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Company: Optec International, Inc. (OTCQB: OPTI)
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Last:
Price: 4.75
Change (%): + 0.21 (4.63)
Volume: 520 |
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OPTEC International, Inc., Signs Royalty Contract For $10M Revenues Over 3 Year Period
CARLSBAD, Calif., Aug. 28, 2018 /PRNewswire/ - OPTEC International, Inc., (OTC: OPTI) today announced the Company has signed a royalty contract for revenues exceeding $10M over the next 3 years.
On June 4, 2018, OPTEC International, Inc. (Hereafter the Company) acquired the Exclusive International License (excluding North America, Canada, Mexico and USA) for the OPTEC™ Fuel Maximizer product line from Optimized Fuel Technologies. Subsequently, on June 20, 2018, OPTEC International, Inc. additionally acquired the Exclusive North America License for the OPTEC™ Fuel Maximizer.
The information was disclosed in an 8-k dated June 22, 2018.
On August 8, 2018, Optimized Fuel Technologies entered into a contract with a nationwide automotive distribution company that desired to purchase the OPTEC™ Fuel Maximizer on a manufacturer direct basis. Over a 3-year period, the contract represents minimum sales in excess of forty million dollars. Whereas the Company owns the exclusive licensing rights to sales of the OPTEC™ Fuel Maximizer; per the Royalty agreement dated August 27, 2018. Although the Company’s revenues will be less per the contract, its gross profit is anticipated to be higher as it will not have to be subjected to inventory, quality control, freight and staffing for distribution.
On August 27th, 2018, the Company signed a Royalty Agreement with Optimized Fuel Technologies whereby certain pre-existing clients could purchase the OPTEC™ Fuel Maximizer on a manufacturer direct basis.
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