OPEL International Files 3rd Quarter Financials
November 24 2008 - 4:45PM
Marketwired
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.
The TSXV has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
Contacts: OPEL International Inc. Pat V. Agudow Vice President,
Administration (203) 612-2366 Ext 2612 Email: p.agudow@opelinc.com
OPEL International Inc. Philip Koven Investor Relations (416)
447-4740 Ext 235 Email: invest@opelinc.com Website:
www.opelinc.com
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