OPEL International Inc. today announced the filing on SEDAR of its Financial Statements and the Management's Discussion and Analysis for the quarter ended June 30, 2010.
OPEL's revenue in the second quarter of 2010 increased over the same quarter of 2009 and the first quarter of 2010. During the second quarter, OPEL published indepth communication regarding its revenue outlook, the solar industry landscape of opportunities, its engineering developments and its announcement of the 'Brownfields Initiative'. These communications gave our shareholders a broader view of the future revenue potential and business strategy of the Company. OPEL's tangible progress and broad set of opportunities enabled it to raise fresh capital to fund growth. The Company successfully closed the capital raise in July with $7.55 million.
Several second quarter accomplishments indicate that OPEL is beginning to realize its growth potential. OPEL's integrated circuit subsidiary ODIS was awarded an additional $750,000 SBIR contract to perform research for the U.S. Air Force. At its annual general meeting in June, ODIS introduced its commercial products to shareholders. OPEL Solar signed an LOI agreement with ABB to supply its single axis tracking system for a 24MW utility grid installation in Nevada. OPEL qualified several U.S. and Canadian manufacturers for supply components for its rooftop and ground mounted tracker systems, supporting local manufacturing and jobs creation.
OPEL continued to forge relationships with large Engineering, Procurement and Construction ("EPC") companies and power producers, and is now actively quoting utility scale projects in multiple locations for several customers.
"We are pleased that our recently closed capital raise was oversubscribed," said Michael McCoy, OPEL's Chief Financial Officer. "This additional funding enables us to produce and deliver product for the initial large projects we are addressing. As we grow, we expect to internally fund all future projects."
The Company also announced the grant of additional incentive stock options under its stock option plan to certain directors, officers, employees and key consultants of the Company to purchase up to an aggregate of 2,240,000 common shares, representing 2.59% of the outstanding voting shares of the Company. Options granted to the Company's officers represent 51.3% of the total grants, and options to the independent members of the Board of Directors of the Company represent 41.5% of the total grants. The remaining options were granted to employees and key consultants. The stock options are exercisable at a price of CA$0.345 per share expiring August 19, 2020. There are currently 11,115,000 options outstanding and 86,650,514 voting shares outstanding.
The options will vest and be exercisable on the basis of 25% on the date of grant (August 19, 2010) and 25% every six months thereafter. The options were granted subject to provisions of the Company's stock option plan which was approved by shareholders in June 2009, and subject to the TSX Venture Exchange policies and the applicable securities laws.
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