WeShield Responds To OPTEC International, Inc. Information Statement

Rhea-AI Summary

Optec International, Inc. (OTC PINK: OPTI) faces a meritless lawsuit from its subsidiary WeShield, challenging the legitimacy of their merger. CEO Roger Pawson asserts the merger was finalized, contradicted by the lawsuit. WeShield reported $40 million in revenues and $6.7 million EBITDA for Q1 and Q2, with historical revenues of $59 million in 2020. The company is expanding its offerings, including the launch of a new division, WeShield Together, expected to generate additional revenue. Updates on the litigation will be communicated as they arise.

Positive

• WeShield generated Q1 & Q2 revenues of $40 million with an EBITDA of $6.7 million.
• Historical revenues for WeShield in 2020 were $59 million with an EBITDA of $5.6 million.
• The launch of WeShield Together is projected to bring in additional revenue.

Negative

• A lawsuit has been filed against WeShield by its parent company, questioning the merger.

NEW YORK, Oct. 20, 2021 /PRNewswire/ -- WeShield, a wholly-owned subsidiary of OPTEC International, Inc. (OTC PINK: OPTI) was made aware of a complaint filed against it by its parent, Optec, in the United States District Court for the Southern District of New York. 

The allegations in the newly-filed lawsuit are wholly without merit and will be appropriately addressed and responded to in court. At bottom, however, the complaint seems to allege that the recent merger between Optec and WeShield did not take place. This is contrary to the facts, as is apparent from the many public statements and actions taken by OPTEC International, Inc.'s CEO, Roger Pawson.

Contrary to the allegations in the lawsuit, Pawson has publicly acknowledged that the recent merger was  completed on no fewer than nine occasions over the past several months. 

Optec's Shareholder Announcement Regarding the Acquisition of WeShield

OPTEC International, Inc. Completes $70M Acquisition of WeShield, An Established AI Driven NY MedTech Company In the Medical Supply & PPE Space

Optec International's Newly Acquired Subsidiary WeShield, A New York Based MedTech Company, Releases First Shareholder Update

Optec International, Inc to Launch Group Purchasing Division "Weshield Together" Projecting an Additional $25 Million in Revenue Annually

Optec International's Recent Acquisition of Artificial Intelligence Driven Medtech Company With Sales of $59 Million Audited Financials Released

Optec International's Wholly-Owned Subsidiary, Weshield Posts Q1 and Q2 Revenues of $40 Million With EBITDA of $6.7 Million

Optec International and Its Subsidiary, Weshield, See Over 100% Increase in PPE Orders Over Previous Month Due to Delta Variant

Inc. 5000 Names WeShield, an Optec International Subsidiary, as the 53rd Fastest-Growing Company in America

Optec International's GPO, WeShield Together, Officially Launches With $2 Million in Sales in First Two Weeks From 32 Vendors

In addition, OPTEC has acted in furtherance of the WeShield merger, by  expanding WeShield's offerings with the launch of WeShield Together, a new purchasing division within Optec.  Pawson said at that time: "We are seeing only the beginning of the growth and results from the WeShield acquisition. In less than a month since they have joined the OPTEC family, we have seen extraordinary effort from our new partners to keep moving the needle higher for expected growth. We can only imagine the potential we can see together after a few years."

"It is important to note that as Optec shareholders, we are going to do whatever we can to defend ourselves in the frivolous lawsuit filed against us and to use our best efforts to ensure that all similarly situated shareholders have the value of their investments maintained and hopefully enhanced,"  comments Michael Sinensky, CEO at WeShield.

No further statements will be made at this time; updates on the progress of this litigation will be shared at the appropriate time.

About WeShield

WeShield, a wholly-owned subsidiary of OPTEC International, Inc. (OTC PINK: OPTI), posting Q1 & Q2 total revenues of $40 million with EBITDA of $6.7 million, or 17% of revenue.

Audited financials in 2020 for WeShield were recently released, showing the Company generated $59 million in revenue with an EBITDA of $5.6 million or about 10%. The Company reports significant  growth in both the PPE and medical supply sectors.

WeShield.us is supplying PPE safety products to major customers, including GAP, Caesars Entertainment, Hard Rock, Defense Logistics Agency (DLA), NYC Housing Authority (NYCHA), Concordance, Henry Schein, Medline, and more.

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.

 

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SOURCE WeShield

FAQ

What is the purpose of the lawsuit against WeShield?

The lawsuit alleges that the merger between Optec and WeShield did not occur, which WeShield denies.

What were WeShield's Q1 and Q2 revenues?

WeShield reported revenues of $40 million with an EBITDA of $6.7 million for Q1 and Q2.

How much revenue did WeShield generate in 2020?

WeShield generated $59 million in revenue for the year 2020.

What is WeShield Together?

WeShield Together is a new division launched by Optec aiming to increase revenue through group purchasing.

What has the CEO of Optec stated regarding the lawsuit?

CEO Roger Pawson claims the lawsuit's allegations are without merit and the merger was confirmed multiple times.