Ocean Power Corporation Update
Updated: Monday, November 20, 2000 07:10 AM ET
EL DORADO HILLS, Calif.--(BUSINESS WIRE)--Nov. 20, 2000--Ocean Power Corporation (OTC:PWRE, news, msgs) has expanded its previously announced Memorandum of Understanding with Ecological Engineering and Monitoring, Inc. (EEM) of San Diego, California, and Moscow, Russia, (June 8, 2000), to include a broader range of uses for desalination, power generation, process control and environmental monitoring.
In addition, the Board of Directors of Ocean Power has approved retaining First Union Securities, Inc. as its financial advisor. First Union Securities will work with the company in its acquisition and financing activities.
First Union Securities is the trade name under which First Union Corporation conducts its investment banking, securities and capital markets businesses through its bank and nonbank subsidiaries, including First Union Securities, Inc. ("FUSI"), member NASD, NYSE, and SIPC; and the institutional finance divisions of First Union National Bank ("FUNB").
The above statements in regard to Ocean Power which are not purely historical are forward-looking statements including Ocean Power's beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and are based on information available to Ocean Power as of such date. It is important to note that actual outcome and the actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties such as technological, legislative and marketplace changes.
CONTACT: Ocean Power Corporation
Joseph P. Maceda, 916/933-8100
www.pwre.com |
