OPEL International Inc.
TSX VENTURE : OPL

OPEL International Inc.

November 24, 2009 16:05 ET

OPEL International Files Third Quarter 2009 Financials

SHELTON, CONNECTICUT and TORONTO, ONTARIO--(Marketwire - Nov. 24, 2009) - OPEL International Inc. (TSX VENTURE:OPL) ("OPEL" or "the Company"), a leading global developer and supplier of high concentration photovoltaic ("HCPV") and other solar products, including ground-based and rooftop tracker systems, today announced the filing on SEDAR of its Financial Statements and the Management's Discussion and Analysis ("MD&A") for the 3-month period ended September 30, 2009 (collectively the "Financials").

OPEL's revenue for the third quarter of 2009 was an increase of $20K over the second quarter of 2009 and for the nine months of 2009 revenue was $547K, $31K lower than the same period of 2008. OPEL has now connected 330kW of its Spanish solar installation to provide electricity to the grid. This grid connection will allow for the sale to a third party. Our quoting activity increased during the quarter for our HCPV panels and our tracker systems, as well as the size of the projects being quoted. OPEL filed for a cash payment of $179K, on its CT school roof installation, under the U.S. Federal stimulus package, and it was just paid after the close of the quarter. OPEL's balance sheet remains in a strong liquidity position with no debt.

"We feel the solar market has started to break out of the slump," said Michael McCoy, OPEL'S Chief Financial Officer. "With our Spanish installation now successfully generating utility scale solar power, we can focus our attentions to closing and delivering on our new quoting activities in addition to continuing to deliver on our overall goals, as outlined in our MD&A."

About OPEL International

With OPEL Solar, Inc. operations headquartered in Shelton, CT and the headquarters office in Toronto, Ontario, Canada, OPEL designs, manufactures and markets high performance concentrating photovoltaic ("HCPV") panels to transform solar energy into electricity for worldwide application. OPEL's high performance photovoltaic concentrating panels generate up to 40% more kilowatt-hours than conventional flat plate silicon solar panels, resulting in more cost effective electricity generated from the sun. OPEL also markets a complete line of dual and single axis solar trackers to mount solar panels for the optimum power output. OPEL also designs infrared sensor type products for military and industrial applications.

A leader in gallium arsenide and solar photovoltaic technology, the Company has been awarded 39 patents and has eight more patents pending. OPEL's common shares trade on the TSX Venture Exchange under the symbol "OPL". For more information about OPEL, please visit the Company's website at www.opelinc.com.

Dated: November 24, 2009

IN BEHALF OF THE BOARD OF DIRECTORS

Michel Lafrance, Secretary

Investors are cautioned that except for statements of historical facts, certain statements contained in this news release may include forward-looking information with respect to the Company. Such forward-looking statements or information are based on current expectations, estimates and projections formulated using assumptions currently believed to be reasonable and involving a number of risks and uncertainties which could cause actual results to differ materially from those anticipated. The Company does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The TSXV has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • OPEL International Inc.
    Pat V. Agudow
    Vice President, Public Relations
    (203) 612-2366 Ext 2612
    (203) 944-0800 (FAX)
    p.agudow@opelinc.com
    or
    WT Blase & Associates Inc.
    Bill Blase, Cathy Loos, or Stephanie Kuffner
    Media Relations
    (212) 221-1079
    solar@wtblase.com