OPEL Technologies Inc. Celebrates its POET Technology at the Annual Meeting
(firmenpresse) - TORONTO, ONTARIO and SHELTON, CONNECTICUT -- (Marketwire) -- 08/22/12 -- OPEL Technologies Inc. (TSX VENTURE: OPL)(OTCQX: OPELF) ("OPEL" or "the Company") today announced that its Annual General Meeting ("AGM") took place on August 21, 2012 and that the shareholders approved the election of the following nominees to the Board of Directors as was proposed in the Information Circular:
In a subsequent Board Meeting that followed the AGM, the Board reappointed the following executive officers for the Company:
The shareholders also approved the re-appointment of Marcum LLP, Accountants & Advisors, of New Haven, Connecticut, as the auditors of the Company for the ensuing year.
Shareholders were presented with updates by Mark Benadiba, the Executive Chairman, and Leon M. Pierhal, the Chief Executive Officer of OPEL, on the status the Company. Each reinforced 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 gallium arsenide devices containing both electronic and optical elements on 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 monetization 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 monetization 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.
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% 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 21, 2017. The exercise price was the closing price on the day prior to the grant, being August 20, 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% on the date of grant and 25% 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.
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 for OPEL Solar at and for ODIS at .
ON BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
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 Technologies Inc.
Patricia Venneri Agudow
Vice President, Public Relations
+1 (203) 612-2366 Ext. 2612
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Datum: 22.08.2012 - 12:00 Uhr
Sprache: Deutsch
News-ID 176692
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TORONTO, ONTARIO and SHELTON, CONNECTICUT
Kategorie:
Semiconductors
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