OPEL Solar International Inc.
TSX VENTURE : OPL

OPEL Solar International Inc.

February 18, 2011 08:00 ET

OPEL Files Amended Financial Documents on SEDAR

SHELTON, CONNECTICUT and TORONTO, ONTARIO--(Marketwire - Feb. 18, 2011) - OPEL Solar International Inc. (TSX VENTURE:OPL) ("OPEL" or "the Company"), announces that following a review of its Public Disclosure documents the Company found minor omissions in previously filed financial statements and Management Discussion and Analysis ("MD&A") requiring that amended versions be filed today on SEDAR to correct the errors described below:

  • The unaudited consolidated Financial Statement for the nine month period ended September 30, 2010 were amended to include segment disclosures about each reportable segment for the periods ended March 31, June 30 and September 30, 2010, to provide more clarity in compliance with subparagraph 14(e) of CICA Handbook 1751 Interim Financial Statements

  • The MD&A for the same period was also restated to include segment disclosures and additional information about the Company's activities over the eight most recent quarters that may provide more clarity as to material transactions that have affected the Company's performance over the said period.

This restatement does impact the balance sheet, comprehensive income statement or statement of cash flows of the Company as previously filed.

These financial statements are consolidated with the Company's subsidiaries and affiliates, being OPEL Inc., ODIS Inc. and OPL Solar Europe. The Company and its subsidiaries operate in two distinct segments: (1) the manufacture and sale of high efficiency solar panels and multi-axis solar tracking systems and (2) the design of infrared sensor type products for military and industrial applications.

The amended financial statements and the revised MD&A have been filed on SEDAR and are available for review at www.sedar.com and on the Company's website.

About OPEL Solar International Inc.

With operations headquartered in Shelton, CT and the head office in Toronto, Ontario, Canada, the Company, through OPEL Inc., 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 either HCPV or flat solar panels for the optimum power output. The Company, through ODIS Inc., a US company, designs infrared sensor type products for military, consumer, industrial and commercial applications. ODIS continues to develop gallium arsenide-based processes and semi-conductor microchip products having several potential major market applications: infrared sensor arrays for Homeland Security monitoring and imaging along with the unique combination of optical lasers, and electronic control circuits on the same microchip for potential applications in various military programs and potentially telecom for, Fibre to The Home.

A leader in gallium arsenide and solar concentrating photovoltaic technology, the Company has been awarded 33 patents and has 17 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: February 18, 2011

ON BEHALF OF THE BOARD OF DIRECTORS

Michel Lafrance, Secretary

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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