Lancaster, PA- May 25, 2017 – Ocean Thermal Energy Corporation (OTC: TDYSD) (the “Company”, “we” or “OTE”), a project developer for Ocean Thermal Energy Conversion (“OTEC”), clean hydrothermal energy plants, and Seawater District Cooling/Seawater Air Conditioning (“SWAC”) cooling plants, announced today that FINRA has approved and effected all corporate actions in connection with the Company’s merger with TetriDyn Solutions, Inc.
Effective at the open of business today, May 25th, the Company will commence trading under the ticker symbol, “TDYSD”. After 20 business days, the ticker symbol will change to “CPWR”, a reference to OTE’s business in “Sea Power”. The forward stock split of 2.167559-for-1 and the Company’s name change to Ocean Thermal Energy Corporation will be effective today as well, pursuant to the merger agreement and by action of FINRA. Ocean Thermal Energy Corporation will now have 110,808,317 common shares outstanding.
Jeremy P. Feakins, Chairman and CEO of Ocean Thermal Energy Corporation, stated, “This is a tremendous development for OTE. The corporate action by FINRA completes the work that began when OTE merged with TetriDyn, a fully-compliant, publicly-traded company. We look forward to using the OTC Markets platform to raise our visibility with new investors, access growth capital in public markets, and continue our mission to bring OTEC and SWAC technology to millions of people around the world.”
About Ocean Thermal Energy Corporation
OTE is a Lancaster, Pennsylvania-based Company with plans and projects for deep-water hydrothermal clean-energy systems which include producing fossil-fuel free electricity through Ocean Thermal Energy Conversion (OTEC) and environmentally friendly cooling though Seawater Air Conditioning (SWAC). An important part of the technology is the production of large amounts of water for drinking, aquaculture, and agriculture.
OTE’s technology is best suited to tropical and subtropical regions of the world where about 3 billion people live. It utilizes the natural temperature differential in oceans to generate base-load, 24/7, clean, non-polluting electricity, as well as alternative, energy-efficient cooling systems and fresh water, the latter of which is essential for the entire world, particularly developing communities. Since the 1970s, OTEC and SWAC systems have been successfully demonstrated and operating in several locations around the world.
For additional information regarding OTE, please visit the Company’s website at www.otecorporation.com.
Safe Harbor Statement
Except for the historical information contained herein, this press release contains forward-looking statements made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this press release regarding OTE’s plans or expectations constitute forward-looking statements. These statements involve risks and uncertainties that can cause actual results to differ materially from those in such forward-looking statements. These risks and uncertainties, include, without limitation: a decision by any of the interested parties to not enter into a definitive power purchase agreement; the inability of the parties to successfully negotiate and enter into a definitive power purchase agreement; the inability of the parties to meet every closing condition contained in such definitive power purchase agreement and the protection and maintenance of OTE’s intellectual property rights. Additional information and factors that could cause actual results to differ materially from those in the forward-looking statements are contained in OTE’s periodic reports filed with the Securities and Exchange Commission under the heading “Risk Factors.” Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made, and the facts and assumptions underlying the forward-looking statements may change. Except as required by law, OTE disclaims any obligation to update these forward-looking statements to reflect future information, events or circumstances.
PCG Advisory Group
D: 646 762 4518