SHELTON, CONNECTICUT and TORONTO, ONTARIO--(Marketwired - April 11, 2013) - OPEL Technologies Inc. (TSX VENTURE:OPL)(OPELF) ("OPEL" or "the Company") announces the resignation of Patricia V. Agudow, Vice President, Administration, Public & Government Relations.
"Following the successful completion of OPEL's Solar Asset sale, the Company can now focus on its emerging Planar Optoelectronic Technology (POET) platform. In light of this, OPEL has accepted Pat's resignation. She has been a highly esteemed member of the Company's executive team with responsibility for investor relations. We would also like to thank her for her many contributions since joining the Company in 2008. Most recently, Pat's work has been an important factor in OPEL's ability to complete the asset sale of OPEL Solar which allows OPEL's full attention to be focused on the development of the POET platform," said Lee M. Pierhal, OPEL's President and Chief Executive Officer. "We wish Pat every success in her future endeavors as she pursues new professional opportunities," concluded Mr. Pierhal.
OPEL also announces that it has retained Grayling Communications Limited ("Grayling"), a leading international strategic communications advisory firm, to be its North American investor relations counsel. OPEL Executive Director Peter Copetti commented, "We look forward to working with the Grayling team in supporting and strengthening OPEL's financial community communications activities. Grayling's track record of assisting successful financial communications programs directly supports the overall execution and evolution of our strategy as OPEL develops its Planar Optoelectronics Technology."
Erik Knettel, Senior Managing Director at Grayling New York, stated, "We are delighted to have been chosen as investor relations counsel by OPEL Technologies at this exciting juncture in its corporate history. OPEL's investment in IP and future development of semi-conductor applications utilizing low wattage planar optoelectronic technology has the potential to be utilized in next generation micro processing applications."
Grayling is a leading international strategic communications advisory firm focused in the areas of investor relations, public relations, government relations, and events consultancy with specialist services including CSR, environment and sustainability and digital. Grayling has over 1,000 staff in 70 offices in more than 40 countries across the United States, Western and Eastern Europe, Africa and Asia Pacific.
By enabling increased speed, density, reliability, power efficiency, and much lower bill-of-materials and assembly costs, OPEL's POET platform provides a new technology direction and opportunity for the semiconductor industry. POET will allow continued advances of semiconductor device performance and capabilities for many years, overcoming the current power and speed bottlenecks of silicon-based circuits, and will change the future development roadmaps of a broad range of semiconductor applications including mobile devices, computer servers, storage arrays, imaging equipment, networking equipment, transportation systems, and test and measurement instruments.
Grayling will be providing the investor relations services starting immediately and services continue for one year or until either party notifies the other of termination of the agreement with 60 days notice. Grayling will be paid $5,500 per month plus out-of-pocket expenses as required. Additional services will be billed at Grayling's going rate. Grayling is completely at arm's length to the Company and has no direct or indirect interest, and no intention to acquire any interest, in the securities of OPEL. The appointment of Grayling is subject to filing the appropriate documents with the TSX Venture Exchange ("TSXV") and the acceptance of the filings by the TSXV.
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., provided systems for energy applications. The Company has 32 patents issued and 6 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" and on the OTCQX under the symbol "OPELF". For more information please visit our websites at www.opeltechinc.com and for ODIS at www.odisinc.com.
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 anticipated operational plans and activities. Specifically, they include OPEL's statement that "By enabling increased speed, density, reliability, power efficiency, and much lower bill-of-materials and assembly costs, POET provides a new technology direction and opportunity for the semiconductor industry. POET will allow continued advances of semiconductor device performance and capabilities for many years, overcoming the current power and speed bottlenecks of silicon-based circuits, and will change the future development roadmaps of a broad range of semiconductor applications including mobile devices, computer servers, storage arrays, imaging equipment, networking equipment, transportation systems, and test and measurement instruments."
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.