OPEL Technologies Inc. arranges $5,000,000 Revol
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OPEL Technologies Inc. arranges $5,000,000 Revolving Credit Facility
Shelton, CT and Toronto, ON, April 9, 2012 – OPEL Technologies Inc. (TSX-V: OPL), OPEL Solar Inc. and ODIS Inc. (collectively “OPEL” or “the Company” ), a leading global supplier of solar tracker systems and other solar related products, and a semiconductor device and process developer, wishes to announce that it has entered into a credit agreement for a revolving credit facility of up to $5,000,000 with TCA Global Credit Master Fund, LP (the “Lender” ). Funds will be made available to the Company on an “as needed basis” on normal commercial terms and will involve an initial draw down of $850,000. The Company delivered a revolving note and a security agreement (collectively, the “Loan Documents” ). The Loan Documents create a valid security interest in any Collateral in which the Corporation has rights, and any Collateral in which the Corporation hereafter acquires rights, to secure payment and performance of the obligations of the Company. This credit arrangement will replace the line of credit with Silicon Valley Bank announced on November 28, 2011.
As part compensation to the Lender, the Company will pay to the Lender a fee for investment banking services provided by the Lender to the Company prior to the Effective Date of the Loan Documents by issuing that number of common shares of the Company that equal a dollar amount of $150,000 at a deemed price of CDN$0.30 being 500,000 shares in total. These shares are subject to a four month hold period which expires on August 10, 2012. The TSX Venture Exchange today conditionally accepted for filing this transaction.
About OPEL Technologies Inc., OPEL Solar, Inc. and ODIS Inc.
With operations in Shelton, CT and head office in Toronto, Ontario, Canada, the Company, through OPEL Solar, Inc., designs, manufactures and markets dual- and single-axis trackers and other solar related products for CPV and PV systems for energy applications worldwide. 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. The Company has 36 patents issued and 14 patents pending in PV systems technologies and for its semiconductor POET process. The POET process 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 about OPEL, please visit our websites at www.opelsolar.com; and www.opeltechinc.com; and for ODIS at www.odisinc.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
For further information:
Patricia Venneri Agudow
Vice President, Public Relations
Tel: +1 (203) 612-2366 x 2612
p.agudow@opelinc.com
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