Optec International, Inc Corporate Update OPTEC Cancels 30,000 Preferred Shares

Rhea-AI Summary

OPTEC International, Inc. (OTC PINK:OPTI) announced the cancellation of 30,000 Preferred shares previously issued to Amazon Management LLC for the Z2O technology acquisition. This move results in a 31.5% reduction of the company's issued and outstanding Preferred shares. Although this cancellation does not finalize negotiations with Amazon, it facilitates further discussions for an amicable settlement regarding the remaining 72% of the acquisition payment. OPTEC will continue to update stakeholders on the status of negotiations.

Positive

• Cancellation of 30,000 Preferred shares enhances shareholder value by reducing outstanding shares by 31.5%.
• Opens avenues for amicable settlement discussions with Amazon Management, potentially stabilizing future financial arrangements.

Negative

• None.

VISTA, CA / ACCESSWIRE / November 29, 2021 / OPTEC International, Inc. (OTC PINK:OPTI) today announced the cancellation of 30,000 Preferred shares previously issued to Amazon Management LLC for the Z2O proprietary "Uber of Cleaning" technology acquisition in August 2020.

The cancellation of the shares still leaves areas for settlement discussions from the original contract for payment of the 72% acquisition portion of Amazon Management LLC , (the developer of the Z2O app). This cancellation does not constitute a full and final settlement between Amazon and OPTEC but it does pave the way for discussions to an amicable settlement agreement.

The cancellation represents a 31.5 % reduction of the Issued and outstanding Preferred shares of Optec International, Inc.

The company will continue corporate updates as to the status of negotiations and discussions.

About OPTEC International, Inc.

With Locations in Carlsbad and Vista, California, OPTEC International is a developer and manufacturer of the OPTEC Fuel Maximizer products along with electronic LED, Ultraviolet (U.V.) & UV-C safety products and related advanced technologies and PPE (Personal Protection Equipment) products. The company's Temperature Scanning product line is being launched at a time when H.R. directors and facilities managers are experiencing extreme concern with respect to keeping environments safe during the global pandemic crisis and the safe reopening of the U.S. economy. For more information, visit: www.optecintl.com

Safe Harbor Statement: Safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as Opti, OPTEC or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe the Company's business strategy, outlook, objectives, plans, intentions, or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. OPTEC International Inc.

Investor Relations Contact:
Michael Iorlano
(760) 621-0062 / Mike@MountaintopMedia.net

SOURCE: Optec International, Inc.

View source version on accesswire.com:
https://www.accesswire.com/674921/Optec-International-Inc-Corporate-Update-OPTEC-Cancels-30000-Preferred-Shares

FAQ

What is the significance of OPTEC canceling 30,000 Preferred shares?

The cancellation reduces OPTEC's issued and outstanding Preferred shares by 31.5%, potentially increasing shareholder value.

How does the cancellation of shares affect OPTEC's negotiations with Amazon?

The cancellation paves the way for further discussions aimed at reaching an amicable settlement over the Z2O acquisition payment.

What is the stock symbol for OPTEC International?

The stock symbol for OPTEC International is OPTI.

When was the announcement about the cancellation of Preferred shares made?

The announcement was made on November 29, 2021.