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Sunday, October 25, 2020

Optec International Inc (OTCMKTS:OPTI) Stock Extends Rally After Quarterly Earnings

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One of the stocks to have made a strong move in early trading yesterday was Optec International Inc (OTCMKTS:OPTI). OPTEC announced its financial results for the quarter that ended September 30, 2020, and it proved to be better than the projections provided by the company.

Earnings Recap

After the announcement was made, investors piled on to the stock and it rallied by as much as 30%. It remains to be seen if the OPTEC stock can further add to its gains this week or not.

According to the summary of the financial performance announced by OPTEC, it managed to generate income to the tune of $6,284,609 and that figure surpassed its projection of $4,000,000 comfortably. In addition to that, the net income for the period stood at $3.381,730.

More importantly, OPTEC also revealed that it paid off the convertible institutional notes in full along with all the interests and liabilities that had been accrued with regards to those notes. Now that the notes have been paid off, the only higher than market rate loan that remains in OPTEC’s books is the commercial promissory note from RB Capital Partners Inc. RB Capital Partners is the company’s financial partner and had funded the aforementioned note in full.

Earlier on in September, the company also announced the launch of a new air purifier that OPTEC claims can kill 99.99% of the germs, bacteria, viruses, and other harmful elements. The product in question is the Optec Hydroxyl Air Sterilizer.

It can even be used when children and adults are in the same room or in the same car. It uses the power of UV light that emanates OH radicals in order to neutralize viruses and bacteria. Considering the recent rise in the number of coronavirus cases, a product like the Optec Hydroxyl Air Sterilizer could well attract attention from potential buyers.

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