OPTEC Signs Amicable Settlement with Weshield & Collaberation of PPE Sales Agreement
OPTEC International has announced a settlement with We Shield to resolve ongoing legal disputes, resulting in the dismissal of lawsuits between the two entities. The agreement allows OPTEC to work with We Shield within its PPE division without any outstanding debts. As part of the settlement, OPTEC has canceled the remaining debt owed to We Shield. Additionally, We Shield will supply PPE products, particularly at-home rapid test kits, to OPTEC, which has seen increased market traffic due to the Omicron variant. The terms of the settlement remain confidential.
- Settlement removes legal disputes, enhancing operational focus.
- Debt-free scenario facilitates further business development.
- Collaboration with We Shield expected to boost PPE supply and sales.
- None.
VISTA, CA / ACCESSWIRE / February 3, 2022 / OPTEC International, Inc. (OTC Markets:OPTI) today announced OPTEC International, Inc and We Shield have a reached an amicable settlement of the legal disputes and lawsuits between the companies resulting in the dismissal of lawsuits between the entities.
OPTEC confirmed the company has executed a settlement agreement with We Shield that provides a debt free scenario between the entities enabling OPTEC to utilize the NYC med-based sales and marketing company We Shield within the company's PPE division.
We Shield Executives will remain active OPTEC shareholders., additionally OPTEC has cancelled the remainder of the outstanding note due to We Shield as part of the settlement agreement.
The terms of the agreement are to remain sealed by mutual agreement between the entities.
We Shield will provide PPE supplies, specifically at home Rapid test kits for OPTEC's online markets, which has seen a significant increase in traffic since the spread of the Omicron variant.
The settlement of the agreement brings OPTEC's CEO closer to the formation of a new Board of Directors including a successor CEO.
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.
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FAQ
What is the recent settlement between OPTEC and We Shield?
How will the settlement impact OPTEC's business?
What products will We Shield supply to OPTEC?
Did OPTEC cancel any debts as part of the settlement?
What effect has the Omicron variant had on OPTEC's market traffic?
