Ocean Power Technologies, Inc. (NASDAQ:OPTT) Q2 2020 Earnings Conference Call - Preliminary Transcript

Dec 10, 2019 • 11:00 am ET

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Ocean Power Technologies, Inc. (NASDAQ:OPTT) Q2 2020 Earnings Conference Call - Preliminary Transcript

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Q & A
Operator
Operator

Thank you, we will now be conducting a question-and-answer session. (Operator Instructions) Our first question is coming from (ph) Peter Ruggiere from Dawson James , your line is now live.

Analyst
Unidentified Participant

Hi, George. How are you doing?

Executive
George H. Kirby

Good morning, Peter. Good to hear you.

Analyst
Unidentified Participant

Couple of questions, going down this, the highlights. Can you hear me okay?

Executive
George H. Kirby

Yes.

Analyst
Unidentified Participant

Okay. The -- on this thing in the Gulf of Mexico. You said, it was (ph) completely approved, I'm assuming, is it, the question on the presentations (Technical Difficulty) headquarters in -- in Texas and two is Anadarko and (ph) Exxon , which one will you guys (inaudible) employment (ph) where the deployment (inaudible) contract (inaudible)?

Executive
George H. Kirby

That's a good question. We've been asked under non-disclosure, not to mention the name of the company. But you're correct, the study that we did, which we completed

over the summer time was accepted approved by this customer. And essentially what they do is they take our solution and they essentially roll it out to their operations, allowing it to be used throughout their operations. So given that we have a framework agreement in place with them, which is good for not only services but also products. We would hope we would expect to be able to move into next steps with this particular operator.

Analyst
Unidentified Participant

How many PowerBuoys would you anticipate possibly there?

Executive
George H. Kirby

With one single customer right now we have line of sight to definitely more than one. It could be as high as five, six, seven, it really depends on how they want to approach their challenges. But the good news is that the PowerBuoy solution as well as utilizing other other solution functions, have all been approved for use by this customer.

Analyst
Unidentified Participant

That's great. Question for -- on this -- on the balance sheet, if -- how many, if I take $11.4 million at the end of October, if I divide it, how many shares would I figure out the cash value per share like 6.2 million shares or?

Executive
Matthew T. Shafer

Yeah, so Peter you're asking what is our number of shares outstanding?

Analyst
Unidentified Participant

Right. If I look at past value with our warrants writing (inaudible) (ph) $1.83 a share and we're trading under (inaudible) which is kind of ridiculous as far as I'm concerned.

Executive
Matthew T. Shafer

Right. So, right. So our shares outstanding is about 6.5 million. So maybe are using 6.2.

Analyst
Unidentified Participant

6.5 -- so $1.75 okay. And this is for George. A couple of conference calls later you guys still moving forward with MES with Mitsui Engineering, but wasn't there (inaudible) company in Asia that there might be an order possibly in the background going on?

Executive
George H. Kirby

We are. Yeah, we're talking to several, we're talking about several different opportunities in Southeast Asia, one in particular is an island nation that is considering a fairly sizable order, when you think about island nations, they have huge amounts of coastline to protect, they have -- this particular one is -- is trying to protect against illegal fishing, illegal trafficking