Opel Solar International Inc (OPELF)

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http://opelinc.com/news/wp-content/uploads/2011/04/NR-18April2011-Q4financials.pdf


OPEL Solar International Files Fourth Quarter 2010 Financials
Shelton, CT and Toronto, ON, April 18, 2011 – OPEL Solar International Inc. (TSX-V: OPL)
(“OPEL” or “the Company”), a leading global supplier of high concentration photovoltaic (“HCPV”)
solar panels and 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 year ended
December 31, 2010 (collectively the “Financials”).
OPEL reported revenue of $375,747 in the fourth quarter of 2010, a total of $1,647,638 for the year; both
are increases over the same period of 2009. In response to difficult economic times in the marketplace
yet without sacrificing future revenue growth, OPEL prudently reduced expenses for the year by over
$540,000 while increasing its annual revenue by $1M in 2010. As of December 31, 2010, the Company
had $6,934,107 of cash, short term investments and no debt.
Two significant fourth quarter accomplishments by OPEL Solar demonstrate its growth in the solar
marketplace by receiving a purchase order to install a 446kW solar power plant for Toray Plastics in
Rhode Island and by forging a Joint Venture with Ecotech Environmental Technology Ltd, of Hong
Kong, to form OPEL Solar Asia Ltd and install its HCPV solar panels and dual axis solar trackers in
China. The initial purchase order for OPEL Solar Asia was to be for 2MW of OPEL HCPV panels and
trackers, and it was increased recently to 5MW.
The Company maintained its product leadership by introducing two new products at the Solar Power
International Show in Los Angeles. A prototype of the next generation HCPV solar module, the Mk-1X,
with performance of 20 percent better than our earlier module designs was shown in the booth at the
show. Additionally, the Company added wireless network controller communications capability to its
single and dual axis tracker lines, which lowers installation cost and ongoing operations and maintenance
cost of solar fields. A demonstration of this new tracker capability was also shown at OPEL’s booth.
“With our recent bookings OPEL will be well positioned for growth in 2011,” said Michael McCoy,
OPEL’s Chief Financial Officer. “I am also pleased by the recent endorsement for our POET technology
by third parties and the possibilities that the enhanced POET intellectual property portfolio has provided
the Company.”
Correcting a previous news release dated March 4, 2011 regarding stock options granted to officers and
directors of the Company, the stock options are exercisable at a price of CA$0.76 per share expiring
February 28, 2021, not February 29, 2020 as previously reported. The options were granted subject to
provisions of the Company's stock option plan which was approved by shareholders in June 2009, and
subject to the TSX Venture Exchange policies and the applicable securities laws.
###
About OPEL Solar International 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, dual- and singleaxis
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 12 patents pending in PV systems technologies and for its
semiconductor POET process, which enables the monolithic fabrication of integrated circuits
OPEL Solar International Inc. OPEL Solar, Inc.
Head Office: Operations Office:
Suite 501, 121 Richmond Street West 3 Corporate Drive, Suite 204
Toronto, ON, M5H 2K1 Shelton, CT, 06484
Phone: [phone] Phone: [phone]
Fax: [phone] Fax: [phone]
OPEL Solar International Inc. – News Release dated April 18, 2011 Page 2
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 the Company’s website at www.opelinc.com.
Dated: April 18, 2011
ON BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
For further information:
Pat V. Agudow Gary T. Dvorchak, CFA
Vice President, Public Relations Investor Relations – ICR LLC
Tel: [phone] x2612 Tel: [phone]
Email: [e-mail] Email: [e-mail]
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.
This news release contains "forward-looking information" (within the meaning of applicable Canadian
securities laws) and "forward -looking statements" (within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995). Such statements or information are identified with words such as
"anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project",
"outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook.
Such statements include, among others, those concerning OPEL’s anticipated operational plans and
activities including the revenue and growth outlook.
Such forward-looking information or statements are based on a number of risks, uncertainties and
assumptions which may cause actual results or other expectations to differ materially from those
anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other
things, management's expectations regarding future growth, plans for and completion of projects by
OPEL’s third party relationships, availability of capital, and the necessity to incur capital and other
expenditures. Actual results could differ materially due to a number of factors, including, without
limitation, operational risks in the completion of OPEL’s anticipated projects, delays or changes in plans
with respect to the development of OPEL’s anticipated projects by OPEL’s third party relationships,
risks affecting OPEL’s ability to execute projects and market its solar products, risks inherent in
operating in foreign jurisdictions, the ability to attract key personnel, and the inability to raise additional
capital. Additional assumptions and risks are set out in detail in OPEL’s Annual Information Form,
available on SEDAR at www.sedar.com.
Although OPEL believes that the expectations reflected in the forward-looking information or statements
are reasonable, prospective investors in OPEL's securities should not place undue reliance on forwardlooking
statements because OPEL can provide no assurance that such expectations will prove to be
correct. Forward-looking information and statements contained in this news release are as of the date of
this news release and OPEL assumes no obligation to update or revise this forward-looking information
and statements except as required by law.