OPTEC International, Inc. Announces The Formation Of "OPTEC Korea," A Joint-Venture Partnership With Established 30-Year Korean Manufacturing & Distribution Company
CARLSBAD, Calif., Nov. 13, 2017 /PRNewswire/ -- OPTEC International, Inc. (OTC: OPTI)today announced the company has signed the LOU (letter of Understanding) with 30-year-old, established, Korea-based Hephzibah for the formation of OPTEC Korea.
The new equally-owned partnership will manufacture and distribute exclusively under the OPTEC International license to the Korean markets OPTEC Fuel Maximizer product lines branded under the OPTEC Korea label from Hephziba's 80,000-square-feet facility in Incheon, Korea. Hephzibah is a well-established manufacturer of commercial heaters and air conditioners with a worldwide distribution network.
The definitive agreement is expected to be completed this month with an anticipated operational start date in January 2018.
Hephzibah has been successfully testing the OPTEC product lines in both on and off-road environments since early 2017 and achieved noticeable documented improvements in performance, fuel economy, emissions and engine noise reduction.
OPTEC International is currently conducting similar fuel saver and emission reduction tests in several countries around the world with potential future distributors.
The OPTEC™ Fuel Maximizer is manufactured by OPTIMIZED Fuel Technologies., and is a patented advanced "plug and play" technology designed for modern computer controlled gasoline and diesel engines eliminating or substantially reducing harmful emission gases while simultaneously increasing performance and optimizing fuel economy. www.optecmpg.com
Disclosure: OPTIMIZED Fuel Technologies is the majority shareholder of OPTEC International, Inc., a publicly traded, fully reporting OTC market company.
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.
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