<SEC-DOCUMENT>0001104659-24-024450.txt : 20240215
<SEC-HEADER>0001104659-24-024450.hdr.sgml : 20240215
<ACCEPTANCE-DATETIME>20240215141954
ACCESSION NUMBER:		0001104659-24-024450
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240215
DATE AS OF CHANGE:		20240215

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:		24643250

	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>

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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">Filed by the Registrant&#9;<FONT STYLE="font-family: Wingdings">&#168;</FONT></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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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; 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">&#168;</FONT></TD><TD STYLE="text-align: justify">Fee computed on table in exhibit required by Item 25(b) per
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<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 February 15, 2024, Paragon Technologies,
Inc. issued a press release 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; background-color: white"><B>Paragon Asks Ocean
Power CEO Stratmann to Provide Shareholder Transparency to Recent Announcements - Believes Ocean Power Will Report Significant Losses
in Upcoming Quarterly Earnings Release</B></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"><B>EASTON, PA / ACCESSWIRE / February 15,
2024 /</B>&nbsp;Paragon Technologies, Inc. (&ldquo;Paragon&rdquo;), a diversified holding company, owning approximately 4.8% of the outstanding
shares of Ocean Power Technologies, Inc. (NYSE American:OPTT), (&ldquo;Company&rdquo;) (&ldquo;OPT&rdquo;), calls on Ocean Power&rsquo;s
CEO Phillip Stratmann to immediately provide shareholders with appropriate transparency regarding OPT&rsquo;s recent order and funding
announcements and how they impact the Company&rsquo;s bottom line in light of the Company&rsquo;s unsustainable expenses.</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">Having failed on two separate occasions to
achieve enough shareholder support for a quorum and thus delaying its annual meeting, we believe OPT is providing shareholders with incomplete
and biased information regarding its recent contract and funding awards in an attempt to influence shareholders. To date, an embarrassingly
small percentage of OPT&rsquo;s shareholders has voted in support of the current OPT board and management.</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">Despite continued and worsening financial
losses under this management team, this week OPT promotes a new order contract order and a &ldquo;funding&rdquo; award for its suite of
projects. As the Company&rsquo;s largest shareholder and on behalf of all the individual investors who have suffered continued losses
owning OPT stock, shareholders would like to know how these orders are going to affect the financial condition of the Company.</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">Over the past three plus years, OPT has consistently
celebrated negligible revenue increases while completely failing to acknowledge that expenses are growing faster than sales:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">FY Ended April 30,</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">2021</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">2022</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">2023</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">Q1/Q2 - 2024</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 44%">Sales</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: left">$1.2M</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: left">$1.8M</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: left">$2.7M</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: left">$2.2M</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Expenses</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$12.5M</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$21.5M</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$28.3M</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$16.1M</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: left; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Net Loss</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">($14.8M)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">($18.9M)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">($26.3M)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">($14.3M)</TD></TR>
  </TABLE>

<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; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The financial results speak for themselves:
OPT expenses skyrocket in exchange for modest growth in revenue dollars. And rather than focus on OPT&rsquo;s real problem of its unsustainable
expenses, growing losses and consistent decline in stock price, OPT instead continues to take victory laps.</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">We invite CEO Stratmann to talk less about
vague &ldquo;funding&rdquo; initiatives and instead outline and justify how OPT is going to be viable enough to achieve the &ldquo;profitability
in 2025&rdquo; that he has repeatedly confirmed.</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">Spending nearly $30 million to generate nearly
$3 million in sales is not something that should be celebrated. But that is exactly what OPT&rsquo;s management does - celebrate the small
victory while ignoring the major losses.</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">We believe OPT is set to report yet another
disastrous financial report when the Company reports earnings next month.</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">So far, OPT&rsquo;s directors have celebrated
their accomplishments by allowing the Company&rsquo;s share price to decline by nearly 90%.</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"></P>

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<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">Paragon urges OPT shareholders to continue
showing the OPT directors and executives that you will not be duped and misled about the state of OPT and&nbsp;<B><U>ignore any and all
messages from OPT asking you to vote the white proxy card. Do not let this Board get away with another year of destroying shareholder
value.</U></B></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"><B><U>If you have voted in ANY WAY on the
white proxy, you should revote the BLUE proxy to save your investment from a likely total loss.</U></B></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"><B><U>If you have NOT YET VOTED, we urge you
to ignore any and all calls or emails from OPT and completely disregard the white proxy and cast your vote on the BLUE proxy.</U></B></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">Please email us at&nbsp;ir@pgntgroup.com&nbsp;with
any questions about how to vote your BLUE proxy card.</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">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: center; background-color: white">&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<BR>
<B>Toll-Free Phone: 855-200-8651</B><BR>
<B>Email:&nbsp;OPTT@allianceadvisors.com</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>No matter how many shares you hold, we
would like to hear from you. Please email us at&nbsp;ir@pgntgroup.com&nbsp;if you need any help in voting your BLUE proxy.</B></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">By voting on Paragon&rsquo;s BLUE universal
proxy card, you can send a message to OPT that you do not support their actions in relation to the Annual Meeting and attempting to block
the recognition of Paragon&rsquo;s nominees.</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">OPT has said that it will disregard proxy
votes in favor of Paragon&rsquo;s director nominees. Whether OPT may lawfully disregard Paragon&rsquo;s director nominees is an issue
that Paragon expects will be resolved by the Delaware courts.</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">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;</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">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; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Paragon Technologies, Inc. is the beneficial
owner of 2,498,051 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; background-color: white">&nbsp;</P>

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

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

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

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