New Optec CEO Updates Shareholders

Rhea-AI Summary

Optec International Inc. (OTC: OPTI) new CEO Gregg Boehmer has issued a shareholder update outlining his plans to address the company's current challenges. The company is currently working to regain active status on OTCIQ and return to Pink Current status. The company is facing insolvency due to previous management's actions.

Boehmer is collaborating with a receiver, accountants, and a new legal team to reconstruct accurate financial statements for the past two years. The CEO indicated potential civil legal action and possible involvement of the State's Attorney's Office and SEC regarding previous management's activities. A merger candidate remains in discussion, though multiple preliminary steps need to be completed before any potential transaction.

Positive

• New management actively working to restore OTCIQ and Pink Current status
• Engagement of professional accounting and legal teams for financial reconstruction
• Ongoing discussions with potential merger candidate

Negative

• Company currently in state of insolvency
• Trading status inactive on OTCIQ
• Two years of financial statements require reconstruction
• Potential legal actions against previous management indicate serious past mismanagement

BUFFALO, Wyo., Jan. 16, 2025 (GLOBE NEWSWIRE) -- Gregg Boehmer, CEO of Optec International Inc. (OTC: OPTI), is pleased to provide the following Shareholder Letter:

Dear Optec International Shareholders,

First, thank you for holding whatever position you own in Optec and for being a loyal shareholder. I know that has not been easy given the events of the past few years. I have been tasked with turning this company around and I ask for your patience during this process.

While I am not foolish enough to make any promises I can't keep, I can promise you that I am working to get the Company back active on OTCIQ and subsequently back to Pink Current status, but it is going to take time. There is a laundry list of things to do and even more documents, statements and records to sift through so that somehow the team can make sense of it all. I can promise you I will never PR a memorandum of understanding or a letter of intent as neither are worth the paper they are printed on. I also promise you will never see the phrase "building shareholder value" in any communication from me.

I am working diligently with the receiver and have worked extensively with the accountants that will be assisting me in putting together an accurate financial picture for the past two years. They are well respected and absolutely above reproach.

As CEO, it is my fiduciary and ethical responsibility to protect the shareholders of this company. While I will be pouring through all documents looking for nefarious activity, it is important to remember that prior management led the Company to its current position of insolvency. That being said, this is a publicly traded company and I will be working with the receiver and the aforementioned financial accounting team as well as a new legal team to determine what, if any, civil legal action can be taken as well involving the State's Attorney’s Office and the SEC, if necessary.

I have kept an open line of communication with the merger candidate. We seemed to have developed a nice rapport, and they understand there are a million steps that must take place first and I am on step 15. Company management is not in a rush to go public - they want everything done right so we developed an extensive "to-do" list on their end as well.

On a personal note, I would like to thank everyone for their notes of support and well wishes. The mountain is a lot easier to climb knowing I have your support. 

From my family to yours, please have a safe and prosperous 2025,

Gregg Boehmer, CEO
Optec International, Inc.
gboehmer@optec-international-inc.com

Safe Harbor Statement

This release contains statements that constitute forward-looking statements. These statements appear in several places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things, that the release of all the new company products and funding achieved, will lead to further production orders and work from customers. The words "may" "would" "will" "expect" "estimate" "anticipate" "believe" "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements because of various factors. Other risks are identified and described in more detail in the “Risk Factors” section of the Company’s filings with the SEC, which are available on our website. We undertake no obligation to update, and we do not have a policy of updating or revising these forward-looking statements, except as required by applicable law.

FAQ

What is the current financial status of Optec International (OPTI)?

According to the PR, OPTI is currently in a state of insolvency and working to reconstruct its financial statements for the past two years.

What steps is OPTI taking to regain Pink Current status in 2025?

OPTI is working with accountants to reconstruct financial statements, engaging a new legal team, and collaborating with a receiver to restore active status on OTCIQ and regain Pink Current status.

What legal actions is OPTI considering regarding its previous management?

OPTI is considering civil legal action and potential involvement of the State's Attorney's Office and SEC regarding previous management's activities.

What is the status of OPTI's potential merger in 2025?

OPTI has ongoing discussions with a merger candidate, but multiple preliminary steps need to be completed before any potential transaction can proceed.