OPEL Solar International Inc.
TSX VENTURE : OPL

OPEL Solar International Inc.

June 24, 2011 13:54 ET

OPEL Solar International Celebrates Its Solar Innovations & POET Technology at the Annual and Special Meeting

SHELTON, CONNECTICUT and TORONTO, ONTARIO--(Marketwire - June 24, 2011) - OPEL Solar International Inc. (TSX VENTURE:OPL) ("OPEL" or "the Company"), a leading global supplier of high concentration photovoltaic ("HCPV") solar panels and trackers, announced that its Annual General and Special Meeting ("AGM") took place on June 21, 2011 and that the shareholders approved the election of the following nominees to the Board of Directors as was proposed in the Information Circular:

Tristram E. CollinsChristopher Grasset
Lawrence R. Kunkel - ChairmanDr. Samuel Peralta
Leon M. Pierhal.

In a subsequent Board Meeting that followed the AGM, the Board reappointed the following executive officers for the Company:

Leon M. Pierhal, President & Chief Executive Officer
Michael McCoy, Treasurer & Chief Financial Officer
Francisco Middleton, Chief Operating Officer and Vice President of Marketing
Dr. Javier Berrios, Vice President of Engineering
Patricia Venneri Agudow, Vice President of Administration, Public & Government Relations
Michel Lafrance, Corporate Secretary

The shareholders also approved the re-appointment of Marcum LLP, Accountants & Advisors, of New Haven, Connecticut, as the auditors of the Company for the ensuing year.

In addition to the usual matters determined at the AGM, the shareholders approved the Amendment to the Company's Stock Option Plan and a special resolution to change the name of the Company to 'OPEL Technologies Inc.'. The purpose of the name change was to reflect a more descriptive name to encompass the broadening universe that is OPEL today. The Company has two distinct divisions - OPEL Solar, Inc. and ODIS Inc., the inventor of the POET technology.

OPEL Solar and ODIS product displays were set up at the AGM providing the shareholders a view of the technology advancements of the Company's products. Shareholders were presented with an update by Leon M. Pierhal, the Chief Executive Officer of OPEL, on the status the Company from management's perspective. Mr. Pierhal described management's vision and the achievements successfully attained from the Company's repositioning effort in the last year that was undertaken to with the intent of creating a successful future and revenue outlook. Mr. Pierhal took the shareholders through the entire cycle from initial order through installation on the solar business side for a better understanding of the revenue recognition time sequences. Francisco Middleton, the Chief Operating Officer & Vice-President of Marketing for the Company's solar products also made a presentation to the shareholders. Mr. Middleton emphasized that all of the advancements in the OPEL Solar product line were designed to yield cost savings for customers along with increased electric power production per area of land.

Next, supported by Dr. Geoff Taylor, the architect of POET who was present, Mr. Pierhal showcased OPEL's affiliated company, ODIS Inc. ("ODIS"), providing the audience a better understanding of the business and potential contribution ODIS will have on shareholder value and the technological progress made since the valuation of the POET technology and, most recently, its independent technological validation completed by BAE Systems of a working transistor. The development of this product is focused currently on increasing the speed and decreasing the energy usage in the general purpose server, desktop and laptop microprocessor markets for consumer applications. Also it can be used in smart phone and computer tablet devices.

Following the AGM, the directors granted incentive stock options to the newly-elected directors of the Company to purchase up to an aggregate of 200,000 common shares, representing 0.2% of the outstanding voting shares of the Company. The stock options are exercisable at a price of CA$0.92 per share, expiring June 21, 2021. The exercise price was the closing price on the day prior to the grant, being June 20, 2011.

There are currently 7,854,250 options outstanding and 92,908,421 voting shares outstanding. The options will vest and be exercisable on the basis of 25% on the date of grant and 25% every six months thereafter. These options were granted subject to provisions of the Company's stock option plan which was approved by shareholders at the AGM, and are subject to the TSX Venture Exchange policies and the applicable securities laws.

About OPEL Solar International Inc., OPEL Solar, Inc. and ODIS Inc.

With operations in Shelton, CT and head office in Toronto, Ontario, Canada, the Company, through OPEL, Inc., designs, manufactures and markets high-concentration photovoltaic panels and dual- and single-axis trackers for related CPV and PV systems for energy applications worldwide. The Company, through ODIS Inc., a U.S. company, designs III-V semiconductor devices for military, industrial and commercial applications, including infrared sensor arrays and ultra-low-power random access memory. The Company has 35 patents issued and 12 patents pending in PV systems technologies and for its semiconductor POET process, which enables the monolithic fabrication of integrated circuits containing both electronic and optical elements, with potential high-speed and power-efficient applications in devices such as servers, tablet computers and smartphones. 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: June 24, 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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