Shelton, CT and Toronto, ON, May 20, 2010 - OPEL International Inc. (TSX-V: OPL) ("OPEL" or "the Company"), a leading global supplier of high concentration photovoltaic ("HCPV") solar panels 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 quarter ended March 31, 2010 (collectively the "Financials").
Shelton, CT and Toronto, ON, May 20, 2010 - OPEL International Inc. (TSX-V: OPL) ("OPEL" or
panels 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 quarter ended March 31, 2010 (collectively the "Financials").
OPEL's revenue in the first quarter of 2010 increased over the same quarter of 2009 and the fourth quarter of 2009. During the first quarter, OPEL received two new 1MW HCPV projects, for
customers in Europe, one of which is a major renewable energy player in Europe and the Americas.
Deliveries on these projects will start in the second half of the year. Also during the first quarter, OPEL signed a collaboration agreement with one of the largest commercial construction companies
who has just started construction of utility scale solar power plants. Also, OPEL received an
additional $850,000 in SBIR contracts from the U.S. Government for additional research in infrared
detection to fund ODIS activities.
In the first quarter of 2010, OPEL was awarded a 1MW HCPV solar utility installation in Portugal
with its partner Tecneira, one of the largest renewable energy construction firms in Portugal. This is Portugal's first use of the advanced solar technology that will also have the advantage of a dual axis solar tracking system. The second 1MW HCPV installation, also a first, is through a partnership with the French tracker company Exosun, for installation in the South of France starting mid-year. Both are to be grid connected, selling electricity to each country's utility. Both opportunities were possible due to OPEL's ability to install and demonstrate its HCPV technology last year in Spain.
OPEL has continued during the quarter to focus its time and energy on forging relationships with
large Engineering, Procurement and Construction ("EPC") companies and power producers. This
continues to pay off with OPEL increasing its quoting activity on large scale, utility grade projects.
"OPEL is definitely on a growth path," said Michael McCoy, OPEL'S Chief Financial Officer.
"With our new relationships and increased backlog, we are poised to significantly increase our
revenue and shareholder value in 2010."
About OPEL International and OPEL Solar, Inc.
With OPEL Solar, Inc. operations headquartered in Shelton, CT and the headquarters office in
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 kilowatthours 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 designs infrared sensor type products for military, consumer, industrial and commercial applications.
A leader in gallium arsenide and solar concentrating 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, please visit the
Company's website at www.opelinc.com.
Dated: May 20, 2010
ON BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
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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.