OPEL Technologies Inc. ("OPEL" or "the Company") announces that it has made significant progress in rehabilitating OPEL's research and development facilities located in Storrs, Ct. following the extensive damage caused by Hurricane Sandy.
The Molecular Beam Epitaxy (MBE) System used in gallium arsenide wafer production was the most damaged and required a virtual rebuild. The MBE has now been fully refitted and is completing its "burn-in" cycle. A sample testing procedure will commence following which the MBE System is expected to be declared operable and ready to be placed online. Although severely impacted by the MBE failure, this quarter's milestone still appears on track to be met. Once on-line wafer production begins, producing wafers for the continuance of the BAE Systems military IR Sensor proof of concept project due for completion later this year will take precedence.
OPEL is pleased to announce that while refitting of the MBE was underway; virtually all of the R&D facility's build out work was finalized, enabling the installation of additional new equipment. The first of the four new research devices arrived and was installed several weeks ago. A second unit has arrived and now awaits a factory installation team. The remaining two units are due to arrive early June to be ready for installation, trial and acceptance testing.
Opel also notes that its PR and IR activities with Atomic Public Relations, LLC. and Grayling Communications, Inc. are progressing very well. With OPEL's assistance, each firm has rapidly grasped OPEL's product development goals and marketing strategy, then began aggressive development of programs designed to meet OPEL's marketing and are already showing signs of positive impact.
In parallel with the PR and IR implementation, OPEL's monetization activity continues at a rapid pace. A confidential due diligence report detailing the evolution of the POET Platform with the addition of research and development's latest trial data points will be completed within the quarter. The business development white paper will be made available under Non-Disclosure Agreement ("NDA") to potential prospective partners and IP Licensees only.
A facilities tour is scheduled immediately following the Annual General Meeting on June 21, 2013 in Storrs, Ct. to provide a firsthand view of the facilities' accomplishments and POET's progress.