OPTEC INTERNATIONAL Inc OTC Markets Status

Rhea-AI Summary

VISTA, CA / ACCESSWIRE / November 3, 2021 / OPTEC International, Inc. (OTC Ticker:OPTI) announced a change in OTC Markets status to 'Yield' after filing a 10K Annual Report for the fiscal year ending June 30, 2021. The classification resulted from a misunderstanding regarding required reporting formats. OPTEC switched its fiscal year-end from June to December, necessitating a pre-December annual filing. The company is seeking clarification from OTC Markets regarding its status, which they found was marked as 'Dark or Defunct.' Further updates will follow.

Positive

• Filed 10K Annual Report on time to maintain 'Pink Current' status.
• Company is actively communicating with OTC Markets for resolution.

Negative

• OTC Markets downgraded status to 'Yield' due to filing confusion.
• Company identified as 'Dark or Defunct' on OTC website despite having filings available.

VISTA, CA / ACCESSWIRE / November 3, 2021 / OPTEC International, Inc. (OTC Ticker:OPTI) today announced the following information regarding the OTC Markets "YIELD" sign status.

The company recently filed their 10K Annual Report within the specified timeline along with all relevant support documents for the period ending June 30, 2021, to remain in "Pink Current" status on OTC Markets.

On Monday Nov 1^st, OTC Markets lowered the status to "Yield" stating the report should have been filed as a quarterly report and not an annual or semi-annual. The confusion occurred when the OTC Markets upload options for that period were for a semi-annual report and not an annual report, in which the filing format was correctly prepared as an annual report for Period ending 6-30-2021.

Earlier in the year the company officially changed the fiscal year end period from June to December effective December 31^st, 2021, which according to SEC guidelines mandate the company to file the pre-December annual report for 6-30-201(the previous fiscal year end) and then the new annual for period ending 12-31-2021 due March 2022.

On Monday Nov 1^st, the company contacted OTC Markets to enquire as to what was required to clarify the filing requirements and assist on OTC IQ (Upload Portal) the company was advised the matter was under review and they would advise on Nov 2^nd. The company has left a number of messages and emails asking for immediate assistance to clarify the situation and to date has received no further communication from OTC Markets.

The company is further unclear as to why OPTEC is tagged "Dark or Defunct" on the OTC website, as all filings and disclosures are available on the OTC website.

The company will announce an update upon notification from OTC Markets.

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/671024/OPTEC-INTERNATIONAL-Inc-OTC-Markets-Status

FAQ

Why did OPTEC's status change to 'Yield' on OTC Markets?

OPTEC's status changed to 'Yield' due to a misunderstanding regarding the filing format; the 10K Annual Report was filed instead of the required quarterly report.

What is the current filing status of OPTEC International, Inc.?

As of November 1, 2021, OPTEC is seeking clarification from OTC Markets after its status was marked 'Yield' and 'Dark or Defunct' despite having met reporting requirements.

When is OPTEC's next annual report due?

OPTEC's next annual report, covering the period ending December 31, 2021, is due in March 2022.