WeShield CEO & OPTI Shareholder Denies Rumors That Settlement of OPTEC Litigation is Imminent

Rhea-AI Summary

On November 29, 2021, OPTEC International, Inc. (OTC PINK: OPTI) reiterated its intention to resolve outstanding legal issues before the CEO's retirement. However, reports indicate that OPTEC has not initiated settlement discussions with WeShield or its CEO, Michael Sinensky, concerning the ongoing litigation. As of now, no contact has been made by OPTEC, leading WeShield to declare its commitment to defend against OPTEC's claims. The situation remains unresolved, with rumors of an imminent settlement being denied.

Positive

• None.

Negative

• OPTEC has not initiated any settlement discussions with WeShield, raising concerns over litigation progress.
• WeShield's CEO has stated they will vigorously defend against OPTEC's claims, indicating an ongoing legal battle.

NEW YORK, Nov. 29, 2021 /PRNewswire/ -- On November, 17th 2021, OPTEC International, Inc. (OTC PINK: OPTI) issued a press release that stated in part "We [OPTEC] hope to have all outstanding legal and remaining issues resolved prior to my retirement from the Board of Directors, including a resolution with the WeShield legal action." 

It was then reported on November 18th that OPTEC had not reached out to WeShield or Michael Sinensky either directly or through counsel and settlement discussions had not yet been initiated.(https://www.prnewswire.com/news-releases/weshield-ceo--optec-shareholder-responds-to-optec-announcement-that-roger-pawson-is-stepping-down-301427879.html)

Since then, we have continued to hear and deny rumors that a resolution of the pending litigation may be imminent.

This statement confirms that to date, no WeShield executives nor their counsel have been contacted by OPTEC or their counsel with respect to a possible resolution of these matters. "Accordingly, we intend to vigorously defend ourselves against OPTEC CEO's meritless claims by pursuing all available remedies," stated WeShield CEO Michael Sinensky.

View original content:https://www.prnewswire.com/news-releases/weshield-ceo--opti-shareholder-denies-rumors-that-settlement-of-optec-litigation-is-imminent-301432868.html

SOURCE WeShield

FAQ

What is the current status of the litigation between OPTEC and WeShield?

OPTEC has not initiated any settlement discussions with WeShield, and the litigation remains unresolved as of now.

What did OPTEC announce regarding its legal issues on November 17, 2021?

OPTEC expressed a desire to resolve all outstanding legal issues before the CEO's retirement.

Who is the CEO of WeShield, and what is their stance on the litigation with OPTEC?

Michael Sinensky is the CEO of WeShield, and he stated that they will vigorously defend against OPTEC's claims.

Are there rumors about a settlement between OPTEC and WeShield?

Yes, there have been rumors of an imminent settlement, but both parties have denied this.