OPEL Technologies Inc. Grows Its Operating Capital Options
September 29 2011 - 9:00AM
Marketwired
OPEL Technologies Inc. (TSX VENTURE: OPL) ("OPEL" or "the
Company"), a leading global supplier of high concentration
photovoltaic ("HCPV") solar panels, solar tracker systems and a
semiconductor device and process developer, announces that OPEL has
entered into a financing arrangement with Kodiak Capital Group, LLC
("Kodiak") to provide the Company up to $10 million of funding
capacity (the "Facility Amount") in the form of an equity line of
credit. The arrangement requires Kodiak to purchase up to
$10,000,000 of the common shares of the Company. The Company may
draw-down funds from time to time, at its sole discretion, over a
period of two years after the common shares has been qualified for
distribution. All shares will be issued by the Company at a price
equal to the market price of the Company's shares on the TSX
Venture Exchange based on the five consecutive trading days
immediately after a draw-down notice has been delivered by the
Company less a discount of 10%. The amount that the Company shall
be entitled to request from each of the draw-downs shall be equal
to the greater of (i) $1,000,000 or (ii) up to 200% of the average
daily volume (US market only) ("ADV") multiplied by the average
daily trading volume of the Company's shares for the three trading
days prior to the delivery by the Company of a draw-down notice.
The arrangement is subject to the approval of the TSX Venture
Exchange and the distribution of the common shares is subject to
the issuance of a receipt for a prospectus (final) which is
required to be filed by Company with the appropriate Canadian
securities regulatory authorities. The Company has agreed to issue
to Kodiak 2.5% of the Facility Amount payable in newly-issued
common shares of the Company upon the issuance of a receipt for a
prospectus (final) to the Company and 2.5% of the Facility Amount
payable in newly-issued common stock at the time of the first draw
down of funds by the Company.
OPEL Technologies will use these funds for its growth and
expansion plans and to meet its contractual obligations stimulated
by its accelerated sales and to address further research and
development efforts of OPEL Technologies including its subsidiaries
and affiliate companies.
"This $10 million comes at the perfect time to help fulfill the
rapid growth and expansion we have been enjoying for the past
several years," said Michael McCoy, Chief Financial Officer of OPEL
Technologies. "The scope of this investment by a premier U.S.
financial investment firm underscores our belief in OPEL's future.
Kodiak has a deep industry background in semiconductors, clean
technologies and communications infrastructures. Kodiak's expertise
and experience certainly is a perfect fit for OPEL Technologies'
businesses because Kodiak has a keen understanding of our business
segments and the financial requirements it takes to become first a
dominant force then maintain that position within the markets,"
stated Leon M. Pierhal, CEO of OPEL.
OPEL will continue to provide updates as new information becomes
available, pursuant to full disclosure requirements.
About Kodiak Capital Group, LLC
Kodiak Capital Group, LLC is engaged in assisting growth
companies in all facets of their long term strategy by providing
capital and progressive business solutions. Kodiak manages a
portfolio of investments in public and private equities. Founded in
2009, Kodiak has transacted in excess of $300 million in financing
for companies across a multitude of industries including
biotechnology, business services, consumer products, defense,
healthcare, Internet, manufacturing, medical devices, natural
resources, oil and gas, renewable energy and wireless
communications. Headquartered in New York City, Kodiak assists
companies throughout North America and Australia.
About OPEL Technologies Inc., OPEL Solar Inc. and ODIS Inc.
With operations in Shelton, CT and head office in Toronto,
Ontario, Canada, the Company, through OPEL, Inc., designs,
manufactures and markets high-concentration photovoltaic panels and
dual- and single-axis trackers for related CPV and PV systems for
energy applications worldwide. The Company, through ODIS Inc., a
U.S. company, designs III-V semiconductor devices for military,
industrial and commercial applications, including infrared sensor
arrays and ultra-low-power random access memory. The Company has 35
patents issued and 16 patents pending in PV systems technologies
and for its semiconductor POET process, which enables the
monolithic fabrication of integrated circuits containing both
electronic and optical elements, with potential high-speed and
power-efficient applications in devices such as servers, tablet
computers and smartphones. OPEL's common shares trade on the TSX
Venture Exchange under the symbol "OPL". For more information about
OPEL, please visit our websites at www.opeltechinc.com; for OPEL
Solar at www.opelsolar.com; and for ODIS at www.odisinc.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
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 ICR - Investor Relations
Gary Dvorchak, CFA Senior Vice President +1 (310) 954-1123
gary.dvorchak@icrinc.com ICR - Public Relations Theodore Lowen
Managing Director +1 (646) 277-1238 ted.lowen@icrinc.com
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