OPEL International Inc. (TSX VENTURE:OPL) ("OPEL"), a leading global supplier of
high concentration photovoltaic ("HCPV") solar panels and other solar products,
including ground-based and rooftop tracker systems, today announced changes to
its management lineup and its Board of Directors following the resignation of
Robert G. Pico as Chief Executive Officer, President and a member of the Board
of Directors. 


The resignation is effective immediately, and Leon (Lee) M. Pierhal, currently
President of ODIS Inc., an OPEL Inc. affiliate, has been appointed Chief
Executive Officer and President. Lee has been with OPEL since 2001, and also is
a member of the Board of Directors. It is a positive election for the
shareholders to have Pierhal's leadership because of his intimate experience
with the Company's growth, including OPEL going public on the TSX Venture
Exchange. 


Pico informed the company's Board of Directors that he wished to retire from
full-time duties at OPEL. He will, however, remain with OPEL in a consulting
capacity assisting with several strategic customer accounts and other key
matters at the company. 


Pico is credited for many accomplishments at OPEL. Under his leadership, OPEL
created a great team and product line-up and achieved many milestones that
contributed to the company's growth and success.


The company also announced changes within the Board of Directors' structure.
Lawrence R. Kunkel, who has served several years as a Board member and the Chair
of the Audit Committee, has taken on the position as Chairman of the Board.
Denis Colbourne, the former Chairman, remains on the Board of Directors and
continues to serve on the Audit and Compensation Committees of the Board.
Lawrence R. Kunkel has long standing connections to the renewable energy and the
defense industries, and that is beneficial to OPEL.


"We wish Bob well. We thank him for all his accomplishments at OPEL and look
forward to a continued working relationship with him on strategic projects
important to building upon the commercial success OPEL has achieved as the
leading innovator in the HCPV industry," said Lawrence R. Kunkel, Chairman of
the Board. 


OPEL also expanded Frank Middleton's role as Vice President of Marketing and
Chief Operating Officer of OPEL Solar to include being Chief Operating Officer
of all the OPEL companies. 


The changes announced today reflect the Board's and the management team's focus
to grow the company to its next level of success and to build on the strong
foundation we have in place. All of these adjustments will serve the best
interests of the shareholders. The company's business outlook continues to be
extremely positive, as HCPV and tracker technologies gain acceptance among large
commercial solar buyers. 


About OPEL International

With OPEL's operational headquarters in Shelton, Connecticut 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 32 patents and has 18 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: May 17, 2010

ON BEHALF OF THE BOARD OF DIRECTORS

Pat V. Agudow, Vice President, Public Relations

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.


Poet Technologies, Inc. (TSXV:OPL)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Poet Technologies, Inc. Charts.
Poet Technologies, Inc. (TSXV:OPL)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Poet Technologies, Inc. Charts.