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Ocean Thermal Energy Corporation Announces Regulation A Rights Offering

LANCASTER, Pa., Sept. 17, 2014 (GLOBE NEWSWIRE) -- Ocean Thermal Energy Corporation (GXG:OTEC) (ISIN: SE0006028023, CUSIP: 675100101), a turnkey supplier of Ocean Thermal Energy Conversion (OTEC) and Seawater Air Conditioning (SWAC) Systems worldwide, today announced a rights offering for up to $4,999,999.50 of common stock to its shareholders under Regulation A of the Securities and Exchange Act of 1933. OTE expects to use the proceeds from the rights offering, if any, to fund additional growth initiatives aimed at project development for OTEC and SWAC systems worldwide, including Caribbean nations such as The Bahamas, U.S. Virgin Islands, Cayman Islands, and Haiti.

Regulation A is an exemption for public offerings not exceeding $5 million in any 12-month period. The securities under Regulation A may be offered publicly, using general solicitation and advertising, to both accredited and non-accredited purchasers, who do not receive "restricted securities," A copy of the filing in its entirety will be available at http://www.sec.gov.

The record date for the distribution of the rights and the dates for both the subscription period and the expiration of the rights offering will be included in the final offering circular. Under the proposed terms of the rights offering, OTE would distribute one right to each holder of record of every share of its common stock that is held on the record date. Each transferable right will entitle the shareholder to purchase one (1) share of common stock at $1.50.

Holders who fully exercise their rights will be entitled to subscribe for an additional amount of common stock in an amount equal to up to 500% of the shares of common stock for which such holder was otherwise entitled to subscribe, subject to certain limitations and subject to allotment. Any unsubscribed shares will be offered to the public.

MacKenzie Partners will act as the information agent and may be reached at (212) 929-5500 or (800) 322-2885 or via email at oterights@mackenziepartners.com. Consummation of the rights offering is subject to customary closing conditions.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification under federal and state securities laws. The rights offering, which is expected to be launched immediately following the effectiveness of an offering circular relating to the offering, will be made only by means of the offering circular.

About Ocean Thermal Energy Corporation

Ocean Thermal Energy Corporation is a turnkey supplier of Ocean Thermal Energy Conversion (OTEC) and Seawater Air Conditioning (SWAC) Systems worldwide. The Company provides financing, design, construction and operation of OTEC and SWAC systems and has offices in Pennsylvania, Virginia, The Bahamas, Cayman Islands, United States Virgin Islands, Hawaii, London, UK and Stockholm, Sweden. OTE traces its roots back to 1988 and has a multidisciplinary team of experienced corporate executives, scientists and ocean engineers, together with strong strategic alliances with premier corporations and financing institutions.

For additional information regarding OTE, please visit the Company's website at www.otecorporation.com.

About MacKenzie Partners, Inc.

MacKenzie Partners, Inc. is a full-service proxy solicitation, investor relations and corporate governance consulting firm specializing in rights offerings, mergers-and-acquisitions and proxy contest related transactions. The firm has offices in New York City, Los Angeles, Palo Alto and London. MacKenzie's services include – in addition to traditional proxy solicitation – corporate governance consulting, security holder solicitations, information agent services for tender and exchange offers, beneficial ownership identification, market surveillance and associated financial, investor and media relations services.

For more information, please visit http://www.mackenziepartners.com/

Disclaimer

THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION DOES NOT PASS UPON THE MERITS OR GIVE ITS APPROVAL TO ANY SECURITIES OFFERED, OR THE TERMS OF THE OFFERING NOR DOES IT PASS UPON THE ACCURACY OR COMPLETENESS OF ANY

OFFERING CIRCULAR OR OTHER SELLING LITERATURE THESE SECURITIES ARE OFFERED AN EXEMPTION FROM REGISTRATION WITH THE COMMISSION No ARE OFFERED PURSUANT TO AN EXEMPTION FROM REGISTRATION WITH THE COMMISSION HOWEVER THE COMMISSION HAS NOT MADE AN INDEPENDENT DETERMINATION THAT THESE SECURITIES OFFERED HEREUNDER ARE EXEMPT FROM REGISTRATION

The Rights Offering is being made to holders of common shares in the Qualifying Jurisdictions. Holders of rights resident outside the Qualifying Jurisdictions who establish to the satisfaction of the Company that the receipt by them of the rights and the issuance to them of common shares upon the exercise of the rights will not be in violation of the laws of their jurisdiction of residence will be allowed to receive and exercise rights.

CONTACT: Company: James D. Greenberg Director and Chief Sustainability Officer Tel: +1 800 298 5819 Investor Relations: Shawn Severson The Blueshirt Group Phone: (415) 489-2198 E-mail: shawn@blueshirtgroup.comSource:Ocean Thermal Energy Corporation