Optec International Inc. (OTCMKTS:OPTI) moved up 3% after announcing the official launch of its latest group purchasing unit through the newly acquired wholly-owned WeShield subsidiary. The new division is called “WeShield Together.”
Notably, since starting in early August, the group has transacted with around 32 outside commodity-based brokers and sales organizations that retained WeShield as the purchasing wing to help reduce rising costs in stressed products because of disrupted supply chains due to disrupted supply chains the COVID-19 pandemic. Most importantly, the group anticipates growing into other commodities in the weeks to come.
Two weeks after launch, the division generated more than $2 million in sales through Medial and PPE supplies. With the Delta Variant spreading fast, the company will likely expect more sales. Equally, Optec is focusing on the Omega and Lambda variants and gaining more supply partners to keep up with growing demand. WeShield CEI Michael Sinensky said they continue to establish WeShield as a leader in the supply space of PPEs and medical supplies. So, in the coming weeks, OPTI is worth watching.
Market Reaction:
On Monday, OPTI stock gained 2.62% at $0.0510 with more than 16.91 million shares, compared to its average volume of 15.10 million shares. The stock has moved within a range of $0.0494 – 0.0532 after opening the trade at $0.0500.
