28 June 2011

OPEL Solar International’s AGM approves change of name to OPEL Technologies Inc

At its annual general and special meeting (AGM) on 21 June, shareholders of OPEL Solar International Inc of Toronto, Ontario, Canada approved the election of the following nominees to the board of directors: Tristram E. Collins, Christopher Grasset, chairman Lawrence R. Kunkel, Dr Samuel Peralta, and Leon M. Pierhal.

In a subsequent meeting, the board reappointed the following executive officers: president & CEO Leon M. Pierhal; treasurer & chief financial officer Michael McCoy; chief operating officer & VP of marketing Francisco Middleton; VP of engineering Dr Javier Berrios; VP of administration, public & government relations Patricia Venneri Agudow; and corporate secretary Michel Lafrance.

The shareholders also approved the re-appointment of accountants & advisors Marcum LLP of New Haven, CT, as auditors for the next year.

In addition to the usual matters determined at the AGM, the shareholders approved an amendment to the firm’s stock option plan, plus a special resolution to change the firm’s name to OPEL Technologies Inc in order to reflect its broadening scope. The company has two distinct divisions: OPEL Solar Inc (which makes high-concentration photovoltaic panels, as well as both roof- and ground-based solar tracker systems) and US affiliate OPEL Defense Integrated Systems (ODIS Inc) of Shelton, CT, USA, which has developed the Planar Optoelectronic Technology (POET) semiconductor platform (enabling the monolithic fabrication of gallium arsenide integrated circuits containing both electronic and optical elements on a single wafer).

Following the AGM, the directors granted incentive stock options to the newly elected directors to purchase up to an aggregate of 200,000 common shares, representing 0.2% of the outstanding voting shares of the firm. The stock options are exercisable at a price of CA$0.92 per share (expiring 21 June 2021), which was the closing price on the day prior to the grant (20 June 2011).

There are currently 7,854,250 options outstanding and 92,908,421 voting shares outstanding. The options will vest and be exercisable on the basis of 25% on the date of grant and 25% every six months thereafter. These options were granted subject to provisions of the firm’s stock option plan (approved by shareholders at the AGM), and are subject to the TSX Venture Exchange policies and the applicable securities laws.

Tags: OPEL Solar

Visit: www.opelinc.com