OPEL International, Inc, a leading developer and supplier of HCPV products announced the filing on SEDAR of its Financial Statements for the 3-month period ending June 30, 2009.
Shelton, CT and Toronto, ON, August 20, 2009 ‚Ä" OPEL International Inc. (TSX-V: OPL) ("OPEL" or "the
The Financials for the second quarter of 2009 showed that OPEL's revenue grew slightly over the second quarter of 2008, as it continued to achieve its objectives as outlined in the Company's MD&A. OPEL has now shipped approximately $1,000,000 (363 kW) of its Mk-I HCPV panels to the company's grid field installation in the Tarragona region of Northern Spain. To date, 220kW of this installation are installed and providing power to the grid. This will be recognized as revenue once the field is sold to a third party.
"We are pleased to that report OPEL continues to execute on its growth path during the second quarter and maintain a solid cash position, particularly during these unprecedented economic conditions," said Michael McCoy, OPEL's Chief Financial Officer. OPEL continues to focus on completing the multiple phases of our first Spanish installation, growing our sales force to take advantage of a variety of new opportunities and driving down 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 39 patents and has eight 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: August 20, 2009
IN BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
For further information:
Pat V. Agudow, Vice President, Administration, OPEL International, Inc. Tel: (203) 612-2366 Ext 2612
Bill Blase, Cathy Loos or Stephanie Kuffner, Media Relations, WT Blase & Associates, Inc.
Tel: (212) 221-1079 Email: email@example.com