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 through US affiliate OPEL Defense Integrated Systems (ODIS Inc) of Storrs, CT – says that Michael McCoy has resigned as treasurer & chief financial officer (CFO) of the firm and its subsidiaries in order to pursue new personal ventures.
McCoy served as CFO of the company since January 2007 and of OPEL Solar Inc since 2006. He was instrumental in the completion of the firm's reverse take-over process in 2006-2007, which included the completion of about $13.5m financing and culminated with the TSX (Toronto Stock Exchange) listing in June 2007. McCoy also assisted in the development of the firm's current financial infrastructure. "We thank him especially for helping us through the trying financial times that the company had endured over the last two years, which now have been resolved, resulting in healthier balance sheet," comments OPEL's CEO Leon M. Pierhal.
Kevin Barnes has agreed to take-on the additional responsibilities of treasurer & CFO. As company controller since 2007, he has been actively involved in preparation of the financial statements and management's discussion & analysis. Barnes is a member of the Institute of the Certified Management Accountants of Australia and an accredited chartered secretary. He is currently also serves as a corporate controller & business performance manager for one of the world's largest language training institutes. Previously, he was a reporting manager with Duguay and Ringler Corporate Services, a firm specializing in financial reporting for publicly traded companies.
OPEL's management and board says it remains optimistic that its efforts will result in strong growth for the semiconductor line of business. They continue to be committed to the goal of reducing operating costs, increasing long-term shareholder value, and implementing the current strategic plan for the development of ODIS' POET technology.
The POET process enables monolithic fabrication of gallium arsenide (GaAs) integrated circuits containing both electronic and optical elements on a single wafer, with potential high-speed and power-efficient applications in devices such as servers, tablet computers and smartphones. III-V semiconductor devices developed by ODIS for military, industrial and commercial applications include infrared sensor arrays and ultra-low-power random access memory.
"The strategic focus on ODIS forges ahead in its POET development program in order to achieve the anticipated milestones," says Pierhal.
