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Fri, January 13, 2012Thu, January 12, 2012Wed, January 11, 2012Tue, January 10, 2012Mon, January 9, 2012OPEL Technologies Inc. Terminates Financing Arrangement
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Published in House and Home on Wednesday, January 11th 2012 at 7:06 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
January 11, 2012 10:00 ET
OPEL Technologies Inc. Terminates Financing Arrangement
SHELTON, CONNECTICUT and TORONTO, ONTARIO--(Marketwire - Jan. 11, 2012) - By news release dated September 29, 2011, OPEL Technologies Inc. (TSX VENTURE:OPL) ("OPEL" or "the Company"), a leading global supplier of solar tracker systems and high concentration photovoltaic ("HCPV") solar panels, and a semiconductor device and process developer, announced that it had entered into a financing arrangement with Kodiak Capital Group, LLC to provide the Company up to $10 million of funding capacity in the form of an equity line of credit. The Company has decided that the financing was not in the best interests of the Company or its shareholders. The financing facility has never been completed or utilized, and the Company has terminated the arrangement.
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 Solar, Inc., designs, manufactures and markets dual- and single-axis trackers and high-concentration photovoltaic panels 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. The POET process 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.opelsolar.com ]; and [ www.opeltechinc.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.