SHELTON, CONNECTICUT, and TORONTO, ONTARIO -- (Marketwire) -- 11/23/10 -- OPEL International Inc. (TSX VENTURE: 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 September 30, 2010 (collectively the "Financials").
OPEL reported revenue of $479,141 in the third quarter of 2010, a total of $1,271,891 year to date, both are increases over the same period of 2009. In response to difficult economic times in the marketplace yet without sacrificing future revenue growth, OPEL prudently reduced G&A expenses both year over year and quarter over quarter in 2010. As of September 30, 2010, the Company had $7,258,282 of cash and no debt. The Company reported a net loss of ($2,099,812) or ($0.03) per share. This was principally attributed to recently announced product enhancements to its HCPV solar panel and to its tracker controls designed to increase the efficiency in production of electricity while reducing product and maintenance costs. There were also some one-time nonrecurring expenses included. This third quarter net loss compares to a net loss of ($1,904,939) or ($0.03) per share in the third quarter of 2009.
Several third quarter accomplishments indicate that OPEL Solar is beginning to realize its growth potential. The Company strengthened its financial position by closing a private placement offering of common stock in July, raising $7.55 million. OPEL demonstrated its marketing leadership by introducing its Brownfields initiative, which aims to collaborate with municipalities and private land owners to build solar installations on abandoned and otherwise wasteland properties. OPEL announced its first construction partnership for Brownfields with TRUENORTH Solar & Environmental.
The Company maintained its product leadership by introducing two new products. Prototypes of the next generation HCPV solar module, the Mk-1X, were received at OPEL's headquarters. The performance of this module is 20 percent better than our earlier module designs. The Company added wireless network controller communications capability to its single and dual axis tracker lines, which lowers installation cost and ongoing operations and maintenance cost of solar fields.
The Company noted continued progress on HCPV and tracker projects with Exosun and Tecneira Technologias Energeticas S.A. OPEL continues to forge relationships with large Engineering, Procurement and Construction ("EPC") companies and power producers, and is now actively quoting utility scale projects in multiple locations for several customers.
The Company's U.S. ODIS division received another endorsement for its POET technology by winning its first $150,000 SBIR contract to perform research for the U.S. Navy. This award builds on previous SBIR contracts awarded by the U.S. Air Force.
"With our recent financing behind us and the positive reception for our announced product enhancements, we are in a strong position to begin our next growth phase," said Michael McCoy, OPEL's Chief Financial Officer. "I am enthused by the diverse opportunities coming our way in the expanding solar marketplace and the broadening of our customer base within it."
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 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 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 33 patents and has 17 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: November 23, 2010
ON BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
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.
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.
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.
Contacts:
OPEL
Pat V. Agudow
Vice President, Public Relations
+1 (203) 612-2366 x2612
p.agudow@opelinc.com
Investor Relations - ICR LLC
Gary T. Dvorchak, CFA
+1 (310) 954-1123
gary.dvorchak@icrinc.com
