SHELTON, CONNECTICUT and TORONTO, ONTARIO -- (Marketwired) -- 06/03/13 -- OPEL Technologies Inc. (TSX VENTURE: OPL) (OTCQX: OPELF) ("OPEL" or "the Company") announces that it has made significant progress in rehabilitating OPEL's research and development facilities located in Storrs, Ct. following the extensive damage caused by Hurricane Sandy.
The Molecular Beam Epitaxy (MBE) System used in gallium arsenide wafer production was the most damaged and required a virtual rebuild. The MBE has now been fully refitted and is completing its "burn-in" cycle. A sample testing procedure will commence following which the MBE System is expected to be declared operable and ready to be placed online. Although severely impacted by the MBE failure, this quarter's milestone still appears on track to be met. Once on-line wafer production begins, producing wafers for the continuance of the BAE Systems military IR Sensor proof of concept project due for completion later this year will take precedence.
OPEL is pleased to announce that while refitting of the MBE was underway; virtually all of the R&D facility's build out work was finalized, enabling the installation of additional new equipment. The first of the four new research devices arrived and was installed several weeks ago. A second unit has arrived and now awaits a factory installation team. The remaining two units are due to arrive early June to be ready for installation, trial and acceptance testing.
Opel also notes that its PR and IR activities with Atomic Public Relations, LLC. and Grayling Communications, Inc. are progressing very well. With OPEL's assistance, each firm has rapidly grasped OPEL's product development goals and marketing strategy, then began aggressive development of programs designed to meet OPEL's marketing and are already showing signs of positive impact.
In parallel with the PR and IR implementation, OPEL's monetization activity continues at a rapid pace. A confidential due diligence report detailing the evolution of the POET Platform with the addition of research and development's latest trial data points will be completed within the quarter. The business development white paper will be made available under Non-Disclosure Agreement ("NDA") to potential prospective partners and IP Licensees only.
A facilities tour is scheduled immediately following the Annual General Meeting on June 21, 2013 in Storrs, Ct. to provide a firsthand view of the facilities' accomplishments and POET's progress.
About OPEL Technologies Inc.
With head office in Toronto, Ontario, Canada, and operations in Storrs, 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., provided systems for energy applications. The Company has 32 patents issued and 6 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" and on the OTCQX under the symbol "OPELF". For more information please visit our websites at www.opeltechinc.com and for ODIS at www.odisinc.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. Specifically, they include OPEL's statement that "(i) a sample testing procedure will commence following which the MBE System is expected to be declared operable and ready to be placed online; (ii) this quarter's milestone still appears to be on track to be met; (iii) producing the wafers for the continuance of BAE Systems military IR Sensorproof of concept project; and (iv) the remaining two units are due to arrive early June to be ready for installation, trial and acceptance testing."
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, risks inherent in operating in foreign jurisdictions, the ability to attract key personnel, and the inability to raise additional capital.
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.
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