Ocean Power Technologies Inc 01 December 2005 NEWS RELEASE Ocean Power Technologies, Inc. 1590 Reed Road Pennington, New Jersey 08534 USA For Immediate Release DIRECTOR'S DEALING Pennington, NJ, USA, 1 December 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 30 November 2005 that Mr. Charles F. Dunleavy, Chief Financial Officer and Director, has sold a total of 75,000 shares of common stock ("Shares") at a price of 77.5p per Share. Following this sale, Mr. Dunleavy has beneficial interest in 759,766 Shares representing 1.47% of the Company's issued share capital. 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, 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