23 August 2012
OPEL’s AGM confirms strategy to focus on POET technology and divest solar division
OPEL Technologies Inc of Toronto, Ontario, Canada – which makes high-concentration photovoltaic (HCPV) panels and solar tracker systems through its subsidiary OPEL Solar Inc and develops III-V semiconductor devices and processes through US affiliate OPEL Defense Integrated Systems (ODIS Inc) of Shelton, CT – says that, at its annual general meeting (AGM), shareholders were updated on the firm’s strategy (announced on 11 June) to focus on developing ODIS’ Planar Optoelectronic Technology (POET) semiconductor platform.
POET enables monolithic fabrication of gallium arsenide (GaAs) integrated circuits containing both electronic and optical elements on a single wafer. The technology has been developed over the past 18 years by chief scientist Dr Geoff Taylor and his team.
In support of the strategic direction, two special committees were established by OPEL’s board of directors. The first is exploring the divestiture of OPEL’s Solar Division to interested parties now engaged in talks with the firm. The second committee’s charter is to drive the monetization efforts of the POET platform technology. The AGM was held at the Nathan Hale Inn in Storrs, CT, USA so that a tour of the ODIS facility was available to reinforce the latter objective.
Also at the AGM, shareholders approved the election of the following nominees to OPEL’s board of directors: Mark Benadiba, Peter Copetti, Chris Tsiofas, Dr Samuel Peralta, Leon M. Pierhal, and John F. O’Donnell. Shareholders also approved the re-appointment of Marcum LLP, Accountants & Advisors, of New Haven, CT, as auditors for the coming year.
A subsequent board meeting reappointed the following executive officers: executive chairman Mark Benadiba; president & CEO Leon M. Pierhal; treasurer & chief financial officer Michael McCoy; VP of engineering Dr Javier Berrios; VP of administration, public & government relations Patricia Venneri Agudow; and corporate secretary Michel Lafrance.
Also following the AGM, directors granted incentive stock options to the newly elected director to purchase up to 500,000 common shares, representing 0.5% of the firm’s outstanding voting shares. The stock options (which expire on 21 August 2017) are exercisable at a price per share of CA$0.275 (the closing price on 20 August 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. They were granted subject to provisions of the stock option plan approved by shareholders at last year’s AGM, and are subject to the TSX Venture Exchange policies and the applicable securities laws.
