Ocean Power Fails to Engage in Good Faith with Paragon Creating Going Concern Issues and Risk for the Company and Its Shareholders [Yahoo! Finance]
PARAGON TECHS INC (PGNT)
NASDAQ:AMEX Investor Relations:
pgntgroup.com
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Source: Yahoo! Finance
Power Technologies, Inc. (NYSE American:OPTT), ("Company" or "OPT"), issues the following statement. On April 28 th Paragon announced its willingness to consider investing up to $3 million in non-dilutive preferred equity in OPT. In exchange for making this investment, Paragon put forward a general framework of terms customary for distressed investments. Paragon agreed to drop existing lawsuits pending against OPT should a suitable financing solution be agreed upon. Despite the Company's precarious financial condition, the OPT Board has decided not to make a good faith effort to engage Paragon to discuss this potentially crucial investment instead making unreasonable demands of Paragon a condition for such discussions. Instead of engaging with Paragon, OPT continues to issue press releases touting completed testing studies or partnerships that are vague and lack any substance as to the impact of these awards, contracts or results on OPT's operating performance which has been dis
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