RE: Q2 -OPEL Solar International Files Financial Results for Q2 2011
SHELTON, CONNECTICUT AND TORONTO, ONTARIO, Aug 24, 2011 (MARKETWIRE via COMTEX News Network) --
OPEL Solar International Inc. (TSX VENTURE: OPL) ("OPEL" or "the Company"), a leading global supplier of high concentration photovoltaic ("HCPV") solar panels and ground-based and rooftop tracker systems, today announced continuing sales momentum in the second quarter of 2011. OPEL has filed on SEDAR its Financial Statements and Management's Discussion and Analysis ("MD&A") for the quarter ended June 30, 2011 (collectively the "Financials").
OPEL reported revenue of $1.2 million in for the second quarter of 2011, and year to date revenue of $2.7 million. The company continues on pace to generate substantially more revenue in 2011 than it did in the full year 2010. The quarterly result surpasses the same period of 2010 by $700,000 dollars. To help ensure the continuation of the solid growth prospects, OPEL is tightly managing its operating expenses. As of June 30, 2011, the Company had $4.9 million of cash and short term investments and no debt.
OPEL Solar continued to build on the achievements of the first quarter. The backlog of orders for delivery in the last half 2011 and 2012 continues to grow. The 446kW solar power plant for Toray Plastics in Rhode Island is one of three currently being installed, and all will be completed in August. Upon its completion, Toray Plastics will be the largest solar field in the State of Rhode Island, and it was a turnkey installation by OPEL.
"We are very pleased with the progress and revenue growth OPEL has experienced in 2011," stated Michael McCoy, CFO of OPEL Solar. "We have continued to book sizable orders which will allow for the sustained revenue growth in 2011 and 2012. Customers are responding positively to our product offerings and we continue to quote potential future business."
"Even through the recent poor economic conditions, OPEL Solar continued to build on the Company's revenue momentum," stated Leon M. Pierhal, CEO of OPEL Solar. "We continue to develop our municipal utilities and brownfield efforts, and we expect to see growth continue to accelerate as a result of these and other industrial construction projects in the latter half of 2011 and into 2012.
The Company continues to build on success at its ODIS affiliate as well. Revenue included additional funding for further development of the POET technology. As was discussed at the annual general meeting, the company is actively pursuing a number of avenues to monetize the decade of effort that went into developing POET, and expects to announce initiatives in this regard in the near future. It was announced that BAE Systems also independently validated a working transistor using POET. The technology platform is being showcased in two presentations recently announced to be given at SPIE Conference in San Diego, California the week of August 22, 2011.
About OPEL Solar International and OPEL Solar, Inc. and ODIS, Inc.
With operations headquartered in Shelton, CT and head office in Toronto, Ontario, Canada, the Company, through OPEL, Inc., designs, manufactures and markets high-concentration photovoltaic panels, dual- and single-axis trackers, and related PV systems, for energy applications worldwide. 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. The Company has been awarded 35 patents and has 12 patents pending, including for its POET process, which enables the monolithic fabrication of integrated circuits containing both electronic and optical elements, with potential high-speed and low-power 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 about OPEL, please visit the Company's website at www.opelinc.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 including the revenue and growth outlook.
They also include OPEL's belief that "the strong revenue result in this quarter is the start of what we believe to be a long-term growth pattern for revenue during the latter half of calendar year 2011 and on into 2012."
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. Assumptions have been made regarding, among other things, management's expectations regarding future growth, plans for and completion of projects by OPEL's third party relationships, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of OPEL's anticipated projects, delays or changes in plans with respect to the development of OPEL's anticipated projects by OPEL's third party relationships, risks affecting OPEL's ability to execute projects and market its solar products, risks inherent in operating in foreign jurisdictions, the ability to attract key personnel, and the inability to raise additional capital. Additional assumptions and risks are set out in detail in OPEL's Annual Information Form, available on SEDAR at www.sedar.com.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
OPEL
Pat V. Agudow
Vice President, Public Relations