EXHIBIT 99.1

To:  All ELEKTRYON shareholders                             February 11, 2002

From:  Michael Holmstrom, President


On February 1, 2002, Elektryon filed for a reorganization under Chapter 11 of
the bankruptcy code in the US Bankruptcy Court, District of Nevada. The Company
has settled with all its known, legitimate creditors. It is our expectation
therefore, that the shareholders will be the principle beneficiaries of the
proposed Ocean Power transaction described below. The filing was done as a
condition to the consummation of a proposed Ocean Power transaction which we
first reported to you in October. As we reported at that time, as I reported
before, the Company signed a non-binding letter of intent to merge the Company
with Ocean Power Corporation, a Nasdaq OTC Bulletin Board company (Symbol:
PWRE.OB). On January 29, 2002 a term sheet outlining the details of a proposed
transaction between the parties was signed by Ocean Power and Elektryon. The
revised proposed transaction is subject to, among other things, final approval
of the boards of each company, a convertible debt facility of $250,000 to Ocean
Power by directors and other shareholders of Elektryon, and approval of the
bankruptcy court. Ocean Power's board of directors concluded that purchase of
Elektryon's assets in a bankruptcy reorganization of Elektryon was the most
efficient mechanism for concluding this transaction in order to protect the
shareholders of both companies.

The basic terms of the proposed transaction are as follows:

   o  Ocean Power will purchase the assets of Elektryon, including, among other
      things, its patents and Powr/Mastr units
   o  The transaction is to close within 10 days of the expiration of the appeal
      period of an order issued by the Bankruptcy Court approving a sale of
      Elektryon's assets to Ocean Power pursuant to an Asset Purchase Agreement
      to be entered into by Ocean Power and Elektryon.





Payments


   o  Ocean Power will issue Ocean Power stock to Elektryon upon closing valued
      at $7 million (based upon a minimum Ocean Power stock price of $2 or the
      average price for 20 days preceding the closing, whichever is higher) o
      Ocean Power will issue to Elektryon
   o  Ocean Power stock valued at $8 million (based upon a minimum price of $4
      per share or the average price for 20 days preceding the achievement of
      this milestone, whichever is higher) if and when the first of the
      following occurs:
         o  Ocean Power certifies 10,000 hours failure free operation of a
            Powr/Mastr unit at 90KW and meets Southern California air quality
            standards
         o  The Powr/Mastr line achieves three months sales totaling $6.25
            million with a gross margin of at least 30%
   o  Ocean Power will issue to Elektryon Ocean Power stock to Elektryon valued
      at $10 million (based upon a minimum price of $6 per share or the 20 day
      average prior to achieving this milestone, whichever is greater) if and
      when the second of the two events in the preceding bullet point is
      achieved.

Elektryon intends to propose a plan of reorganization pursuant to which a
distribution of Ocean Power shares will be made to Elektryon shareholders in
direct proportion to their holdings in Elektryon as soon as practicable
following the first closing. Future tranches of Ocean Power shares, should the
milestones be met, will be issued directly to Elektryon shareholders by Ocean
Power.

While we are hopeful that the proposed transaction can be completed and the plan
of reorganization can be filed and confirmed in a reasonable time frame, we can
offer no assurance when or whether the transaction will be completed or if the
plan of reorganization can be confirmed. Joanne Firstenberg and I will continue
to manage the affairs of the Company under the jurisdiction of the Court, and we
again thank you for your cooperation and patience. As always, we are available
to speak with any of you.





Sincerely,


Michael E. Holmstrom
President