Opel proposes new directors to the board
Opel Solar International has announced a realignment of its Board of Directors.
Denis Colbourne, a Director since September 2006, Chairman of the Board from 2008-2010, and a member of the Compensation Committee and of the Audit Committee, will be retiring from the Board at the Company's upcoming Annual General Meeting of Shareholders.
His years of board and operational experience in the industry, including with Spectalis, SiGe Semiconductor, International Datacasting, Wi-LAN and Nortel Semiconductors have been of vital importance to the growth of the Company.
The Company is pleased that Colbourne will continue his involvement with Opel in an advisory role, to be called upon for his expertise from time to time, and as such will enter into a Consultancy Agreement with him. Leon M. Pierhal, the President & CEO of Opel, Lawrence R. Kunkel, Chairman of the Board, and Samuel Peralta, Board Director, will be continuing in their current capacities.
The Board is proposing two nominees. These are Christopher Grasset and Tristram Collins, for election as Directors of the Company at the AGM, scheduled for Tuesday, June 21, 2011 at the Toronto Hilton Hotel. The Record Date for Voting and Receiving Notice of the AGM has been set at May 12, 2011. The Company anticipates that Proxy Material will be mailed to Shareholders on May 20th.
Christopher Grasset, J.D. has over 35 years of experience in the high-technology sector. He is currently Vice-President, Business Affairs for Covalon Technologies and a Member of the Law Society of Upper Canada. Building on his background in communications and information technology,
Grasset co-founded the technology business law firm Grasset/Fleisher LLP (subsequently merged with a major law firm) and the consultancy firm KBE International, focused on knowledge-based enterprises. Grasset has been an advisor to international organisations including the Sprinkles Global Health Initiative at the renowned Hospital for Sick Children in Toronto and UNICEF. His "Crossing the Pond" initiative was a marquee international technology business development program of Canada's Department of Foreign Affairs and International Trade.
He has published numerous articles on technology business, policy, law, tax and related issues; and he has chaired numerous conferences on subjects including international transactions and financing, and intellectual property and technology transfer.
Tristram Collins has over 25 years of business experience and holds an MBA from the Amos Tuck School of Business Administration and an AB from Dartmouth College. Currently President of Grassmere Acquisition Corporation and President & CEO of Great Point Holdings, LLC, his recent focus has been on financing and management of high-growth firms, exemplified by AcuStream LLC, Sustainable Building Innovations, and numerous other portfolio companies.
Previously, he was a Director and Senior Managing Executive at Nassau Broadcasting Partners, L.P. where he grew the company from 11 radio stations into the 15th largest radio broadcaster, by station count, in the U.S. He was also previously an investment banking executive with over $85 billion of transaction experience. At Citigroup Global Markets, he was a Managing Director and sector head specialising in broadcasting and media, where he managed global relationships, transactions and mergers and acquisition advisory assignments, including $6 billion of Viacom financings. He also held senior executive positions at Merrill Lynch & Co., where, among other assignments, he helped execute Infinity Broadcasting's $3.2 billion initial public offering.
"We are honoured that both candidates have accepted being nominated to the Board," stated Lawrence R. Kunkel, Chairman of Opel. "Their nomination exemplifies the Company's commitment to enhancing shareholder value, and their integrity and experience will be invaluable to the strategic growth of Opel on a going forward basis."
Kunkel added, "Both candidates bring strong knowledge-based and high-value transactional expertise to the Board and will provide solid support to the management team while Opel continues its vision for expanding the vertical and geographic reach of its photovoltaic business, and for realizing optimum value from its proprietary Planar Optoelectronic Technology (POET) semiconductor device manufacturing platform and associated intellectual property portfolio."
In addition to the Board transition and AGM plans, the Company also announced the grant of additional incentive stock options under its stock option plan to directors of the Company to purchase up to an aggregate of 600,000 common shares, representing 0.65% of the outstanding voting shares of the Company. The stock options are exercisable at a price of CA$1.21 per share, expiring May 11, 2021. The exercise price is the closing price on the day prior to the grant, being May 10, 2011.
There are currently 8,179,000 options outstanding and 92,183,256 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. The options were granted subject to provisions of the Company's stock option plan which was approved by shareholders in June 2009, and subject to the TSX Venture Exchange policies and the applicable securities laws.
