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.
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.
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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