OPEL International Inc. (TSX-V: 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 18, 2010 and that the shareholders approved the re-election of the Board of Directors as presented in the proxy materials. In a subsequent Board Meeting that followed the AGM, the Board reappointed the following executive officers for OPEL International:Leon M. Pierhal, President & Chief Executive OfficerMichael McCoy, Treasurer & Chief Financial OfficerFrancisco Middleton, Chief Operating Officer and Vice President of Marketing Dr. Javier Berrios, Vice President of Engineering Patricia V. Agudow, Vice President of Administration, Public & Government Relations Michel Lafrance, Corporate Secretary
The shareholders also approved the 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 special resolutions to change the name of the Company to ‘OPEL Solar International Inc.’ and to continue the Company from the Province of New Brunswick into the Province of Ontario (the “Continuance”). The purpose of the name change was to reflect the nature of the primary business of the Company. The purpose of the Continuance was to simplify the Company’s administrative and regulatory requirements, especially since the Company had no significant connection to New Brunswick other than its reporting obligation under the New Brunswick Business Corporation Act (NBBCA). In addition, shareholders approved ancillary by-law amendments required in connection with the Continuance.
This year’s AGM contained special new aspects such as product displays of both OPEL Solar and ODIS, providing the shareholders a view of the technology advancements of the Company’s products. Shareholders were presented with an update by Leon Pierhal, the Chief Executive Officer of OPEL, on the status the Company from management’s perspective, along with management’s vision for a successful future and revenue outlook as previously announced by OPEL.
Frank Middleton, the Chief Operating Officer & Vice-President of Marketing for the Company’s solar products also made a presentation to the shareholders. This included how the innovative improvements in the HCPV Mk-I solar panel have resulted in market leading power generation efficiency exceeding 28 percent. Middleton also announced the TF-800 tracker system upgrades, allowing the tracker to be secured in the ground with I beams versus the need for concrete footings and its improved electronic controls and SCADA support that impact the TF-800’s O&M efficiency and monitoring capabilities. Middleton emphasized that all of the advancements in the OPEL Solar product line will yield cost savings for customers along with increased electric power production per area of land.
Following the presentation of the solar products, Mr. Pierhal showcased the OPEL’s affiliated company, ODIS Inc. (“ODIS”) for the first time to shareholders. In order to give the audience a better understanding of the business and potential for large revenue contribution from ODIS, shareholders were informed on the research and development of ODIS’s main product. 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. Management believes that such ongoing developments are approximately eight to twelve months from completion and could help to create added shareholder value.
Mr. Michael White of IBK Capital (“IBK”) addressed the shareholders and spoke about IBK past accomplishments in raising capital for emerging companies such as OPEL. Mr. White reported on the status of the financing which is expected to be successfully completed by the end of June or early in July.
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About OPEL International Inc., OPEL Solar, Inc. .
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 percent more kilowatt-hours than conventional flat plate silicon or thin film solar panels, resulting in more cost-effective electricity generated from the sun. OPEL also markets a complete line of precision dual and single axis solar trackers to mount solar panels for optimum power output. OPEL also designs infrared sensor type products for military, consumer, industrial and commercial applications.
A leader in gallium arsenide and solar photovoltaic technology, the Company has been awarded 32 patents and has 18 more patents pending. OPEL’s common shares trade on the TSX Venture Exchange under the symbol “OPL”. For more information about OPEL Solar, Inc., please visit the Company’s website at www.opelinc.com. OPEL Solar, Inc. is a subsidiary of OPEL International Inc. (TSX-V: OPL).
Dated June 24, 2010
ON BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
For further information:
Pat V. Agudow, Vice President, Public Relations, Tel: (203) 612-2366 Ext 2312, Email: p.agudow
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