OPEL International Signs Distribution Agreement
Market Wire, May, 2008
OPEL International ("OPEL") (TSX VENTURE: OPL), a leading global developer and supplier of concentrating photovoltaic panels (CPVs), today announced it has entered an agreement with Solarfun Power Holding Co. Ltd. to market Solarfun's full line of solar panels in North America and Brazil.
The solar panels are listed with both UL (Underwriters Laboratories Inc.) and California's Energy Commission, making them eligible to participate in the solar incentive programs of various states in the US. These panels also integrate seamlessly with OPEL's product line of solar trackers for ground and roof top installation. When installed in conjunction with OPEL's line of solar trackers, the power output of the panels can be increased as much as 40% when compared with fixed mounted installations, thus resulting in a faster payback and lower kilowatt-hour costs.
"The addition of the Solarfun panels to our product line allows us to offer our customers a complete range of solutions that can better meet the needs of their applications," said Frank Middleton, Vice President of Marketing for OPEL. "The combination of the Solarfun panels and our roof top mounted trackers provide customers with a cost effective solution to maximize the use of flat roof tops to generate solar electricity."
"This combination is especially attractive in the Northeast where climatic conditions result in fewer sunny days than in places like the US Southwest," added Mr. Middleton. "We believe that we now have a very compelling product offering for schools in the Northeast who are looking to reduce electricity costs in an environmentally responsible manner."
"Our partnership with OPEL opens up excellent market potential for our products", Ocean Yuan, Senior Vice President of Solarfun Power Holdings, said. "OPEL's presence in the North American market provides Solarfun with the potential for a rapid expansion into an important market. We're very excited and looking forward to expanding our mutually beneficial relationship, as the use of solar power continues to grow dramatically around the world."
About OPEL International
With operations headquartered in Shelton, CT, OPEL designs, manufactures and markets innovative, state-of-the-art solar technology products designed to convert solar energy into electricity - at the least possible cost and greatest efficiency. The Company's products are based on technology developed in cooperation with the University of Connecticut (Storrs, CT) and the Canadian National Research Centre (Ottawa, ON). A leader in gallium arsenide and solar photovoltaic technology, the Company has been awarded 23 patents and has 23 more patents pending. 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 .
About Solarfun
Solarfun Power Holdings Co, Ltd. manufactures ingots, PV cells, modules and supplies solar system integration services in China. The Company produces both monocrystalline and multicrystalline silicon cells and modules, and manufactures 100% of its modules with in-house produced PV cells. Solarfun sells its products both through third-party distributors and directly to system integrators. The Company was founded in 2004 and its products have been certified to TUV and UL safety and quality standards.
Solarfun is located outside Shanghai in China. For more information on Solarfun, please visit their web site at www.solarfun.com.cn .
ON BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
Investors are cautioned that except for statements of historical facts, certain statements contained in this news release may include forward-looking information with respect to the Company. Such forward-looking statements or information are based on current expectations, estimates and projections formulated using assumptions currently believed to be reasonable and involving a number of risks and uncertainties which could cause actual results to differ materially from those anticipated. The Company does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy securities in the United States. The Company's securities have not been and will not be registered under the United States Securities Act of 1933, as amended or any state securities laws and may not be offered or sold within the United States or to any U.S. Person unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The TSXV has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts: Opel International Inc. Michael McCoy Chief Financial Officer (203) 612-2366 Ext 2229 Email: m.mccoy@opelinc.com Opel International Inc. Philip Koven Investor Relations (416) 447-4740 Ext 235 Email: invest@opelinc.com Website: www.opelinc.com
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