News Article
Opel to focus on GaAs based multi-junction POET technology
Two special committees have been established to explore the divestiture of the Opel Solar Division to interested parties and to drive the monetisation efforts of the POET platform technology of Opel's ODIS Inc. division
Executives at Opel Technologies announced at its Annual General Meeting, which took place on August 21st, that the core component of the company's strategy going forward is to continue to develop the POET platform.
POET enables monolithic fabrication of integrated circuit GaAs devices containing both electronic and optical elements onto a single wafer.
In support of the strategic direction, the two special committees that have been established by the Opel Technologies Board of Directors are continuing to work diligently on their goals. The first committee is exploring the divestiture of its Opel Solar Division to interested parties now engaged in talks with the Company. The second committee's charter is to drive the monetisation efforts of the POET platform technology of its ODIS Inc. Division.
The decision to hold the AGM at Storrs was made so that a tour of the ODIS facility would be available to further reinforce the stated objective to drive monetisation efforts of the POET platform.
Shareholders in attendance were welcomed by the ODIS Team at the facility and given a showcase of the intricacy of this "breakthrough" technology.
Also, the shareholders approved the election of the following nominees to the Board of Directors: Mark Benadiba, Peter Copetti, Chris Tsiofas, Samuel Peralta, Leon M. Pierhal and John F. O'Donnell.
And following the AGM, at the Board Meeting that followed, the Board reappointed the following executive officers for the Company: Mark Benadiba, Executive Chairman; Leon M. Pierhal, President & Chief Executive Officer; Michael McCoy, Treasurer & Chief Financial Officer; Javier Berrios, Vice President of Engineering; Patricia Venneri Agudow, Vice President of Administration, Public & Government Relations; Michel Lafrance, Corporate Secretary. Also reappointed was Marcum LLP, Accountants & Advisors, of New Haven, Connecticut, as the auditors of the Company for the ensuing year.
Following the AGM, the directors granted incentive stock options to the newly-elected director of the Company to purchase up to an aggregate of 500,000 common shares, representing 0.5 percent of the outstanding voting shares of the Company. The stock options are exercisable at a price per share of CA$0.275 and expiring August 21st, 2017. The exercise price was the closing price on the day prior to the grant, being August 20th, 2012.
There are currently 15,272,550 options outstanding and 100,461,813 voting shares outstanding. The options will vest and be exercisable on the basis of 25 percent on the date of grant and 25 percent every six months thereafter. These options were granted subject to provisions of the Company's stock option plan which was approved by shareholders at last year's AGM, and are subject to the TSX Venture Exchange policies and the applicable securities laws.
