OPEL International files third quarter 2009 financials

Friday, Nov 27, 2009

OPEL International Inc., a leading global developer and supplier of high concentration photovoltaic and other solar products, including ground-based and rooftop tracker systems, today announced the filing on SEDAR of its Financial Statements and the Management's Discussion and Analysis for the 3-month period ended September 30, 2009.

OPEL's revenue for the third quarter of 2009 was an increase of $20K over the second quarter of 2009 and for the nine months of 2009 revenue was $547K, $31K lower than the same period of 2008. OPEL has now connected 330kW of its Spanish solar installation to provide electricity to the grid. This grid connection will allow for the sale to a third party. Our quoting activity increased during the quarter for our HCPV panels and our tracker systems, as well as the size of the projects being quoted. OPEL filed for a cash payment of $179K, on its CT school roof installation, under the U.S. Federal stimulus package, and it was just paid after the close of the quarter. OPEL's balance sheet remains in a strong liquidity position with no debt.

"We feel the solar market has started to break out of the slump," said Michael McCoy, OPEL'S Chief Financial Officer. "With our Spanish installation now successfully generating utility scale solar power, we can focus our attentions to closing and delivering on our new quoting activities in addition to continuing to deliver on our overall goals, as outlined in our MD&A."

About OPEL International

With OPEL Solar, Inc. operations headquartered in Shelton, CT and the headquarters office in Toronto, Ontario, Canada, OPEL designs, manufactures and markets high performance concentrating photovoltaic ("HCPV") panels to transform solar energy into electricity for worldwide application. OPEL's high performance photovoltaic concentrating panels generate up to 40% more kilowatt-hours than conventional flat plate silicon solar panels, resulting in more cost effective electricity generated from the sun. OPEL also markets a complete line of dual and single axis solar trackers to mount solar panels for the optimum power output. OPEL also designs infrared sensor type products for military and industrial applications.

A leader in gallium arsenide and solar photovoltaic technology, the Company has been awarded 39 patents and has eight more patents pending. OPEL's common shares trade on the TSX Venture Exchange under the symbol "OPL".

Source: Marketwire