OPEL Technologies Inc. (TSX-V: OPL) (“OPEL” or “the Company”), a global supplier of solar tracker systems and high concentration photovoltaic (“HCPV”) solar panels, and a semiconductor device and process developer, announced that it had entered into a financing arrangement with Kodiak Capital Group, LLC to provide the Company up to $10 million of funding capacity in the form of an equity line of credit.
The Company has decided that the financing was not in the best interests of the Company or its shareholders. The financing facility has never been completed or utilized, and the Company has terminated the arrangement.