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Ocean Power Technologies, Inc. (OPTT) Announces New Chief Financial Officer

|Includes: Ocean Power Technologies, Inc. (OPTT)

Leading wave energy technology company Ocean Power Technologies announced the appointment of Mark A. Featherstone to the position of Chief Financial Officer, effective as of December 12th, 2013. Featherstone, 52, is a seasoned executive with 30 years of experience working with capital markets, regulatory and accounting matters, treasury management, and strategic alliances.

"We are very pleased to have Mark Featherstone join OPT as we embark on our next stage of expansion and commercial development," stated Chief Executive Officer of Ocean Power Technologies, Charles F. Dunleavy. "Mark has years of experience at organizations both large and small, across a wide spectrum of product categories, and is well suited to help lead OPT in the years to come. With the Company pursuing many commercialization opportunities across the globe, we will certainly benefit from Mark's expertise in strategic planning, financial management, and capital markets activity. Mark is dedicated to improving shareholder value, and we welcome him to the senior management team at this important time in our growth trajectory."

Before joining Ocean Power Technologies, Featherstone previously spent over ten years at Quaker Chemical Corporation in the role of Vice President, CFO, and Treasurer. While at Quaker, a multinational company with over $700 million in annual revenue, Featherstone led all global finance-related functions including treasury, corporate development, financial planning, investor relations, and internal audit. While there he also managed a significant equity offering, a debt refinancing and several acquisitions. Prior to Quaker, Featherstone spent a number of years at Coty, the world's largest mass-market fragrance company and at Scott Paper, now part of Kimberly-Clark Corporation, in a series of financial and accounting positions. Prior to that he worked at Arthur Andersen & Company. Featherstone has been responsible for the financial reporting of a number of product lines, raised both debt and equity, assisted in the restructuring of operations leading to better financial results, and in addition has overseen mergers, acquisitions, and divestitures.

Featherstone is a Certified Public Accountant and earned a Master of Business Administration degree from Drexel University and a Bachelors degree from Pennsylvania State University.

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