On February 27, 2024, Paragon Technologies, Inc. issued a press release relating to Ocean Power Technologies, Inc., and stated that it is dismayed at how the Company?s Board and CEO continue to disregard individual shareholders and instead favor institutional investors who own relatively little shares. Paragon Technologies stated that instead of working constructively with Paragon to reinvigorate the Company, the Board continues to spend millions putting up roadblocks to deny shareholders the opportunity to benefit from Paragon?s nominees? experience, ideas, and track record.

As Paragon has stated from day one, its sole objective is to drive a sustainable increase in shareholder value and remains open to working existing directors in order to put the Company shareholders first. Paragon urged shareholders to ignore any and all calls or emails from the Company and completely disregard the white proxy and cast their vote on the blue proxy.