SHELTON, CONNECTICUT AND TORONTO, ONTARIO, Oct 02, 2012 (MARKETWIRE via COMTEX) -- OPEL Technologies Inc. CA:OPL +9.33% (otcqx:OPELF) ("OPEL" or "the Company") is pleased to give investors an update on the work of the previously announced special committees of the Board of Directors established to investigate the divestiture of the solar operations and to drive the monetization efforts of the POET platform technology of OPEL's ODIS Division.
We continue to work with NSM ("Northern States Metals") to conclude the Agreement with them involving the sale of certain solar assets announced by the Company on August 30, 2012. To that end, both companies have agreed to extend the exclusivity period provided for in the Agreement until October 12, 2012.
Dr. Geoff Taylor and his team are focused and determined to take POET Technology from a developmental concept to a technology that can be monetized and truly make a difference in how the world sees the semiconductor business. Recently, The Taylor team has added one more PhD student who had been doing research with the team. The regular staff becomes nine engineers in total including Dr. Taylor. OPEL management is now looking to add key personnel to aid in the monetization process.
OPEL has raised $5.4 million since June during difficult markets for small cap companies. OPEL would like to thank IBK Capital Corp. for their efforts and professional expertise during this transition stage at the Company.
We are pleased to announce that we have repaid and closed the credit facility with TCA Global Credit Master Fund, LP. Peter Copetti, executive board member and special committee chair, would personally like to thank the entire TCA Team for their professional service and their support through this process.
We are also pleased to announce that 90% of all unsecured debt has also been paid. The OPEL balance sheet has been repaired, and the Company is now in a position to focus its personnel and its resources exclusively on POET technology.
About TCA Fund Management Group
TCA Fund Management Group as the Investment Manager for TCA Global Credit Master Fund acts as an advisor to many small companies from its offices in the United States, United Kingdom and Australia. TCA Fund is a short duration, absolute return fund specializing in senior-secured lending to small, mainly listed companies in the U.S., Canada, Western Europe, and Australia. The team has a level of domestic and cross-border expertise, long-standing experience with funding innovations, as is reflected in the number of transactions completed. This is a specialist business with an investment approach that fills an important finance gap in many leading markets. TCA Global Credit Master Fund also provides a unique conduit for investors seeking uncorrelated returns in the small cap debt universe.
About OPEL Technologies Inc.
With head office in Toronto, Ontario, Canada, and operations in Shelton, CT, 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; and through OPEL Solar, Inc., provides PV systems for energy applications. The Company has 37 patents issued and 13 patents pending, primarily for its semiconductor POET process, which enables the monolithic fabrication of integrated circuits containing both electronic and optical elements, with potential high-speed and power-efficient 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 please visit our websites at www.opeltechinc.com ; for ODIS at www.odisinc.com ; and for OPEL Solar at www.opelsolar.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 plans concerning the future development of the POET technology.
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.
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.