<SEC-DOCUMENT>0001104659-23-107731.txt : 20231010
<SEC-HEADER>0001104659-23-107731.hdr.sgml : 20231010
<ACCEPTANCE-DATETIME>20231010060744
ACCESSION NUMBER:		0001104659-23-107731
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20231010
DATE AS OF CHANGE:		20231010

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ocean Power Technologies, Inc.
		CENTRAL INDEX KEY:			0001378140
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				222535818
		STATE OF INCORPORATION:			NJ
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33417
		FILM NUMBER:		231315420

	BUSINESS ADDRESS:	
		STREET 1:		28 ENGELHARD DRIVE
		STREET 2:		SUITE B
		CITY:			MONROE TOWNSHIP
		STATE:			NJ
		ZIP:			08831
		BUSINESS PHONE:		609-730-0400

	MAIL ADDRESS:	
		STREET 1:		28 ENGELHARD DRIVE
		STREET 2:		SUITE B
		CITY:			MONROE TOWNSHIP
		STATE:			NJ
		ZIP:			08831

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Ocean Power Technologies, INc.
		DATE OF NAME CHANGE:	20061012

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Paragon Technologies, Inc.
		CENTRAL INDEX KEY:			0000090045
		STANDARD INDUSTRIAL CLASSIFICATION:	CONSTRUCTION, MINING & MATERIALS HANDLING MACHINERY & EQUIP [3530]
		IRS NUMBER:				221643428
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		101 LARRY HOLMES DRIVE, STE 500
		CITY:			EASTON
		STATE:			PA
		ZIP:			18042
		BUSINESS PHONE:		6105594015

	MAIL ADDRESS:	
		STREET 1:		101 LARRY HOLMES DRIVE, STE 500
		CITY:			EASTON
		STATE:			PA
		ZIP:			18042

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PARAGON TECHNOLOGIES INC
		DATE OF NAME CHANGE:	20000420

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SI HANDLING SYSTEMS INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 </B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OCEAN POWER TECHNOLOGIES, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Registrant as Specified in Its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PARAGON TECHNOLOGIES, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>HESHAM M. GAD</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SHAWN M. HARPEN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>JACK H. JACOBS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ROBERT J. TANNOR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SAMUEL S. WEISER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Person(s) Filing Proxy Statement, if other
than the Registrant)</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD STYLE="text-align: justify">No fee required.</TD>
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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white">&nbsp;<IMG SRC="image_001.jpg" ALT="" STYLE="height: 109px; width: 815px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">On October 9, 2023, Paragon Technologies,
Inc. issued a letter to shareholders relating to Ocean Power Technologies, Inc., a copy of which is set forth below:</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Paragon Technologies Files Litigation Against
OPT Directors for Breach of Fiduciary Duties and Entrenchment Actions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">EASTON, PA &ndash; October 9, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Shareholders of Ocean Power Technologies:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Paragon Technologies, Inc.
(&ldquo;Paragon&rdquo;) (OTC PINK:PGNT), a diversified holding company, owns approximately 3.9% of the outstanding shares of the Company,
which we believe makes Paragon the single largest shareholder in OPT.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This week Paragon commenced
litigation against Ocean Power Technologies, Inc. board of directors &ndash; Terence J. Cyran, Peter E. Slaiby, Clyde W. Hewlett, Natalie
Lorenz-Anderson, Diana G. Purcel -- and CEO Philip Stratmann alleging violation of their fiduciary duty as directors of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Despite Paragon&rsquo;s numerous
efforts and attempts to exercise its most basic lawful right as a shareholder, we believe OPT&rsquo;s board has taken and continues to
take deliberate measures to prevent Paragon from doing so.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Paragon wrote to OPT&rsquo;s
board a letter expressing our urgent concerns relating to the Company&rsquo;s future viability given what we believe to be OPT&rsquo;s
alarming and precipitous financial record including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A lack of a coherent, measurable, and accountable
business plan.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Excessive and increasing director and executive
compensation while OPT expenses and losses increase.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Continued assurances from CEO Stratmann and CFO
Bob Powers that OPT&rsquo;s &ldquo;strategy is working,&rdquo; and costs are being managed &ldquo;tightly&rdquo; while OPT continues to
report growing losses and expenses. </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In that letter, Paragon requested
that its three directors be appointed to a six-member OPT Board, given that Paragon believes it is OPT&rsquo;s largest shareholder. Rather
than engage in a constructive dialogue with Paragon, OPT immediately adopted what we believe to be the most burdensome and extreme nomination
by-laws found in the market today.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that the timing
of the Amended By-laws reflects an improper entrenchment purpose, and that the adoption of the By-laws may constitute a violation of the
board&rsquo;s fiduciary duties. We also believe that the OPT board has used these burdensome advance notice provisions, not in the way
intended under Delaware law, but to block Paragon&rsquo;s efforts to nominate a slate of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Furthermore, on July 20, 2023,
Paragon submitted an exemption request to OPT requesting an exemption to OPT&rsquo;s suddenly adopted poison pill granting Paragon the
right to acquire up to 19.9% of the Company&rsquo;s common stock after having confirmed that the ownership by Paragon of up to 19.9% of
OPT&rsquo;s outstanding shares should not place in jeopardy any of OPT&rsquo;s net operating losses. It has been over 60 days since Paragon
made its exemption request and OPT has continued to ignore our request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 109px; width: 815px">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unlike the incumbent board
and executives of OPT who collectively own less than 1% of the Company, Paragon is demonstrating its confidence in its director nominees&rsquo;
abilities in restructuring and revitalizing OPT through significant ownership of more equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Despite OPT&rsquo;s statements
that they are committed to driving value for &ldquo;all shareholders,&rdquo; we strongly believe &ndash; based on management&rsquo;s actions,
not words &ndash; that the current board is engaging in self-serving entrenchment tactics by taking conspicuously timed measures designed
to entrench and perpetuate their roles as directors and executives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 14, 2023, OPT
announced its Fiscal 2024 First Quarter results. Yet again, despite 21% and 29% increases in losses and expenses, respectively, CEO Stratmann
touts his pleasure with OPT&rsquo;s performance and claims that their &ldquo;strategy is working&rdquo; while CFO Robert F. Powers tells
shareholders that they &ldquo;continue to manage costs tightly.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We strongly condemn these
statements which we believe to be fundamentally misleading to all OPT shareholders. OPT&rsquo;s losses and expenses are growing. Shares
outstanding increased by over 2.4 million shares as the Company continues to dilute shareholders to fund the increasing losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The strategy, if there is
one, is not working. Costs are not being managed. OPT shareholders are suffering, and Paragon is determined to hold each individual director
of OPT personally accountable for these actions to the fullest extent permitted by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If OPT is indeed committed
to doing what is best for all shareholders, then OPT should let shareholders determine who they want to run their Company instead of implementing
measures to deny Paragon its lawful right to represent OPT shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;OPT is a company in dire need of a management
change,&rdquo; says Sham Gad, Chairman of Paragon Technologies. &ldquo;Since 2008, OPT&rsquo;s share price has nose-dived from $3,600
per share to less than 40 cents today.&rdquo; &ldquo;Since OPT&rsquo;s restructured executive team and directors were put in place the
financial degradation of OPT has gotten exponentially worse.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&ldquo;OPT no longer has the luxury of time. Current
management has taken a cash balance of over $80 million as of April 30, 2021 and brought it down to under $25 million as of July 31, 2023,&rdquo;
commented Mr. Gad, &ldquo;yet during that time the company has failed to generate a single nickel of profitability, and whatever revenues
OPT has mustered to earn have been consumed by the salaries and fees paid to the officers and directors. OPT can no longer be trusted
under the current management scheme.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Mr. Gad further states, &ldquo;We have assembled
a slate of directors that is imminently qualified to execute our strategy for long-term value creation because we have done just that
 &ndash; not once but twice.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 109px; width: 815px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">From January 2015 through Sep 30, 2023, under the
leadership of Mr. Gad, Paragon shares have advanced by over 900% versus 109% and 179% for the S&amp;P 500 and NASDAQ, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We appreciate the support from shareholders thus
far. If shareholders have any questions, please contact our Proxy Solicitor, Alliance Advisors at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">Alliance Advisors<BR>
200 Broadacres Drive, 3rd Floor<BR>
Bloomfield, NJ 07003</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Toll-Free Phone:&nbsp;855-200-8651</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Email: <FONT STYLE="color: #0563C1"><U>OPTT@allianceadvisors.com</U></FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Please email us at <FONT STYLE="color: rgb(5,99,193)"><U>ir@pgntgroup.com</U></FONT>
if you would like to learn more.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The biographies of our director
nominees follow:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Hesham (Sham) Gad</B>, has been Chief Executive Officer of Paragon
Technologies, Inc. (OTC PINK:PGNT), since June 2014, Chairman of Paragon&rsquo;s Board of Directors since March 2012, and a director of
Paragon since October 2010. Paragon is a holding company with diverse business activities, including material handling and order processing
solutions, distribution of IT equipment, consumer electronics and appliances, and real estate investments. As Chief Executive Officer,
Mr. Gad drives strategy and is responsible for all capital allocation decisions at Paragon. He led the successful reorganization of Paragon&rsquo;s
wholly-owned subsidiary, SI Systems and the subsequent acquisition of SED International de Colombia. Mr. Gad&rsquo;s efforts included
the direct recruitment of a new executive operational team, the renegotiation of substantially all of Paragon&rsquo;s legacy contracts,
and overseeing and implementing Paragon&rsquo;s acquisition and growth strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Jack H. Jacobs</B> has been a director of Paragon
Technologies, Inc. since 2012. Colonel Jacobs is the Melcher Family Senior Fellow of Politics and Professor of Humanities and Public Affairs
at the United States Military Academy at West Point, and a principal of The Fitzroy Group, Ltd., a firm that specializes in the development
of residential real estate in London for over 20 years. He has served as an on-air military analyst for NBC News since 2002, <FONT STYLE="font-size: 10pt">where
shows on which he appeared were nominated for Emmys</FONT>. Colonel Jacobs was a co-founder and Chief Operating Officer of AutoFinance
Group Inc., one of the firms to pioneer the securitization of debt instruments, from 1988 to 1989; the firm was subsequently sold to KeyBank.
He was a Managing Director of Bankers Trust Corporation, a diversified financial institution and investment bank, where he ran foreign
exchange options worldwide and was a partner in the institutional hedge fund business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Colonel Jacobs&rsquo; military career included
two tours of duty in Vietnam where he was among the most highly decorated soldiers, earning three Bronze Stars, two Silver Stars, and
the Medal of Honor, the nation&rsquo;s highest combat decoration. Colonel Jacobs is a member of the Board of Trustees of the USO of New
York. Colonel Jacobs received a Bachelor of Arts and a Master&rsquo;s degree from Rutgers University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Samuel S. Weiser</B> has been a director of
Paragon Technologies, Inc. since 2012. Mr. Weiser is also Founder, President and Chief Executive Officer of Foxdale Management LLC, a
consulting firm that provides operational consulting, strategic planning, and litigation support services in securities related disputes,
which has been operating since 2003. From August 2009 until April 2015, he was a member of the Board of Directors and from August 2014
until April 2015 was Executive Chairman of Premier Exhibitions, Inc., a provider of museum quality touring exhibitions then listed on
Nasdaq. In addition, Mr. Weiser served as President and Chief Executive Officer of Premier Exhibitions, Inc. from November 2011 until
June 2014. He received his B.A. in Economics from Colby College and a M.A. in Accounting from George Washington University.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 109px; width: 815px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Shawn M. Harpen</B>, is
currently the Chief Executive Officer and Advisor of Px3 Legal Consulting Corporation in California, which she founded in 2022 to assist
clients in governance, policy development, and other matters. Ms. Harpen, an attorney with more than 20 years of experience, turned her
focus to climate change and environmental, social, and governance (ESG) matters after establishing in 2010 the legal department of Patron
Spirits International AG, which manufactures and distributes alcoholic beverages, and serving as its Chief Legal Officer, General Counsel,
and Chief Compliance Officer for nearly a decade. In 2018, she guided Patron through its sale to Bacardi Limited and remained with the
organization for another year to assist with integration.&nbsp; From 2008 to 2010, she was a partner with Jones Day and, from 2001 to
2008, she was an attorney with McDermott Will &amp; Emery. Ms. Harpen is a member of the Board of Directors and Chair of the Audit Committee
of Starlight Children&rsquo;s Foundation. She also&nbsp;is an American Bar Association (ABA) Presidential-appointed Special Advisor to
the ABA Standing Committee on Professional Regulation, an appointed member of the Local Rules Advisory Committee of the United States
District Court for the Central District of California, a Life Fellow of the American Bar Foundation, and a Fellow of the Litigation Counsel
of America. She&nbsp;has served as the appointed Chair of both the&nbsp;State Bar of California Standing Committee on Professional Responsibility
and Conduct&nbsp;and the State Bar of Nevada Standing Committee on Ethics and Professional Responsibility.&nbsp;&nbsp;Ms. Harpen has a
B.A. and J.D. from the University of Toledo.&nbsp;&nbsp;She has also received a public leadership credential from the Harvard University
John F. Kennedy School of Government.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Robert J. Tannor</B>, has
served as Chief Executive Officer, Managing Partner, General Partner and a board member of Tannor Capital Advisors LLC, investing manager
for Tannor Partners Credit Fund, LP, since 2008.&nbsp;&nbsp;&nbsp;From 2004 to 2008, Mr. Tannor served as Chairman and Chief Executive
Officer of Westar Satellite Services, LP, a satellite communications company based in Dallas, Texas, where Mr. Tannor led a group of investors
to purchase the company out of bankruptcy in 2005, restructure its operations, and sell the business in 2008.&nbsp;&nbsp; From 2000 to
2004, Mr. Tannor was a senior industry practice leader and director at Ernst &amp; Young in New York, focusing on corporate restructuring
and distressed M&amp;A.&nbsp;&nbsp;Mr. Tannor is currently a board member of Overseas Military Sales Corporation, an authorized contractor
serving U.S. armed forces clients on U.S. bases, providing the sale of vehicles to U.S. military and diplomatic clients located around
the world.&nbsp; Mr. Tannor holds a Bachelor of Science in Electric Power Engineering from Rensselaer Polytechnic Institute.&nbsp;&nbsp;He
completed a Finance and Entrepreneurship program at the London Business School and an Executive Education Program at the Harvard Business
School.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Paragon Technologies, Inc., together with the other participants named
herein, intends to make a filing with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) of a proxy statement and an accompanying
proxy card to be used to solicit votes for the election of director nominees at the 2023 annual meeting of shareholders of Ocean Power
Technologies, Inc., a Delaware corporation (the &ldquo;company&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 109px; width: 815px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Paragon Technologies, Inc. is the beneficial owner of 2,298,076 shares
of common stock of the company, par value $0.001 per share (&ldquo;common stock&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 336.2pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Paragon Technologies, Inc., and Paragon&rsquo;s director nominees Hesham
M. Gad, Shawn M. Harpen, Jack H. Jacobs, Robert J. Tannor and Samuel S. Weiser will be the participants in the proxy solicitation. Mr.
Tannor beneficially owns 213,733 shares of the company&rsquo;s common stock through Tannor Partners Credit Fund LP, which is controlled
by Mr. Tannor. Tannor Capital Advisors LLC is the general partner and investment manager of Tannor Partners Credit Fund LP, and Mr. Tannor
is the sole officer and manager of Tannor Capital Advisors LLC. Mr. Tannor has the sole power to direct the voting and disposition of
those shares. Mr. Gad, Executive Chairman of Paragon&rsquo;s Board of Directors and Chief Executive Officer of Paragon, and Messrs. Jacobs
and Weiser, directors of Paragon, may be deemed to beneficially own the shares of the company&rsquo;s common stock held by Paragon. Ms.
Harpen does not own beneficially or of record any securities of the company. Updated information regarding the participants and their
direct and indirect interests in the solicitation, by security holdings or otherwise, will be included in Paragon&rsquo;s proxy statement
and other materials filed with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SHAREHOLDERS OF THE COMPANY SHOULD READ THE PROXY STATEMENT AND OTHER
PROXY MATERIALS CAREFULLY AND IN THEIR ENTIRETY AS THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION RELATING TO THE COMPANY&rsquo;S
ANNUAL MEETING, PARAGON&rsquo;S SOLICITATION OF PROXIES AND PARAGON&rsquo;S NOMINEES TO THE BOARD. SUCH PROXY MATERIALS WILL BE AVAILABLE
AT NO CHARGE ON THE SEC&rsquo;S WEB SITE AT&nbsp;<FONT STYLE="color: Blue"><U>WWW.SEC.GOV</U></FONT>&nbsp;OR FROM PARAGON TECHNOLOGIES,
INC. REQUESTS FOR COPIES, WHEN AVAILABLE, SHOULD BE DIRECTED TO PARAGON&rsquo;S PROXY SOLICITOR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
