OPEL Technologies Inc.
TSX VENTURE : OPL

OPEL Technologies Inc.
OPEL Solar, Inc.

OPEL Solar, Inc.

February 06, 2012 08:00 ET

OPEL Technologies Inc. Announces Management Change

SHELTON, CONNECTICUT and TORONTO, ONTARIO--(Marketwire - Feb. 6, 2012) - OPEL Technologies Inc. (TSX VENTURE:OPL) and OPEL Solar Inc. ("OPEL" or "the Company"), a leading global supplier of solar tracker systems and high concentration photovoltaic ("HCPV") solar panels, and a semiconductor device and process developer, announced today a change to its Management Team. Francisco ("Frank") Middleton, Chief Operating Officer, has retired from the Company. Frank came out of retirement to join OPEL six years ago to develop the Company's HCPV technology and universal solar tracking systems. Over the years, Frank has seen the rise of OPEL's worldwide acceptance within the CPV and tracker businesses. Now that OPEL is enjoying market-leading success and continuing growth, especially with its solar trackers, Frank believes it is a perfect time for his transition back into retirement. We wish Frank well in his future endeavors.

On an interim basis, Mr. Leon M. Pierhal, Chief Executive Officer, will direct OPEL Solar's marketing activities with the support of the sales and marketing staff. The Company's Management and the Board remains optimistic that the Company's efforts will result in strong growth in both its solar and semiconductor lines of business. OPEL continues to be committed to the goal of increasing long-term shareholder value and underlines its confidence in the current strategy for the Company's solar business.

"The businesses of OPEL retain great potential," said Leon M. Pierhal, Chief Executive Officer of OPEL Technologies. "We are experiencing tremendous sales momentum in the area of our universal solar tracking systems. At the Annual General Meeting, I discussed refocusing OPEL Solar to meet the increasing worldwide demand for tracking systems. Over the recent months, OPEL has been actively responding to numerous proposal requests for utility scale projects requiring solar trackers for different types of PV technologies. In fact, our pivot to tracking systems has generated such activity that to meet the demand, OPEL has shifted resources from our CPV business in order to devote the required attention to solar trackers," Pierhal stated.

In addition, the ODIS group continues to grow to meet its goals. "ODIS continues to successfully forge ahead in its POET development program to achieve its expected milestones," added Pierhal.

Dr. Javier Berrios is taking on an expanded role as Vice President of Engineering and New Product Development. He will continue in his current engineering capacity within the solar business. Dr. Berrios' deep background in photonics will be of strategic importance to support the ongoing POET development and ODIS's semiconductor business plan.

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

With operations in Shelton, CT and head office in Toronto, Ontario, Canada, the Company, through OPEL Solar, Inc., designs, manufactures and markets dual- and single-axis trackers and high-concentration photovoltaic panels 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 16 patents pending in PV systems technologies and for its semiconductor POET process. The POET process 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 our websites at www.opelsolar.com; and www.opeltechinc.com; and for ODIS at www.odisinc.com.

Dated: February 6, 2012

ON BEHALF OF THE BOARD OF DIRECTORS

Michel Lafrance, Secretary

Tel: This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others, those concerning OPEL's growth outlook, increasing shareholder value and achieving milestones. They also include the statement that "The Company's Management and the Board remain optimistic that the Company's efforts will result in strong growth in both its solar and semiconductor lines of business."

Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding future growth and demand, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of OPEL's anticipated projects, delays or changes in plans with respect to the development of OPEL's anticipated projects by OPEL's third party relationships, risks affecting OPEL's ability to execute projects and market its solar products, risks inherent in operating in foreign jurisdictions, the ability to attract key personnel, and the inability to raise additional capital. Additional assumptions and risks are set out in detail in OPEL's Annual Information Form, available on SEDAR at www.sedar.com.

Although OPEL believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in OPEL's securities should not place undue reliance on forward-looking statements because OPEL can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and OPEL assumes no obligation to update or revise this forward-looking information and statements except as required by law.

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.

Contact Information

  • OPEL
    Patricia Venneri Agudow
    Vice President, Public Relations
    +1 (203) 612-2366 x2612
    p.agudow@opelinc.com