OPEL Technologies Inc.
TSX VENTURE : OPL

OPEL Technologies Inc.

February 16, 2012 16:11 ET

OPEL Technologies Inc.-Incentive Stock Option Grant

SHELTON, CONNECTICUT and TORONTO, ONTARIO--(Marketwire - Feb. 16, 2012) - OPEL Technologies Inc. (TSX VENTURE:OPL) and OPEL Solar Inc. (collectively "OPEL" or "the Company"), a leading global supplier of solar tracker systems and other solar related products, and a semiconductor device and process developer, announced today the grant of additional incentive stock options under its stock option plan to certain directors, officers, key consultants and employees of the Company to purchase up to an aggregate of 2,280,000 common shares, representing 2.45% of the outstanding voting shares of the Company. Options granted to the Company's officers represent 44.5% of the total grants, and options to the independent members of the Board of Directors of the Company represent 39.5% of the total grants. The remaining options were granted to key consultants and employees. The stock options are exercisable at a price of CA$0.23 per share expiring February 16, 2022. The exercise price is the closing market price of February 15, 2012.

There are currently 11,344,000 options outstanding and 93,175,921 voting shares outstanding. There are 511,250 options that have recently expired unexercised and another 1,695,750 out-of-the-money options that will expire from March 8 to May 24, 2012, for a total of 2,207,000 options expired and expiring.

The options will vest and be exercisable on the basis of 25% on the date of grant and 25% every six months thereafter. The options were granted subject to provisions of the Company's stock option plan which was approved by shareholders in June 2011, and subject to the TSX Venture Exchange policies and the applicable securities laws.

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 other solar related products for 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 16, 2012

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.

Contact Information

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