OPTEC International Secures Additional Funding to Finalize We-Shield Acquisition

Rhea-AI Summary

OPTEC International, Inc. (OTC PINK:OPTI) announced an increase in authorized shares and changes in preferred share structure, alongside securing a One Year Bridge loan to finalize the acquisition of WeShield. This acquisition is projected to significantly boost OPTEC's revenues, with combined revenues expected to exceed $170 million for 2021. WeShield, a New York-based AI-driven MedTech firm, recorded over $55 million in revenues for 2020 and anticipates surpassing $100 million in 2021. Full financial details will be disclosed post-transaction closure.

Positive

• Secured additional non-toxic funding through a One Year Bridge loan for the WeShield acquisition.
• Projected consolidated revenues exceeding $170 million for OPTEC in 2021 following the acquisition.
• WeShield's established presence in the PPE sector with revenues over $55 million in 2020 and expected growth to over $100 million in 2021.

Negative

• None.

CARLSBAD, CA / ACCESSWIRE / June 4, 2021 / OPTEC International, Inc. (OTC PINK:OPTI), a developer the OPTEC Fuel Maximizer products alongside the company's 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 regarding the increase in authorized common shares and changes to the preferred share structure.

Optec International Inc, today announced the company has secured additional non-toxic funding in the form a One Year Bridge loan to help close the WeShield acquisition. In addition to funds set aside from operations, the company was able to secure additional non-toxic funding to meet the closing requirements for the transaction. The entire financial disclosure of the transaction will be published immediately after closing as per the confidentiality terms defined in definitive agreement.

OPTEC CEO, Roger Pawson, commented "We are extremely excited to announce the final funding needed to complete the WeShield acquisition which will add a large AI driven sales and marketing platform to OPTEC's sales in addition to projected consolidated revenues in excess of $170 million for 2021.

About We-Shield.

WeShield is an established New York based AI (Artificial Intelligence) Driven MedTech company in the PPE space with 2020 audited revenues in excess of $55M. The company is extremely well established in the Wholesale Medical sector supplying PPE safety products to: GAP, Caesars Entertainment, Hard Rock, Defense Logistics Agency (DLA), NYC Housing Authority (NYCHA) and more. This AI driven MedTech company is on track for substantial growth and projecting revenues of over $100M for 2021. The company has a very strong, well-structured management team and uses advanced marketing technology to fuel both the company's operations and continual growth.

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 (UV) & 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 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. 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/650415/OPTEC-International-Secures-Additional-Funding-to-Finalize-We-Shield-Acquisition

FAQ

What recent funding has OPTEC secured?

OPTEC secured additional non-toxic funding through a One Year Bridge loan to close the WeShield acquisition.

How will the WeShield acquisition impact OPTEC's revenues?

The acquisition is expected to contribute to OPTEC's projected consolidated revenues of over $170 million for 2021.

What is WeShield's revenue for 2020?

WeShield recorded over $55 million in revenues for 2020.

What revenue growth is expected for WeShield in 2021?

WeShield is projected to achieve over $100 million in revenues for 2021.

When will OPTEC release financial details about the WeShield acquisition?

Full financial disclosure will be published immediately after the acquisition closes, in accordance with confidentiality terms.