OPEL International Files First Quarter 2010 Financials
May 20 2010 - 8:30AM
Marketwired
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 March 31, 2010 (collectively the "Financials").
OPEL's revenue in the first quarter of 2010 increased over the
same quarter of 2009 and the fourth quarter of 2009. During the
first quarter, OPEL received two new 1MW HCPV projects, for
customers in Europe, one of which is a major renewable energy
player in Europe and the Americas. Deliveries on these projects
will start in the second half of the year. Also during the first
quarter, OPEL signed a collaboration agreement with one of the
largest commercial construction companies who has just started
construction of utility scale solar power plants. Also, OPEL
received an additional $850,000 in SBIR contracts from the U.S.
Government for additional research in infrared detection to fund
ODIS activities.
In the first quarter of 2010, OPEL was awarded a 1MW HCPV solar
utility installation in Portugal with its partner Tecneira, one of
the largest renewable energy construction firms in Portugal. This
is Portugal's first use of the advanced solar technology that will
also have the advantage of a dual axis solar tracking system. The
second 1MW HCPV installation, also a first, is through a
partnership with the French tracker company Exosun, for
installation in the South of France starting mid-year. Both are to
be grid connected, selling electricity to each country's utility.
Both opportunities were possible due to OPEL's ability to install
and demonstrate its HCPV technology last year in Spain.
OPEL has continued during the quarter to focus its time and
energy on forging relationships with large Engineering, Procurement
and Construction ("EPC") companies and power producers. This
continues to pay off with OPEL increasing its quoting activity on
large scale, utility grade projects.
"OPEL is definitely on a growth path," said Michael McCoy,
OPEL'S Chief Financial Officer. "With our new relationships and
increased backlog, we are poised to significantly increase our
revenue and shareholder value in 2010."
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 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 20, 2010
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 Solar, Inc. Pat V. Agudow Vice President, Public
Relations (203) 612-2366 Ext 2612 p.agudow@opelinc.com WT Blase
& Associates, Inc. Bill Blase or Stephanie Kuffner Media
Relations (212) 221-1079 solar@wtblase.com
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