SHELTON, CONNECTICUT and TORONTO, ONTARIO--(Marketwire - Nov 30, 2012) - OPEL Technologies Inc. (TSX VENTURE:OPL) ("OPEL" or "the Company"), a semiconductor device and process developer, announced today a change to its Management Team. Michael McCoy has resigned as Treasurer and Chief Financial Officer (CFO) of the Company and its subsidiaries in order to pursue new personal ventures. Mr. McCoy served as CFO of the Company since January 2007 and of OPEL Solar, Inc. since 2006. Mr. McCoy was instrumental in the completion of the Company''s Reverse Take-Over process in 2006-2007 which included the completion of about $13.5 million financing and culminated with the TSX listing in June 2007. He also assisted in the development of the Company''s current financial infrastructure. We wish him well in his future endeavors.
Mr. Kevin Barnes, the current Controller of the Company has agreed to take-on the additional responsibilities of Treasurer and CFO. Mr. Barnes has been serving as Controller since 2007 and has been actively involved in the Financial Statements and Management''s Discussion & Analysis preparation since then. Mr. Barnes is a member of the Institute of the Certified Management Accountants of Australia and an Accredited Chartered Secretary. Mr. Barnes currently serves as a Corporate Controller and Business Performance Manager for one of the world''s largest language training institutes. Prior to this, he was a reporting manager with Duguay and Ringler Corporate Services, a Company specializing in financial reporting for publicly traded Companies.
The Company''s Management and the Board remain optimistic that OPEL''s efforts will result in strong growth for the semiconductor line of business. They continue to be committed to the goal of reducing operating costs, increasing long-term shareholder value and implementing the Company''s current strategic plan for the development of the POET technology.
"OPEL prospects remain encouraging," said Leon M. Pierhal, Chief Executive Officer of the Company. "We would like to recognize Mike for his contributions over his years of service to OPEL''s financial growth and business development. We thank him especially for helping us through the trying financial times that the Company had endured over the last two years which now have been resolved resulting in a healthier balance sheet," Pierhal stated. "We also wish to thank Mr. Barnes for accepting the challenge of the additional financial responsibilities and are confident he will fulfill them effectively" Mr. Pierhal added.
The ODIS group continues towards meetings its goals. "The strategic focus on ODIS forges ahead in its POET development program in order to achieve the anticipated milestones," added Pierhal. Developments and updates on POET will be announced by press release on a timely basis following receipt by Management.
About OPEL Technologies Inc.
With head office in Toronto, Ontario, Canada, and operations in Storrs, CT, 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; and through OPEL Solar, Inc., provides PV systems for energy applications. The Company has 37 patents issued and 13 patents pending, primarily for its semiconductor POET process, which 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 please visit our websites at www.opeltechinc.com; for ODIS at www.odisinc.com; and. for OPEL Solar at www.opelsolar.com.
Dated: November 30, 2012
ON BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
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 plans concerning the future development of the POET technology.
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.
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 forward-looking 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.
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