Paragon Technologies, Inc. - $PGNT STOCK NEWS

Paragon Technologies, Inc. (PGNT) urges Ocean Power Technologies, Inc. (OPTT) shareholders to ignore misleading statements from OPT.

Paragon Technologies, Inc. calls on CEO Phillip Stratmann to substantiate misleading statements. Paragon owns 4.8% of Ocean Power Technologies, Inc.

Paragon Technologies, Inc. (PGNT) Issues Presentation to OPT Shareholders, Urging to Disregard White Proxy and Vote Blue Proxy Card

Paragon Technologies, Inc. (PGNT) issues a press release urging shareholders of Ocean Power Technologies, Inc. (OPTT) to vote the BLUE proxy card, highlighting the company's alleged mismanagement and the need for change. The PR emphasizes the importance of shareholders' votes and the potential impact on the election results, while also accusing OPT of rigging the rules to deny shareholders their rightful voting choices.

Company XYZ faces serious concerns, causing a 15% stock price drop (XYZ).

Paragon Technologies, Inc. (POTN) owns approximately 4.9% of the outstanding shares of Ocean Power Technologies, Inc. (NYSE American:OPTT). Paragon has mailed out its BLUE proxy card to OPT shareholders, urging them to vote for its director nominees to increase stockholder value.

Paragon Technologies, Inc. (PGNT) calls out Ocean Power Technologies, Inc. (OPTT) for financial mismanagement and declining shareholder value, criticizing recent contract awards as attempts to divert attention from the company's financial condition. Paragon, owning 4.9% of OPTT, requested board representation due to financial concerns, highlighting OPTT's alarming financial losses and rapid decline in shareholder value. OPTT's share price declined by 88% since April 30, 2021, and board and executive compensation exceeded revenues. Paragon's director nominees have delivered an 800% return to shareholders over the last five years, while OPTT's directors spent millions to protect their board seats. OPTT's recent press release regarding a 'Letter Contract with a $6.5M Ceiling' is criticized for misleading shareholders and lacking definitive commitment of business, leading to a 10% decline in share price on the announcement day.

Ocean Power Technologies, Inc. (NYSE American: OPTT) urges shareholders to vote 'FOR' all company proposals, including voting 'FOR ALL' of the Board's nominees. The company remains focused on executing its strategy to drive long-term growth, profitability, and shareholder value.

Paragon Technologies, a diversified holding company, owning approximately 4.9% of the outstanding shares of Ocean Power Technologies, Inc. (NYSE American:OPTT), calls out OPT's recent contract award press releases in response to Paragon's criticism of the financial mismanagement of OPT as yet another attempt to divert shareholder attention from the degrading financial condition of the Company. Paragon expressed grave concerns to the OPT Board regarding the Company's alarming financial losses and rapid decline in shareholder value, requesting that its three directors be part of OPT's six-member Board to contribute an equal voice. OPT's financial degradation has worsened significantly, with a decline of 88% in share price, and Board and Executive Officer Compensation more than doubling and exceeding OPTT's revenues. Despite delivering an 800% return to shareholders over the last five years, Paragon's director nominees have been met with resistance from OPT's directors, who have spent millions to protect their Board seats. OPT's recent press release announcing the 'Letter Contract with a $6.5M Ceiling' is criticized for misleading shareholders and failing to provide definitive commitment of business or profitability.