OPTEC International, Inc.December 20, 2019 Press Release
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Carlsbad, California: December 20th, 2019 OPTEC International, Inc., (OTC: OPTI) today announced the application along with payment for reinstatement to OTC Markets Pink current status has been filed. The expected time of reinstatement is contingent on OTC Markets processing times and code issuances allowing the Company to upload financial statements for the missing periods and operate as an alternative reporting company providing public access to the company’s financials.
Upon completion and reinstatement to OTC Pink Current status the company will continue to complete the audited financials and apply for reinstatement to an OTC QB fully reporting Company. This is expected to occur within the first quarter of 2020, as previously stated.
The Company is now fully operational and generating revenues and shipping products weekly. The addition of new distributors recently increased the order flow and the Company expects to report a positive financial statement for the period Q1, 2020. The Company is also in discussions with several potential new distributors across the country. Furthermore, new product lines are on the agenda for release in Q1, 2020.
With respect to the current status of the convertible notes within the Company, the original principal amounts of the notes to the Company, earlier this year, was approximately $1.75M. As of today, the principal balances remaining are approximately $890K. Not all remaining notes are due and payable or eligible for conversion at this time. The largest noteholder was fully converted earlier this week and the Company has $0 remaining with this noteholder. Whilst the Company was able to curtail the conversions of some of the smaller noteholders earlier this month, several smaller noteholders were able to complete conversions this week. The Company is in discussions with the majority of the remaining holders to settle the remaining balances from future revenues and private equity sources.
Today the Company’s total Free Trading shares are 312,377,936.
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.
OPTEC International, Inc.
www.optecintl.com Email: info@optecintl.com
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