Ocean Power Technologies Inc 02 November 2005 NEWS RELEASE Ocean Power Technologies, Inc. 1590 Reed Road Pennington, New Jersey 08534 USA For Immediate Release DIRECTOR'S DEALING Pennington, NJ, USA, 2 November 2005 - Ocean Power Technologies, Inc ("OPT", or the "Company") (London Stock Exchange:AIM-OPT), announces that it received notification on 31 October 2005 that Mr. Charles F. Dunleavy, Chief Financial Officer and Director of the Company, exercised options to purchase 112,500 shares of common stock of US $.001 each ("Common Stock") under the Company's 2001 Stock Plan. The weighted average exercise price of the stock options was US $.55. Mr. Dunleavy has sole beneficial interest in the shares acquired upon exercise. Following this exercise of options, Mr. Dunleavy holds options over 1,955,000 shares of Common Stock and has beneficial interest in 834,766 shares of Common Stock representing 1.6 percent of the Company's shares of Common Stock in issue. In addition, options over 36,666 shares of Common Stock have been exercised by a third party at an average price of US $1.00 per share of Common Stock. Accordingly, the Company has allotted 149,166 shares of Common Stock and application has been made to the AIM Market of the London Stock Exchange ("AIM") for the admission to trading of 149,166 shares of Common Stock. These shares rank pari passu with the Company's existing Common Stock. Dealings on AIM are expected to commence on 8 November 2005. Following this listing the Company will have 51,684,619 shares of Common Stock in issue. 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 Tim Redfern, Ken Cronin, Evolution Securities Ltd. Gavin Anderson & Company Telephone: +44 207 071 4312 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