OPEL International Files 3rd Quarter Financials
November 24 2008 - 3:45PM
Marketwired Canada
OPEL International Inc. (TSX VENTURE:OPL) ("OPEL" or "the Company"), a leading
global developer and supplier of high concentration photovoltaic (HCPV) and
other solar products, today announced the filing on SEDAR of its Financial
Statements and the Management's Discussion and Analysis for the 9-month period
ended September 30, 2008 (collectively the "Financials").
The Financials show significant revenue growth over the second quarter of 2008
and the same quarter in 2007. OPEL continues to make strides toward its goals
and objectives for 2008, as outlined in the Company's MD&A.
The Company has been granted the necessary governmental and utility permits to
move forward on its previously announced grid field installation in Spain which
will provide higher levels of revenue in the coming quarters.
In commenting on the Financials, Michael McCoy, OPEL's Chief Financial Officer
said: "With an HCPV backlog of more than 1MW, a growing tracker business, a
manufacturing capability ready to fulfill those orders and about US$20 million
in cash, OPEL is well poised for growth."
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 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 31 patents and has 15 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 25, 2008
ON BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
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.
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