OPEL International Inc.
TSX VENTURE : OPL

OPEL International Inc.

April 16, 2009 17:31 ET

OPEL International Files 2008 Annual Financials

SHELTON, CONNECTICUT and TORONTO, ONTARIO--(Marketwire - April 16, 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 for the 12-month period ended December 31, 2008 (collectively the "Financials").

The Financials shows continued revenue growth over the third quarter of 2008 and significant growth over the fourth quarter of 2007. OPEL continues to make strides toward its goals and objectives and looks forward to continued progress and growth in 2009, as outlined in the Company's MD&A.

The Company has begun shipments for its previously announced grid field installation in Spain which will provide higher levels of revenue in the coming quarters. In commenting on the financials, Michael McCoy, OPEL's Chief Financial Officer said, "We now have a growing HCPV backlog and a growing tracker business in Europe and the US, and about US$17 million in cash. OPEL continues to be well poised for growth."

Also today, the Company announces the grant of stock options under its stock option plan to certain directors, employees and consultants of the Company to purchase up to an aggregate of 262,000 common shares, representing 0.43% of the outstanding voting shares of the Company. Options granted to the independent Board of Directors of the Company, represent 65% of the grant. The stock options are exercisable at a price of CA$0.24 (being today's closing price) per share expiring April 16, 2014. There are currently 8,473,000 options outstanding and 60,585,849 voting shares outstanding.

The options will vest and be exercisable on the basis of 25% on the date of grant (April 16, 2009) and 25% every six months thereafter. All shares issuable pursuant to the exercise of options are subject to a hold period until June 17, 2009. The options were granted subject to provisions of the Company's stock option plan approved by shareholder in June 2007, the TSX Venture Exchange policies and the applicable securities laws.

About OPEL International

With operations headquartered in Shelton, CT and 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 31 patents and has 15 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: April 16, 2009

ON 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, Administration
    (203) 612-2366 Ext 2612
    p.agudow@opelinc.com
    or
    W.T. Blase & Associates, Inc.
    Bill Blase, Cathy Loos, or Stephanie Kuffner
    Media Relations
    (212) 221-1079
    info@wtblase.com