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OPEL Solar celebrates its GaAs POET and solar technologies at AGM

At this year’s meeting, the firm saluted its gallium arsenide POET technology, which is focused on increasing the speed and decreasing the energy usage in the general purpose server, desktop and laptop microprocessor markets for consumer applications.

OPEL Solar International, a global supplier of high concentration photovoltaic (HCPV) solar panels announced that at its Annual General and Special Meeting (AGM) which took place on June 21, 2011, that the shareholders approved the election of the following nominees to the Board of Directors:        

Tristram E. Collins                           Christopher Grasset                       Lawrence R. Kunkel - Chairman          

Samuel Peralta                                 Leon M. Pierhal

In a subsequent Board Meeting that followed the AGM, the Board reappointed the following executive officers for the Company:

Leon M. Pierhal, President & Chief Executive Officer    

Michael McCoy, Treasurer & Chief Financial Officer

Francisco Middleton, Chief Operating Officer and Vice President of Marketing       

Javier Berrios, Vice President of Engineering    

Patricia Venneri Agudow, Vice President of Administration, Public & Government Relations

Michel Lafrance, Corporate Secretary

The shareholders also approved the re-appointment of Marcum LLP, Accountants & Advisors, of New Haven, Connecticut, as the auditors of the Company for the ensuing year.

In addition to the usual matters determined at the AGM, the shareholders approved the Amendment to the Company's Stock Option Plan and a special resolution to change the name of the Company to 'OPEL Technologies Inc.'.

The purpose of the name change was to reflect a more descriptive name to encompass the broadening universe that is OPEL today. The Company has two distinct divisions - OPEL Solar, Inc. and ODIS Inc., the inventor of the GaAs solar POET technology.

OPEL Solar and ODIS product displays were set up at the AGM providing the shareholders a view of the technology advancements of the Company's products. Shareholders were presented with an update by Leon M. Pierhal, the Chief Executive Officer of OPEL, on the status the Company from management's perspective.

Pierhal described management's vision and the achievements successfully attained from the Company's repositioning effort in the last year that was undertaken to with the intent of creating a successful future and revenue outlook. Pierhal took the shareholders through the entire cycle from initial order through installation on the solar business side for a better understanding of the revenue recognition time sequences.

Francisco Middleton, the Chief Operating Officer & Vice-President of Marketing for the Company's solar products also made a presentation to the shareholders. Middleton emphasised that all of the advancements in the OPEL Solar product line were designed to yield cost savings for customers along with increased electric power production per area of land.

Next, supported by Geoff Taylor, the architect of POET who was present, Pierhal showcased OPEL's affiliated company, ODIS, providing the audience a better understanding of the business and potential contribution ODIS will have on shareholder value and the technological progress made since the valuation of the POET technology and, most recently, its independent technological validation completed by BAE Systems of a working transistor.

The development of this product is focused currently on increasing the speed and decreasing the energy usage in the general purpose server, desktop and laptop microprocessor markets for consumer applications. Also it can be used in smart phone and computer tablet devices.

Following the AGM, the directors granted incentive stock options to the newly-elected directors of the Company to purchase up to an aggregate of 200,000 common shares, representing 0.2% of the outstanding voting shares of the Company. The stock options are exercisable at a price of CA$0.92 per share, expiring June 21, 2021. The exercise price was the closing price on the day prior to the grant, being June 20, 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 Company's stock option plan which was approved by shareholders at the AGM, and are subject to the TSX Venture Exchange policies and the applicable securities laws.
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