Will Continue to Provide Financial Information and Company Updates Through Web Site and OTC
CARLSBAD, Calif., Feb. 27, 2019 /PRNewswire/ -- OPTEC International, Inc. (OPTI), today announced the filing of Form 15 with the Securities and Exchange Commission (the "SEC). OPTI filed the Form 15 with the SEC under the Securities Exchange Act of 1934, as amended (the 'Exchange Act"), to suspend its reporting obligations under Section 15(d) of the Exchange Act.
Upon filing of the Form 15, OPTI's obligation to file periodic and current reports with the SEC, including Forms 10-K, 10-Q and 8-K, was immediately suspended. The Company's duty to file reports with the SEC will be terminated 90 days after filing of the Form 15. Despite the termination of registration, the Company expects that shareholders will be able to continue to trade the outstanding common shares of OPTI, and the Company intends to maintain a public listing on the OTC Pink Sheets market or other exchange as it may determine appropriate. The Company plans to continue to disclose its financial statements on a quarterly and annual basis through the OTC Markets reporting service as an alternative reporting company. The Company anticipates that its common stock will resume quoting on the OTC Markets marketplace, a centralized electronic quotation service for over-the-counter securities, so long as market makers demonstrate an interest in trading the Company's common stock. OPTI is eligible to suspend its reporting obligations because it has fewer than 300 record holders of its common shares.
A Special Meeting of the majority of shareholders has approved this action primarily as a cost reduction measure. A majority of the shareholders of the Company felt that suspending and ultimately terminating the Company's SEC reporting obligations will allow it to reduce the substantial legal, accounting, and other expenses associated with reporting compliance and make those savings available for continued operation of the business.
A Company Spokesperson for the Shareholders commented on the announcement with the following statement: "A majority of the shareholders of OPTI met with the Board and recommended this action to file Form 15. The recommendation to deregister was made after careful consideration of the advantages and disadvantages of being a public full reporting company and the increasing expense of compliance with the many SEC related requirements. This decision should result in a benefit to the Company's shareholders by reducing expenses and permitting management to focus its energies on operating and growing the company."
OPTI currently intends to provide quarterly and future earnings releases and other press releases about the Company on the OTC Markets reporting service, its web site, www.optecintl.com, as well as through distribution methods it may identify, and to stockholders directly upon written request.
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.