerBuoysTM, which are “intelligent” systems capable of responding to differing wave conditions. The Company's oceantested systems have the potential to provide cost competitive, clean electrical power on a large scale without the enhancements of tax credits or subsidies. For further information, see the Company's website: www.oceanpowertechnologies.com.