OPTEC International, Inc. Management Clarifies CEO Cancelation of 442 Million Common Shares

Rhea-AI Summary

OPTEC International (OTC PINK:OPTI) announced a significant correction regarding its CEO's common stock ownership. Initially reported as 442,238,951 shares, the actual ownership is only 100,094 shares due to a discrepancy from the transfer agent's data. The over 442 million shares were canceled and returned to the company treasury between September and December 2020. This finding arose during due diligence for the We Shield acquisition, prompting OPTEC to pursue updated reports from the transfer agent to rectify its quarterly filings.

Positive

• Correction of stock ownership data may enhance transparency and investor trust.
• Cancellation of over 442 million shares reduces potential shareholder dilution.

Negative

• Major discrepancy in stock ownership raises concerns about prior reporting accuracy.
• Need to restate quarterly reports indicates potential governance issues.

CARLSBAD, CA / ACCESSWIRE / May 7, 2021 / OPTEC International, Inc. (OTC PINK:OPTI), a revenue generating company, is a developer of UV and UV-C safety products using related advanced technologies specific to Personal Protection Equipment (PPE), and supplier of wholesale Medical PPE; today released the following corporate update about the cancellation of common stock.

The Company today announced for the upcoming We Shield acquisition closing, during the final stages of due diligence, both the We Shield, and OPTEC accountants uncovered a major discrepancy in the number of common shares held by OPTEC'S CEO Roger Pawson. The information reported in the company's December 31, 2020 Quarterly report, which was filed on February 14, 2021, showed the CEO Roger Pawson owning 442,238,951 common shares. However, the CEO actually owned less than .0003% of the number which was reported in the report. The CEO only owns 100,094 common shares. This major discrepancy occurred due to an inaccurate data report provided by the transfer agent during the quarterly report's preparation. These 442,138,857 common shares were in fact cancelled and returned to the Company's treasury between the months of September thru December of 2020.

Both parties today contacted OPTEC's Transfer Agent to confirm the cancelation of these 400+ million shares and to determine if the data provided by the transfer agent for the quarters listed above was accurate and reflected the common shares cancellation. To the shock and dismay of the Transfer Agent, the transfer agent admitted the data which they provided to the Company was WRONG. During the confirmation request call, the transfer agent confirmed the data provided to the Company by the Transfer Agent was INCORRECT for those time periods. The data provided by the transfer agent was missing several hundred million common shares cancelled by the CEO Roger Pawson. The Transfer Agent further VERIFIED in WRITING the shares owned by the CEO Roger Pawson is only 100,094. and all previous 442,138,857 shares were CANCELLED and RETURNED TO THE TREASURY prior to December 31^st, 2020.

OPTEC accountants are now eagerly waiting for the newly authentic updated reports from the transfer agent to reconcile and restate the two quarters in question immediately. These quarterly reports will be revised and refiled upon receipt of the proper and accurate information.

About OPTEC International, Inc.

With Locations in Carlsbad and Vista, California, OPTEC International is a developer and manufacturer of electronic LED, Ultraviolet (UV) & UV-C safety products and related advanced technologies and PPE (Personal Protection Equipment) products. The company's Safe-Scan product line is being launched at a time when HR 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.

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/645614/OPTEC-International-Inc-Management-Clarifies-CEO-Cancelation-of-442-Million-Common-Shares

FAQ

What is the recent stock ownership update for OPTEC (OTC PINK:OPTI)?

OPTEC corrected its CEO's reported ownership from over 442 million shares to only 100,094 shares due to a data discrepancy.

How many common shares were canceled by OPTEC's CEO Roger Pawson?

Over 442 million common shares were canceled and returned to OPTEC's treasury.

What impact does the share cancellation have on OPTEC's stock?

The cancellation reduces potential shareholder dilution and improves transparency.

Why is OPTEC restating its quarterly reports?

OPTEC is restating its quarterly reports to address inaccuracies in stock ownership data provided by the transfer agent.