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Date Announced: 30 Aug 2012
Company to concentrate on "POET" chip technology platform.
TORONTO, ONTARIO and SHELTON, CONNECTICUT--(Marketwire -08/30/12)- OPEL Technologies Inc. (OPL.V)(OPELF) ("OPEL" or "the Company"), Peter Copetti, executive board member and chair of special committee established by the Board of Directors to diversify out of solar, is pleased to announce that the Company and its subsidiary OPEL Solar, Inc. have entered into an agreement ("Agreement") with Northern States Metals ("NSM") of West Hartford, Connecticut, involving the sale of most of the Company's solar assets.
The Agreement is subject to NSM completing its due diligence review and execution of definitive legal documentation. The completion of a definitive agreement is conditional, among other things, upon the Company being able to enter into satisfactory repayment arrangements with its solar creditors. The completion of a definitive agreement is also conditional upon the Company being able to enter into satisfactory arrangements with certain of its employees and consultants. Assuming that all conditions to closing are satisfied, the transaction is expected to be completed in late September.
"We are excited about OPEL's Solar Tracker," said Tom Meola, President and CEO of NSM. "It broadens our Solar FlexRack product line, and OPEL's Solar Tracker is perfect for the kind of utility-scale projects that we're now targeting. The OPEL Tracker technology is a proven system that is designed to increase the yield of a Photovoltaic System by up to 30 percent. It eliminates inter-row shadowing, allowing for larger systems to be installed in a smaller area. Solar FlexRack has been successfully marketed as the mounting system with the fastest installation time, substantially lowering labor costs. Likewise, the OPEL Solar Tracker is designed for efficient installation - a complete 10 kW system can be assembled in less than four hours."
"The OPEL Tracker acquisition fits well with the NSM mission to continually lower the balance of system costs for large solar projects," added Meola. "We are working to make solar a more efficient and cost- effective energy alternative."
Mr. Leon Pierhal, President and CEO of the Company stated: "The completion of this sale will enable OPEL to achieve its objective, announced on June 20, 2012, of divesting its Solar Division in order to focus on the POET platform technology of OPEL's ODIS Division."
Source: OPEL Technologies
E-mail: p.agudow@opelinc.com
Web Site: www.opeltechinc.com
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