OPEL International announces filing of it First Quarter 2009 Financials.
Shelton, CT and Toronto, ON, May 21, 2009 - OPEL International Inc. (TSX-V: OPL) ("OPEL" or "the Company"), a leading global developer and supplier of high concentration photovoltaic ("HCPV") and other solar products, including ground-based and rooftop tracker systems, today announced the filing on SEDAR of its Financial Statements and the Management's Discussion and Analysis ("MD&A") for the 3-month period ended March 31, 2009 (collectively the "Financials").
The Financials showed that OPEL's revenue maintained growth over the first quarter of 2008, as it continued to achieve its objectives as outlined in the Company's MD&A. Additionally, OPEL has shipped approximately $400,000 (138 kW) of its Mk-I HCPV panels to the company's grid field installation in the Tarragona region of Northern Spain. This will be recognized as revenue once the 440kW field is complete and sold to a third party.
In commenting on the Company's Financials, Michael McCoy, OPEL's Chief Financial Officer said, "We are pleased to report OPEL's continued growth path during the first quarter with a solid cash position, particularly during these unprecedented economic conditions. OPEL is focused on making our first Spanish installation a showcase, growing our sales force to take advantage of new opportunities and identifying ways to reduce the cost of our products."
About OPEL International
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% 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 also designs infrared sensor type products for military and industrial applications.
A leader in gallium arsenide and solar photovoltaic technology, the Company has been awarded 31 patents and has 15 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.
Dated: May 21, 2009
IN BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
For further information:
Pat V. Agudow
Vice President, Administration
Tel: (203) 612-2366 Ext 2612
Bill Blase, Cathy Loos, or Stephanie Kuffner
WT Blase & AssociatesMedia Relations
Tel: (212) 221-1079
The TSXV has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Investors are cautioned that except for statements of historical facts, certain statements contained in this news release may include forward-looking information with respect to the Company. Such forward-looking statements or information are based on current expectations, estimates and projections formulated using assumptions currently believed to be reasonable and involving a number of risks and uncertainties which could cause actual results to differ materially from those anticipated. The Company does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.