Ocean Power Technologies Inc 22 April 2005 NEWS RELEASE Ocean Power Technologies, Inc 1590 Reed Road Pennington, New Jersey 08534 USA DIRECTOR'S DEALING Pennington, NJ, USA, 22 April 2005 - Ocean Power Technologies, Inc ("OPT", or the "Company") (London Stock Exchange: AIM-OPT), a leading renewable energy technology company that is commercialising its off-shore wave-powered electrical generation systems, announces that it received notification on 18 April 2005 that Mr. Charles F. Dunleavy, Chief Financial Officer and Director, exercised options to purchase 16,666 shares of common stock under the Company's 2001 Stock Plan. The weighted average exercise price of the stock options was US $1.00. Mr. Dunleavy has sole beneficial interest in the shares acquired upon exercise. Following this exercise of options, Mr. Dunleavy holds options over 1,932,500 shares of common stock. For further information, please contact: Dr. George W. Taylor, Charles F. Dunleavy, Chief Executive Officer Chief Financial Officer Telephone: (609) 730-0400 Telephone: (609) 730-0400 E-mail: gtaylor@oceanpowertech.com E-mail: cdunleavy@oceanpowertech.com Michael Brennan, Evolution Beeson Gregory Ken Cronin, Gavin Anderson & Co. Telephone: +44 207 071 4300 Telephone: +44 207 554 1400 Background Information Ocean Power Technologies, Inc. OPT is the world's first publicly listed wave power company. It is commercialising its proprietary technology for the generation of electrical power using the energy of ocean waves. OPT's wave energy systems are based on modular, buoy-like structures, called PowerBuoysTM, which are "intelligent" systems capable of responding to differing wave conditions. The Company's ocean-tested systems have the potential to provide cost competitive, clean electrical power on a large scale without the enhancements of tax credits or subsidies. For further information, see the Company's website: www.oceanpowertechnologies.com. This information is provided by RNS The company news service from the London Stock Exchange