CORRECTION FROM SOURCE: OPEL Technologies Inc. Appoints New Directors
CORRECTION FROM SOURCE: OPEL Technologies Inc. Appoints New Directors
TORONTO, ONTARIO and STORRS, CONNECTICUT -- (Marketwired) -- 04/02/13 -- This document corrects and replaces the press release that was disseminated on April 02, 2013 08:00 ET. The error occurred in the eighth paragraph. The corrected press release follows:
OPEL Technologies Inc. (TSX VENTURE:OPL)(OTCQX:OPELF) ("OPEL" or "the Company") would like to welcome Dr. Adam Chowaniec and Dr. Geoff Taylor who were appointed to the Board of Directors of the Company, following an increase in the number of directors from 6 to 8 to allow for their appointment.
Dr. Chowaniec was previously the founding Chief Executive Officer (CEO) and Chairman of Tundra Semiconductor (acquired by Integrated Device Technology), Chairman of Zarlink (acquired by Microsemi), and Chairman of Bel Air Networks (acquired by Ericsson). Previously, he was President and CEO of Calmos Systems, acquired by Newbridge Networks and renamed Newbridge Microsystems, where he served as President and as a Vice President of Newbridge Networks. He has also served on the boards of SiberCore Technologies, Liquid Computing, Microbridge, GEAC and Amiga. He currently serves on the boards of Solantro Semiconductor. Dr. Chowaniec holds an M.Sc. in Electrical Engineering from Queen's University, as well as both a B.Sc. and a Ph.D. from the University of Sheffield. In 2010, he was recognized by the California Computer Museum as one of the founding fathers of the personal computer.
"We are extremely pleased to have Dr. Chowaniec onside," noted Peter Copetti, Executive Director of OPEL. "His reputation and industry standing enhance the Board's strategy to magnify the value of OPEL's semiconductor technology." Mr. Copetti added: "The Board is also pleased to align itself with the vision of Dr. Taylor, recognizing his role as the primary architect of our technology platform."
Dr. Taylor is Chief Scientist at OPEL and has led development of the Planar Optoelectronic Technology (POET) platform over the past two decades, directing a focused team at the ODIS subsidiary of OPEL. Dr. Taylor possesses an extraordinary technical background made-up of 30 years of design and development experience in electronic and optical device physics, cir cuit design, opto-electronic technology, materials and applications. He is concurrently a Professor of Electrical Engineering and Photonics at the University of Connecticut and is responsible for ODIS' development efforts at the gallium arsenide (GaAs) growth and fabrication facility. With over 150 papers in the world's most respected journals, and dozens of patents, Dr. Taylor is widely regarded as the world's leading authority on GaAs solid-state physics, III-V opto-technology, as well as the pioneer in the development of monolithic integrated opto-electronic circuits.
Previously, Dr. Taylor served as a Distinguished Member of the technical staff at AT&T Bell Labs, developing inversion channel technology for III-V materials. At Honeywell and Texas Instruments he helped to develop critical optical technology for the Jupiter Orbital Probe as well as the development of key circuits and devices for very-large-scale-integrated (VLSI) chips. Dr. Taylor holds a Ph.D. in Electrical Engineering and an M.A.Sc. in Electrical Engineering from the University of Toronto and a B.Sc. in Electrical Engineering from Queen's University.
A core component of the OPEL's forward strategy is to continue optimization of the POET platform, which enables monolithic fabrication of integrated circuit GaAs devices containing both electronic and optical elements on a single wafer.
By enabling increased speed, density, reliability, power efficiency, and much lower bill-of-materials and assembly costs, POET provides a new technology direction and opportunity for the semiconductor industry. POET will allow continued advances of semiconductor device performance and capabilities for many years, overcoming the current power and speed bottlenecks of silicon-based circuits, and will change the future development roadmaps of a broad range of semiconductor applications including mobile devices, computer servers, storage arrays, imaging equipment, networking equipment, transportation systems, and test and measurement instruments.
Dr. Chowaniec and Dr. Taylor were each granted stock options to purchase 500,000 shares, at an exercise price of $0.51 per share, expiring on April 2nd, 2018. The price was determined as the closing trading price on the TSX Venture Exchange on the previous trading day being April 1st, 2013. The options vest 25% immediately and 25% every six months thereafter, and are dependent on the approval of the amended Stock Option Plan by the TSX Venture Exchange ("TSXV") and by the shareholders at the Company's upcoming AGM on June 21, 2013.
About OPEL Technologies Inc. and ODIS Inc.
With head office in Toronto, Ontario, Canada, and operations in Storrs, 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., provided systems for energy applications. The Company has 32 patents issued and 6 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 www.opeltechinc.com and for ODIS at www.odisinc.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Michel Lafrance, Secretary
This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others, those concerning OPEL's anticipated operational plans and activities including the revenue and growth outlook. Specifically, they include OPEL's statement that "By enabling increased speed, density, reliability, power efficiency, and much lower bill-of-materials and assembly costs, POET provides a new technology direction and opportunity for the semiconductor industry. POET will allow continued advances of semiconductor device performance and capabilities for many years, overcoming the current power and speed bottlenecks of silicon-based circuits, and will change the future development roadmaps of a broad range of semiconductor applications including mobile devices, computer servers, storage arrays, imaging equipment, networking equipment, transportation systems, and test and measurement instruments."
Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding future growth, plans for and completion of projects by OPEL's third party relationships, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of OPEL's anticipated projects, delays or changes in plans with respect to the development of OPEL's anticipated projects by OPEL's third party relationships, risks affecting OPEL's ability to execute projects and market its solar division, risks inherent in operating in foreign jurisdictions, the ability to attract key personnel, and the inability to raise additional capital. No assurances can be given that the special committee's efforts will result in a sale of the OPEL Solar Division. Additional assumptions and risks are set out in detail in OPEL's Annual Information Form, available on SEDAR at www.sedar.com.
Although OPEL believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in OPEL's securities should not place undue reliance on forward-looking statements because OPEL can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and OPEL assumes no obligation to update or revise this forward-looking information and statements except as required by law.
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 email@example.com www.opeltechinc.com