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Date Announced: 02 Oct 2012
Canadian developer of novel optoelectronic process says balance sheet is now "repaired".
SHELTON, CONNECTICUT and TORONTO, ONTARIO--(Marketwire - Oct 2, 2012) - OPEL Technologies Inc. (TSX VENTURE:OPL)(OPELF) ("OPEL" or "the Company") is pleased to give investors an update on the work of the previously announced special committees of the Board of Directors established to investigate the divestiture of the solar operations and to drive the monetization efforts of the POET platform technology of OPEL's ODIS Division.
We continue to work with NSM ("Northern States Metals") to conclude the Agreement with them involving the sale of certain solar assets announced by the Company on August 30, 2012. To that end, both companies have agreed to extend the exclusivity period provided for in the Agreement until October 12, 2012.
Dr. Geoff Taylor and his team are focused and determined to take POET Technology from a developmental concept to a technology that can be monetized and truly make a difference in how the world sees the semiconductor business. Recently, The Taylor team has added one more PhD student who had been doing research with the team. The regular staff becomes nine engineers in total including Dr. Taylor. OPEL management is now looking to add key personnel to aid in the monetization process.
OPEL has raised $5.4 million since June during difficult markets for small cap companies. OPEL would like to thank IBK Capital Corp. for their efforts and professional expertise during this transition stage at the Company.
We are pleased to announce that we have repaid and closed the credit facility with TCA Global Credit Master Fund, LP. Peter Copetti, executive board member and special committee chair, would personally like to thank the entire TCA Team for their professional service and their support through this process.
We are also pleased to announce that 90% of all unsecured debt has also been paid. The OPEL balance sheet has been repaired, and the Company is now in a position to focus its personnel and its resources exclusively on POET technology.
Source: OPEL Technologies
E-mail: p.agudow@opelinc.com
Web Site: www.opeltechinc.com
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