OPEL Technologies Inc. (TSX VENTURE:OPL) ("OPEL" or "the Company"), a leading global supplier of high concentration photovoltaic ("HCPV") solar panels, solar tracker systems and semiconductor developer announces that today announced the appointment of Jeffrey "Jay" Johnson as Vice President of North American Sales. Jay will be responsible for leading the sales process for the United States and Canada. Jay has been with OPEL Solar, Inc. since 2009 directing sales for the Western Region of the U.S.
SHELTON, CONNECTICUT and TORONTO, ONTARIO--(Marketwire - Sept. 28, 2011) - OPEL Technologies Inc. (TSX VENTURE:OPL) ("OPEL" or "the Company"), a leading global supplier of high concentration photovoltaic ("HCPV") solar panels, solar tracker systems and semiconductor developer announces that today announced the appointment of Jeffrey "Jay" Johnson as Vice President of North American Sales. Jay will be responsible for leading the sales process for the United States and Canada. Jay has been with OPEL Solar, Inc. since 2009 directing sales for the Western Region of the U.S.
In commenting on the officer appointment, Leon M. Pierhal, OPEL's Chief Executive Officer said: "Jay's broad experience in utility sales and renewable energy sales has already proven to greatly add to the capabilities of our sales team. Through his sales results thus far in his tenure with OPEL, we welcome him to the management team, adding specific focus on the accelerating sales growth OPEL has been experiencing. We see this can only further our market leadership in solar energy and potentially add to shareholder value," Pierhal summarized.
Mr. Johnson has over fifteen years of experience in sales, marketing, management generally involving emerging utility markets. His expertise includes marketing of new product development, creating new service offerings and expanding markets within developing and mature industries. Since 2009, Mr. Johnson has been the Director of Sales, Western Region for OPEL Solar. Prior to OPEL, Mr. Johnson held various Director and Senior Management level positions in Sales and Management with CETX Energy Agency in Houston, TX as well Akeena Solar in Los Gatos, CA. Mr. Johnson began his career at SNK Realty where he held positions of progressively increasing responsibility over a period of eleven years as the company grew from three employees to just over two hundred. Mr. Johnson received a Bachelor of Science degree in Finance from California State University, Chico as well as his MBA in Technology Management from University of Phoenix.
As part of his compensation package, Mr. Johnson was granted incentive Stock Options included in those disclosed below.
Also announced today is the grant of additional incentive stock options under OPEL Technologies Inc. stock option plan to certain directors, officers, and key consultants of the Company to purchase up to an aggregate of 2,153,000 common shares, representing 2.3% of the outstanding voting shares of the Company. Options granted to the Company's officers represent 46.5% of the total grants, and options to the independent members of the Board of Directors of the Company represent 34.8% of the total grants. The remaining options were granted to key consultants and employees. The stock options are exercisable at a price of CA$0.51 per share expiring September 28, 2021. There are currently 9,587,250 options outstanding and 92,158,421 voting shares outstanding.
The options will vest and be exercisable on the basis of 25% on the date of grant and 25% every six months thereafter. The options were granted subject to provisions of the Company's stock option plan which was approved by shareholders in June 2011, and subject to the TSX Venture Exchange policies and the applicable securities laws.
About OPEL Technologies Inc., OPEL Solar, Inc. and ODIS Inc.
With operations in Shelton, CT and head office in Toronto, Ontario, Canada, the Company, through OPEL, Inc., designs, manufactures and markets high-concentration photovoltaic panels and dual- and single-axis trackers for related CPV and PV systems for energy applications worldwide. The Company, through ODIS Inc., a U.S. company, designs III-V semiconductor devices for military, industrial and commercial applications, including infrared sensor arrays and ultra-low-power random access memory. The Company has 35 patents issued and 16 patents pending in PV systems technologies and for its semiconductor POET process, which enables the monolithic fabrication of integrated circuits containing both electronic and optical elements, with potential high-speed and power-efficient applications in devices such as servers, tablet computers and smartphones. OPEL's common shares trade on the TSX Venture Exchange under the symbol "OPL". For more information about OPEL, please visit our websites at www.opeltechinc.com and www.opelsolar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.