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 revenue outlook for the next 18 months is expected to be significantly higher.
Shelton, CT and Toronto, ON, June 7, 2010 - 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 revenue outlook for the next 18 months is expected to be significantly higher. This expectation is based on certain reasonable assumptions including the status of projects in the pipeline as well as continued quoting and request for proposal activities with three significant solar project developers. "We currently foresee solar revenues possibly approaching $50M-$80M over the next 18 months as 30-100 Megawatts ("MW") of solar energy projects are installed," said Michael McCoy, Chief Financial Officer of OPEL. "OPEL is definitely at a turning point and should grow dramatically in the next 12 to 18 months."
This positive forecast in OPEL's solar business is due to the relationships forged with Bechtel Power Corporation, ABB Ltd., EPC's (engineering, procurement & construction) and CME Energy (an alternative energy developer) over the past year. One result of these relationships is an installation with CME Energy. CME has selected OPEL's affiliate, OPEL Solar, Inc., to supply its panels and trackers for a 30 MW installation to be located in the Midwestern region of the U.S.
The projects in which OPEL is currently involved will drive revenue growth from the second half of 2010 through 2011. This revenue outlook excludes the revenue potential of OPEL's affiliate, ODIS Inc. Additional updates on these and any other developments will be announces on as they develop.
About OPEL International Inc., 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 kilowatt-hours than conventional flat plate silicon solar panels, resulting in cost effective electricity generated from the sun. OPEL also markets a complete line of utility scale dual and single axis solar tracker systems and unique light weight rooftop tracker systems.
A leader in gallium arsenide and solar concentrating photovoltaic technology, the Company has been awarded 32 patents and has 18 more patents pending. A significant number of the patents relate the Company's solar product offering, while the others are related to ODIS' POET related products.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
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This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward -looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others, those concerning OPEL's anticipated operational plans and activities including the revenue and growth outlook for the next 18 months, the status of OPEL's existing and potential projects, and the anticipated activities of OPEL's third party relationships.
Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding future growth, plans for and completion of projects by OPEL's third party relationships, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of OPEL's anticipated projects, delays or changes in plans with respect to the development of OPEL's anticipated projects by OPEL's third party relationships, risks affecting OPEL's ability to execute projects and market its solar products, risks inherent in operating in foreign jurisdictions, the ability to attract key personnel, and the inability to raise additional capital. Additional assumptions and risks are set out in detail in OPEL's Annual Information Form, available on SEDAR at www.sedar.com.
Although OPEL believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in OPEL's securities should not place undue reliance on forward-looking statements because OPEL can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and OPEL assumes no obligation to update or revise this forward-looking information and statements except as required by law.