|Ocean Power Corporation Executes First Regional Joint Venture Agreements |
EL DORADO HILLS, Calif., Feb 27, 2001 (BUSINESS WIRE) -- The Board of Directors of Ocean Power Corporation (OTCBB: PWRE) has approved, and the president has signed, two regional joint venture agreements in furtherance of the Company's distributed desalination and power business. The first, with Apollo Water and Power International, Incorporated, assigns an exclusive operating territory comprised of the Hellenic Republic (Greece) and the Republic of Cyprus. The second, with Caribbean Water and Power Incorporated, assigns an exclusive operating territory comprised of some twenty-eight island nations and territories throughout the Caribbean basin.
The agreements require Ocean power Corporation and the regional joint venture partner to accomplish definitive governance documents unique to each entity. Upon execution of such governance documents, jointly owned limited liability entities will be established in the operating territories for the purpose of marketing, financing, selling, constructing, commissioning, operating, and maintaining Ocean Power water and power systems in the assigned territories. The parties cannot guarantee that definitive governance documents will be consummated as contemplated by the joint venture agreements.
"Both of these regional partners have identified significant opportunities to install and operate Ocean Power's H2OkW Systems in their territories and have shown substantial support of our business strategy throughout the lengthy period of developing our first regional joint venture agreements. We look forward to a long and profitable association with these partners," says Bob Campbell, co-founder, director and vice president of Ocean Power Corporation.
The above statements in regard to Ocean Power which are not purely historical are forward-looking statements including Ocean Power's beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and are based on information available to Ocean Power as of such date. It is important to note that actual outcome and the actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties such as technological, legislative and marketplace changes.
CONTACT: Ocean Power Corporation
Blair Aiken, 212/618-1712