OPTEC INTERNATIONAL Signs LOI for Acquisition of Established Medical Supply Company to Localize Same Day Deliveries

Rhea-AI Summary

OPTEC International has signed a Letter of Intent to acquire an established medical supply company on the West Coast with over 25 years of experience and annual revenues around $10 million. This strategic move aims to enhance OPTEC's purchasing power and add significant revenue. The acquisition will facilitate localized medical supply distribution, focusing on underserved same-day and next-day delivery services. A definitive agreement will be finalized by October 2021. The company also appointed a new Social Media director to support its operations in Vista, California.

Positive

• Acquisition of a well-established medical supply company will enhance purchasing power.
• Annual revenues of the acquired company are approximately $10 million with growth potential.
• Focus on localized distribution centers aims to target same-day and next-day delivery services.

Negative

• None.

CARLSBAD, CA / ACCESSWIRE / September 9, 2021 / OPTEC International, Inc. (OTC PINK:OPTI) today announced the company has executed an LOI (Letter of Intent) for the acquisition of a West Coast, established medical supply company with over 25 years of operations in the medical supply industry. The company has also recently expanded supplies in the PPE sector in addition to the mainline medical supplies used across the world.

The company has also established purchasing agreements with US and overseas manufacturers in the medical sector. Annual revenues are currently approximately in the region of $10M, with significant possibilities for growth.

The long-term goal is to establish localized medical supply distribution centers, that can provide service to small and large clients with same day and next day deliveries. The company believes there is a huge demand and opportunity in the same day/next day deliveries that is currently underserved, similar to how Amazon created several years ago to service the retail industry.

The terms of the acquisition will be announced upon completion of the definitive agreement at the request of the seller. Closing of the transaction is expected to finalize in October 2021, or sooner if possible.

The addition of this medical supply company in addition to OPTEC's current subsidiaries adds growth and purchasing power to the company's expanding operations and at the same time adding noticeable additional annual revenue to the consolidated financials of OPTEC International.

OPTEC further today announced the appointment of a new in-house Social Media director based at the company's new Park Center, Location in Vista, California.

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/663291/OPTEC-INTERNATIONAL-Signs-LOI-for-Acquisition-of-Established-Medical-Supply-Company-to-Localize-Same-Day-Deliveries

FAQ

What acquisition did OPTEC International announce on September 9, 2021?

OPTEC International announced the execution of a Letter of Intent for the acquisition of a West Coast medical supply company.

What are the expected revenues from the acquired medical supply company?

The acquired medical supply company generates approximately $10 million in annual revenues.

How will the acquisition impact OPTEC International's operations?

The acquisition is expected to enhance OPTEC's purchasing power and contribute significantly to its consolidated financials.

What is OPTEC International's plan for same-day deliveries?

OPTEC plans to establish localized medical supply distribution centers for same-day and next-day deliveries, addressing an underserved market.

When is the closing date for the OPTEC acquisition?

The closing of the acquisition is expected to be completed by October 2021.