Ocean Power Technologies, Inc. (Nasdaq:OPTT) (OPT), a leading wave energy technology company, today announced that it recently received approximately $1.5 million under the State of New Jersey’s Business Tax Certificate Transfer Program.
The Program enables companies to raise cash to finance their growth and operations and is administered by the New Jersey Economic Development Authority (NJEDA) and the New Jersey Department of the Treasury’s Division of Taxation. Under the Program, New Jersey-based technology or biotechnology companies with fewer than 225 US employees may be eligible to sell NJ state net tax operating losses (NOL’s) and research and development tax credits to unaffiliated corporations, for at least 80 percent of their value, up to a maximum lifetime benefit of $15 million per business. The State of New Jersey was the originator of the Program and the first state to implement and fund it.
Brian M. Posner, Chief Financial Officer of OPT , commented: “We are greatly appreciative of the NJEDA’s decision to approve our application in this year’s program. We were fortunate to work with Public Service Enterprise Group (PSEG) for the sale of our NOL’s and research and development tax credits under the program. We are grateful to both the state of New Jersey and PSEG for their continued support of technology companies like OPT. This Program makes an important contribution to our on-going technology development activities in New Jersey.”
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Press release, January 24, 2013