OPEL Solar International Inc.
TSX VENTURE : OPL

OPEL Solar International Inc.

February 03, 2011 17:35 ET

OPEL Solar Files Deemed Material Contracts on SEDAR

SHELTON, CONNECTICUT and TORONTO, ONTARIO--(Marketwire - Feb. 3, 2011) - OPEL Solar International Inc. (TSX VENTURE:OPL) ("OPEL" or "the Company"), today announced that following a review of its Public Disclosure documents the Company identified the following which required filing on SEDAR:

  1. Contracts and/or agreements as 'Material Contracts' in accordance with CSA National Instrument 51-102 Part 12:
  • Long Term Agreement dated March 5th, 2008 between OPEL, Inc. (subsidiary of the Company) and Spectrolab, Inc. regarding the purchase of Gallium Arsenide wafers, particulars of which was contained in News Releases dated March 26, 2008;

  • Joint Venture Agreement dated December 30th, 2010 between OPEL Solar, Inc. and Ecotech Environmental Technology Ltd. regarding a business relationship to facilitate the growth of the Company's solar products in Asia contained in News Releases dated December 15, 2010;

  1. Material Change Reports which are deemed 'Material Changes' pursuant Canadian Securities National Instrument 51-102 Part 7:
  • MCR filed on December 20, 2010 and relating to the May 17, 2010 news release announcing changes to management following the resignation of Robert Pico.

  • MCR filed on December 20, 2010 and relating to the June 7, 2010 news release announcing solar revenue forecasts over next 18 months in order of US$ 50-80 million.

  • MCR filed on December 20, 2010 and relating to the December 1, 2010 news release announcing a multi-million dollar solar sale to Toray Plastics.

Redacted versions of the said material contracts have now been filed on SEDAR and are available for review. Full particulars of material changes were published in press releases when they occurred but were subsequently repeated in material change reports filed on SEDAR in order to comply with applicable securities regulatory requirements.

About OPEL Solar International Inc.

With operations headquartered in Shelton, CT and the head 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 designs infrared sensor type products for military, consumer, industrial and commercial applications.

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.

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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