<SEC-DOCUMENT>0001104659-23-128255.txt : 20231221
<SEC-HEADER>0001104659-23-128255.hdr.sgml : 20231221
<ACCEPTANCE-DATETIME>20231221163526
ACCESSION NUMBER:		0001104659-23-128255
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20231221
DATE AS OF CHANGE:		20231221

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ocean Power Technologies, Inc.
		CENTRAL INDEX KEY:			0001378140
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		ORGANIZATION NAME:           	01 Energy & Transportation
		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:		231505796

	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]
		ORGANIZATION NAME:           	06 Technology
		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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</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; 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>

<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">Filed by the Registrant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Preliminary Proxy Statement</TD>
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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Definitive Proxy Statement</TD>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<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">Definitive Additional Materials</TD>
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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Soliciting Material under &sect;240.14a-12</TD>
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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>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>

<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">Payment of Filing Fee (Check all boxes that apply):</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>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Fee paid previously with preliminary materials.</TD>
</TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">Fee computed on table in exhibit required by Item 25(b) per
Exchange Act Rules 14a-6(i)(1) and 0-11.</TD>
</TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">On December 21, 2023, Paragon Technologies,
Inc. issued a statement relating to Ocean Power Technologies, Inc., a copy of which is set forth below:</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; text-align: center"><B>Paragon Technologies Issues Statement to the
Stockholders of Ocean Power Technologies. Reminds Stockholders to Vote ONLY the Blue Proxy Card.</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; text-align: justify">EASTON, PA &ndash; December 21, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #242424"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #242424"><FONT STYLE="background-color: white"><B>Expresses
Serious Concerns About OPT&rsquo;s alarming financial and Stock Price Underperformance Under the Current Board and CEO. </B></FONT><B><BR>
<BR>
<FONT STYLE="background-color: white">Believes that the Board and CEO Are Misleading Shareholders by Making Positive Statements About
the Future of Ocean Power While the Company Appears Likely to Run Out of Capital in 2024</FONT><BR>
<BR>
<FONT STYLE="background-color: white">Believes Ocean Power Could be Worth +$3 a Share, or 10x Return with an Improved Operating Cost Structure,
Disciplined Capital Allocation, and Focus on Marine Advance Robotics </FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #242424"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="color: #242424; background-color: white"><B>Expresses
Grave Concerns that the Board&rsquo;s Actions to Insulate their Board Seats and Deny Shareholders the Right to Vote for Outside Qualified
</B></FONT><B>Directors Has Cost Ocean Power Millions of Dollars and Puts OPT at Risk in 2024</B></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 Technologies, Inc.
(&ldquo;Paragon&rdquo;), a diversified holding company owning approximately 4.9% of the outstanding shares of Ocean Power Technologies,
Inc. (NYSE American: OPTT), (&ldquo;Company&rdquo;) (&ldquo;OPT&rdquo;), issued the following statement to the stockholders 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">Dear Ocean Power Technologies Stockholder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #242424"><BR>
<FONT STYLE="background-color: white">We are writing to our fellow stockholders today because we believe that OPT&rsquo;s board of directors
(the &quot;Board&quot;) is not acting with the sort of urgency required to address the Company's dire situation.</FONT><BR>
<BR>
<FONT STYLE="background-color: white">OPT&rsquo;s performance under the current management team speaks for itself.</FONT><BR>
<BR>
<FONT STYLE="background-color: white">Since April 30, 2021, around the time OPT added new Board members and appointed Philip Stratmann
as CEO, OPT&rsquo;s share price has declined by nearly 90%.</FONT><BR>
<BR>
<FONT STYLE="background-color: white">These dismal returns speak not to the potential of OPT&rsquo;s business but to what we believe is
the incompetence of its CEO Philip Stratmann and the non-existent oversight provided by the Board.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #242424"><BR>
<FONT STYLE="background-color: white">OPT&rsquo;s business potential is a great one. Under the right cost structure and focus, the Company
could generate profitability and we believe the stock should trade for +$3 a share versus $0.35 a share today.</FONT><BR>
<BR>
<FONT STYLE="background-color: white">What stands in the way of realizing that profitability and subsequent stockholder returns is leadership.</FONT><BR>
<BR>
<FONT STYLE="background-color: white">This Board has refused to acknowledge the dismal financial performance and provide any oversight
allowing CEO Stratmann to continue touting an optimistic future for the Company while the Company&rsquo;s balance sheet and stock price
get decimated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #242424">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #242424"><FONT STYLE="background-color: white">The Board allows
the Company to issue vague and misleading press releases touting expected profitability in 2025 in one instance and expected cash flow
positive in another release while OPT continues to report growing losses and expenses. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #242424"><BR>
<FONT STYLE="background-color: white">In addition to capital allocation mistakes, Mr. Stratmann has created an extravagantly bloated expense
structure as we noted in our public letter to the Company.</FONT><BR>
<BR>
<FONT STYLE="background-color: white">On multiple occasions, we gave the Company very clear guidance as to what to do &ndash; significantly
reduce expenses and overhead, implement a disciplined capital approach, and focus on the profitable core business of Marine Advanced Robotics
that we believe can become more profitable and revalue the stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #242424"><FONT STYLE="background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #242424"><FONT STYLE="background-color: white"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #242424"><FONT STYLE="background-color: white">&nbsp;</FONT><BR></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #242424"><BR>
<FONT STYLE="background-color: white">Following our letter, OPT&rsquo;s Board instead took self-serving entrenchment actions to ensure
Paragon&rsquo;s highly qualified candidates or any other constructively critical shareholders from standing for election or allowing them
to acquire more shares. Instead of facilitating a fair election, they rigged the rules of the game. Those actions have cost OPT millions
of dollars in legal and advisory fees that could have been avoided if the Board simply acted honestly and with the best intentions for
all OPT shareholders. </FONT><BR>
<BR>
<FONT STYLE="background-color: white">In our subsequent communications with the Board, the Chairman of the Board disregarded Paragon&rsquo;s
ownership of nearly 5% as material to warrant an equal voice on the Board, offered unmitigated support for the Company&rsquo;s strategy,
which is astonishing given the track record to date. We have noted on multiple occasions that all OPT directors and executives, collectively,
own less than 1% of the shares of OPT until when they recently took another shareholder unfriendly action when they again granted themselves
hundreds of thousands of shares while the Company continues to report worsening losses. </FONT><BR>
<BR>
<FONT STYLE="background-color: white">Today, the Company makes vague and opaque statements about expense reductions and future profitability
without offering any transparency to shareholders. That these purported changes, which were obvious to stockholders for many years, did
not occur sooner reflects the Board's disregard for shareholders and continued support of Mr. Stratmann&rsquo;s failed vision.</FONT><BR>
<BR>
<FONT STYLE="background-color: white">Given the Company's very depressed share price, we would expect Chairman Terrance Cryan to show
some urgency. To date, we have not seen evidence of leadership from Mr. Cryan in making the relevant course correction needed here.</FONT><BR>
<BR>
<FONT STYLE="background-color: white">We urge Mr. Cryan and his fellow Board members to take their fiduciary responsibilities to OPT&rsquo;s
stockholders seriously.</FONT><BR>
<BR>
<FONT STYLE="background-color: white">To show that they do, they must take the following steps:</FONT><BR>
<BR>
<FONT STYLE="background-color: white">1) Stop spending millions of dollars protecting their board seats and instead work with Paragon
on behalf of ALL OPT shareholders. Their actions thus far have irreparably harmed the Company.</FONT><BR>
<BR>
<FONT STYLE="background-color: white">2) Reduce operating expenditures to below $9m a year and focus of the business on Marine Advance
Robotics. There should be no need to do any dilutive financing if the company reduces operating expenditures accordingly.</FONT><BR>
<BR>
<FONT STYLE="background-color: white">3) Replace three existing OPT directors with three Paragon director nominees who have the proven
track record of restructuring and growing non-performing business. Under the supervision of Paragon&rsquo;s current Board, Paragon&rsquo;s
share price has advanced by over 800% in five years. Our experience has shown that the most constructive and productive Boards must first
disagree to develop an accountable and successful business strategy. </FONT><BR>
<BR>
<FONT STYLE="background-color: white">5) Eliminate the stockholder unfriendly poison pill.</FONT><BR>
<BR>
<FONT STYLE="background-color: white">If the Board starts to re-position the Company accordingly, we believe OPT will be a +$3 stock in
short order.</FONT><BR>
<BR>
<FONT STYLE="background-color: white">We do not want to continue a costly proxy battle to further distract and embarrass this Board and
drain this Company of capital. However, if we cannot work constructively with the Board to make these obvious changes, we will not hesitate
to take further action to put forward our own slate of candidates.</FONT><BR>
<BR>
<FONT STYLE="background-color: white">This Board will ultimately be forced to respond to stockholders -- either by taking decisive actions
today or through legal proceedings at a later date.</FONT><BR>
<BR>
<FONT STYLE="background-color: white">We urge our fellow stockholders to hold this Board accountable for their lackadaisical approach
to date. Please ONLY vote the BLUE proxy card from Paragon. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #242424">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Please email us at <U>ir@pgntgroup.com</U> with
any questions about how to vote your <B><U>BLUE proxy card</U></B>.</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: 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: <U>OPTT@allianceadvisors.com</U></B></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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>OPT has said that it will disregard proxy votes in favor of Paragon&rsquo;s
director nominees. Stockholders should review the section of Paragon&rsquo;s proxy statement titled &ldquo;Questions And Answers Relating
To This Proxy Solicitation--Why is OPT saying it will disregard Paragon&rsquo;s director nominations, and how does that impact proxies
that stockholders provide to Paragon?&rdquo; Whether OPT may lawfully disregard Paragon&rsquo;s director nominees is an issue that Paragon
expects will be resolved by the Delaware courts. </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #242424"><FONT STYLE="background-color: white"><B>By voting
on Paragon&rsquo;s BLUE universal proxy card, you can send a message to OPT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #242424"><FONT STYLE="background-color: white"><B>that you do
not support their actions in relation to the Annual Meeting and attempting to block the recognition of Paragon&rsquo;s nominees.</B></FONT></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>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Paragon Technologies, Inc., together with the other participants named
herein, has filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) a definitive proxy statement and an accompanying
proxy card soliciting 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">Paragon Technologies, Inc. is the beneficial owner of 2,797,647 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: 0.75in">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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, and Samuel S. Weiser, are the participants in the proxy solicitation. 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, has been and 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 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 ARE AVAILABLE AT NO CHARGE ON
THE SEC&rsquo;S WEBSITE AT&nbsp;<U>WWW.SEC.GOV</U>&nbsp;OR FROM PARAGON TECHNOLOGIES, INC. REQUESTS FOR COPIES SHOULD BE DIRECTED TO
PARAGON&rsquo;S PROXY SOLICITOR.</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"></P>

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