Optec International's Newly Acquired Subsidiary WeShield, A New York Based MedTech Company, Releases First Shareholder Update

Rhea-AI Summary

Optec International has successfully acquired WeShield, an AI-driven MedTech company specializing in PPE, for $70 million. This includes $30 million in cash over nine months and $40 million in preferred restricted stock. WeShield, which reported over $55 million in revenues for 2020, is expected to grow revenues to over $100 million in 2021. The acquisition is anticipated to yield immediate synergies in sales and marketing, alongside operational savings in various departments by the end of Q3.

Positive

• Acquisition of WeShield for $70 million, expected to enhance market position.
• Projected revenue growth of WeShield to over $100 million in 2021.
• Immediate sales synergies with orders for 10,000 BioMasks and 2,000 Rapid COVID-19 test kits.
• Operational savings expected from merging WeShield and Optec's operations.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / June 23, 2021 / WeShield, who recently received the following award, (https://www.analyticsinsight.net/company-of-the-month-weshield-embracing-ai-to-streamline-high-quality-ppe-and-safety-supplies/), is an established New York based AI (Artificial Intelligence) driven MedTech company in the PPE space with 2020 audited revenues in excess of $55M. WeShield was recently fully acquired by Optec international, Inc. WeShield released the following corporate update today:

WeShield will be communicating company highlights frequently in the form of press releases. WeShield highlights for June 2021 include but are not limited to:

• OPTEC International, Inc. completed the acquisition of WeShield for $70 million ($30 million cash over 9 months and $40 million in preferred restricted stock)
• WeShield executives CEO Michael Sinensky, President Erika London, COO Amy Bove signed 3 year employment agreements with Optec
• OPTEC saw immediate synergies between WeShield's sales and marketing teams when receiving orders for 10,000 BioMasks and 2,000 Rapid COVID-19 test kits
• WeShield contracted and delivered several containers of nitrile examination gloves to numerous offices in multiple states to Quest Diagnostics
• WeShield contracted and delivered several containers of nitrile examination gloves to Concordance Healthcare Solutions
• WeShield contracted and delivered several containers of chemotherapy nitrile examination gloves to Atlantic Health
• Expected corporate savings derived from merging operations between WeShield & Optec by the end of Q3 in the following departments: Warehousing and logistics, accounting, social media marketing, public and investor relations.

WeShield is deeply ingrained in the Wholesale Medical sector supplying PPE safety products to customers including GAP, Caesars Entertainment, Hard Rock, Defense Logistics Agency (DLA), NYC Housing Authority (NYCHA), Concordance, Henry Schein, Medline, and more. This AI driven MedTech company is on track for substantial growth and projecting revenues of over $100M for 2021.

WeShield President Michael Sinensky commented, "Communication with OPTEC shareholders is essential for all of us and these updates will be a way for investors to track progress and results.

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/652826/Optec-Internationals-Newly-Acquired-Subsidiary-WeShield-A-New-York-Based-MedTech-Company-Releases-First-Shareholder-Update

FAQ

What was the acquisition cost of WeShield by Optec?

Optec acquired WeShield for $70 million, consisting of $30 million in cash and $40 million in preferred restricted stock.

What are the expected revenues for WeShield in 2021?

WeShield is projecting revenues of over $100 million for 2021.

What immediate benefits did Optec see from acquiring WeShield?

Optec experienced immediate synergies with WeShield's sales and marketing teams, receiving significant orders right after the acquisition.

What operational savings are anticipated from the WeShield acquisition?

Expected operational savings from the merger include efficiencies in warehousing, logistics, accounting, and marketing by the end of Q3.