28 June 2012

OPEL completes staff reduction as it refocuses from solar division to its POET process

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 –has completed a staff reduction in the solar business as it continues to cut costs as part of the ongoing review and assessment of its OPEL Solar division.

As announced on 11 June, a core component of OPEL’s strategy going forward is to continue to develop its POET platform, which 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. The firm has 37 patents issued and 13 patents pending in both its PV systems and for its semiconductor POET process. OPEL says that it continues to progress work with a third party in the validation of the technology (following independent validation of a critical component of the POET platform by BAE Systems in June 2011).

In support of the strategic direction, two special committees have been established by OPEL’s board of directors. The first will explore the divestiture of OPEL’s Solar Division to interested parties that are now engaged in talks with the firm. The second committee’s charter is to drive the monetization efforts of the POET platform technology of OPEL’s ODIS Division.

OPEL’s annual general meeting (AGM) is scheduled for 21 August at the Nathan Hale Inn in Storrs, CT, USA, allowing the firm to provide shareholders with a tour of the ODIS facility. OPEL’s president & CEO Leon M. Pierhal, executive chairman Mark Benadiba, executive director Peter Copetti, and board directors Dr Samuel Peralta and John F. O’Donnell will be standing for election as directors. The record date for voting and receiving notice of the AGM has been set at 17 July. The firm anticipates that proxy material will be mailed to Shareholders on or about 24 July.

See related items:

OPEL announces board changes; refocus on developing POET technology, and $3m financing

Tags: OPEL Technologies POET GaAs ICs

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