OPTEC International (OTCMKTS:OPTI) Up After Management’s Clarification

OPTEC International Inc (OTCMKTS:OPTI) is trading up after the company issued a corporate update.

Market Action

Shares of OPTI are trading at .0839 up 6% as of 1:30. Volume is 18 million shares already above its 30 day average. Trading has ranged between .0751 and .088. Potential pivot points are .086 .093 and .106 above and .073, .067 and .054 below.

OPTI is on the verge of acquiring We Shield. This morning it was announced that the accountants conducting the due diligence for the deal from both companies noticed a discrepancy with regards to the quantum of OPTEC common shares held by Chief Executive Officer Roger Pawson.

Previous filings had shown that Pawson owns 444,238,951 shares but in actuality, he only owns 100,094 shares in OPTEC. The discrepancy in the data had been caused by a transfer agent at the time the company was preparing its quarterly report. The residual 442,138,857 shares had in fact been canceled by the company.

OPTI continues to slide and has fallen below a late March support area. Now traders will see if the highs from November and December of last year do anything to slow the decline down.

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