Optec Surpasses Previous Quarter's Income & Revenue by Over 600% for Period Ending September 30, 2020

Rhea-AI Summary

OPTEC International (OTC PINK:OPTI) reported a strong financial performance for the quarter ending September 30, 2020, surpassing projections of $4,000,000 with total revenues of $6,284,609 and a net income of $3,381,730. The company fully repaid all convertible institutional notes and is engaged in larger wholesale transactions for 3M KN 95 masks, enhancing profitability. Additionally, OPTEC is assessing the value of two provisional patents, with a formal valuation expected by November 15, 2020. The report indicates a solid growth trajectory and effective debt management.

Positive

• Revenue of $6,284,609 exceeded the $4,000,000 projection by over 57%.
• Net income reached $3,381,730, reflecting strong profitability.
• Full repayment of all previously outstanding convertible institutional notes.
• Engagement in substantial wholesale transactions for 3M KN 95 masks, indicating strong business activity.
• Professional patent valuation expected to enhance asset value.

Negative

• None.

CARLSBAD, CA / ACCESSWIRE / October 7, 2020 / OPTEC International, Inc (OTC PINK:OPTI) today announced the company surpassed the financial income projections for the Quarter ending September 30, 2020.

Interim (unaudited) financial overview can be found at these links:

https://www.otcmarkets.com/stock/OPTI/news

https://optecintl.com/investors/news/

In summary, the Company surpassed its $4,000,000 projection for this quarter and, in fact, showed revenue and income totaling $6,284,609 and a net income of $3,381,730. In addition, the Company has paid in full all previous convertible institutional notes and the interest and liabilities associated with those notes. The only commercial promissory note remaining will be the premium to market loan when fully funded from financial partner, RB Capital Partners, Inc.

The company has been involved in the sale of larger wholesale transaction quantities of 3M KN 95 masks during this period, adding significantly to the company's revenues and profitability. OPTEC is currently in additional negotiations for significantly larger wholesale mask transactions and due to the size of these transactions will publicly announce upon closing/completion of the same.

The two provisional patents assigned to the company by the "Inventor" company CEO Roger Pawson, are presently being assessed as to a valuation by a professional established patent appraisal group. The professional valuation will be published upon receipt. A conservative estimated valuation was displayed in the valuation statement under the asset's category, and not included as a financial value in the total assets tab. The professional valuation should be included in the official quarterly report published on OTC Markets by November 15^th, 2020.

All Previously reported Institutional convertible notes have been fully paid as of September 30, 2020.

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.optecuvc.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.

Contact: info@optecintl.com
Investor Relations: 442-222-0550

SOURCE: Optec International, Inc.

View source version on accesswire.com:
https://www.accesswire.com/609429/Optec-Surpasses-Previous-Quarters-Income-Revenue-by-Over-600-for-Period-Ending-September-30-2020

FAQ

What were OPTEC's revenues for the quarter ending September 30, 2020?

OPTEC reported revenues of $6,284,609 for the quarter ending September 30, 2020.

How much net income did OPTEC achieve in Q3 2020?

The net income for OPTEC in Q3 2020 was $3,381,730.

Did OPTEC pay off any debts recently?

Yes, OPTEC fully repaid all previously outstanding convertible institutional notes as of September 30, 2020.

What future announcements can be expected from OPTEC?

OPTEC is in negotiations for significantly larger wholesale mask transactions and will announce these upon completion.

When will the professional valuation of OPTEC's patents be available?

The professional valuation of OPTEC's patents is expected to be published in the official quarterly report by November 15, 2020.