VANCOUVER, BC--(Marketwired - November 01, 2016) -
For the audio version of today's news release please visit http://nexoptic.com/investors/news/
NexOptic Technology Corp. ("NexOptic") (OTCQB: NXOPF) (TSX VENTURE: NXO) (FRANKFURT: E301) (BERLIN: E301) and Spectrum Optix Inc. of Calgary, Canada ("Spectrum,") and together with NexOptic, the "Companies") are pleased to report the release of their proof-of-concept prototype ("POC") video rendering presentation. As previously disclosed, the Companies are nearing assembly completion of their prototype, which is a first-of-its kind telescope utilizing Spectrum's patent pending Blade Optics™ lens technology.
The POC will be a feature-rich telescope with a near 1 to 1 aperture to depth ratio, unprecedented form factor, significant effective focal length and a C-mount for the attachment of a specialized camera system. The prototype video presentation, which shows the design rendering and planned features of the device, are available online for viewing at NexOptic.com.
"This is an exciting time for NexOptic because our telescope prototype is almost complete," said John Daugela, President & CEO of Spectrum and Director of NexOptic. "I believe its completion will be an inflection point for NexOptic as it will demonstrate to the marketplace just how transformative our patent-pending Blade Optics™ lens technology could be for several potential imaging applications. Our technological goal with the POC is simple -- demonstrate Blade Optics™' ability to help substantially reduce the depth in a lens stack while delivering quality imagery similar to that produced from a conventional lens system."
Ruda Cardinal, Inc. ("Ruda") of Tucson, Arizona, a global leader in optical prototype construction and design, recently advised the Companies that all optical elements required to construct the POC have been manufactured and delivered to their headquarters.
Ruda is assembling the prototype and will conduct internal optical testing and characterization upon completion to ensure it meets the design requirements. The Companies also report that custom image processing software development for the prototype is well underway and the camera to be attached to the prototype has been delivered.
NexOptic Now Trading on Berlin Stock Exchange
The Companies are also pleased to report that the Berlin Stock Exchange has accepted the common shares of NexOptic to trade on the Berlin Open Market (or Freiverkehr.) Shares of NexOptic continue to also trade on the TSX Venture (Canada) and Frankfurt (Germany) stock exchanges as well as the OTCQB Venture Marketplace (USA).
About NexOptic Technology Corp.
NexOptic is a publicly traded company, which has an option to acquire, in the aggregate, 100% of Spectrum Optix Inc., a private corporation. The Companies are, in essence, working as a single corporation at this time, with their respective CEOs sitting on each other's boards of directors. Please see NexOptic's news release dated November 18, 2014 for additional details regarding this relationship.
Spectrum is developing technologies relating to imagery and light concentration applications. Utilizing its patent-pending Blade Optics™ technology, which contains flat lenses, the company aims to disrupt conventional lens and image capture-based systems.
Benefits of Blade Optics™ Technology
The Companies' believe that Blade Optics™ has the potential to breakdown many of the limitations associated with conventional, curved lens stacks, including:
- Aperture size: Allowing the aperture-to-depth ratio to be increased in depth-limited optical devices to permit increased resolution compared to conventional curved optical devices with similar depth.
- Compactness: Decreasing the depth of the lens stack would create the possibility of more compact and practical imaging devices.
Spectrum is currently developing a proof-of-concept telescope prototype that will utilize its Blade Optics™ technology, other optical elements and electronic components. The prototype is intended to demonstrate the marketable features of Spectrum's Blade Optics™ technology and its potential to serve as a platform to be used in various optical applications. Please see the Companies' joint press release dated May 25, 2016 for the latest progress report on this first of its kind prototype.
NexOptic trades on the OTCQB under the symbol "NXOPF," on the TSX Venture as "NXO," on Frankfurt as "E301" and Berlin as "E301." More information is available at www.nexoptic.com.
On behalf of the Boards of Directors
NexOptic Technology Corp.
Paul McKenzie, President & CEO
Spectrum Optix Inc.
John Daugela, President & CEO
TSX VENTURE: NXO
Forward Looking Statements
This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws, including, but not limited to, statements with respect to expectations concerning the development of its technology, the development of the prototype, the potential applications of Spectrum's technologies and the technology's potential market impacts. The reader is cautioned that forward looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other factors which are difficult to predict and that may cause actual results or events to differ materially from those anticipated in such forward looking statements. Forward looking statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Companies operate and are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including, among others: risks commonly associated with the development of new technologies, including that the prototype development is at an early stage and additional work will be required to confirm potential applications and feasibility of Spectrum's technologies; the Companies may not be able complete the prototype as currently expected; the potential applications and market assessment set forth in the Study are based on limited studies and may not be representative of the broader market; the risk that the prototype may not achieve results expected by the Companies; NexOptic may not have access to necessary financing on acceptable terms or at all, including, in order to exercise the options under NexOptic's formal agreement with Spectrum and its shareholders or the conditions to NexOptic's options to acquire Spectrum shares may not be otherwise satisfied; and other risks inherent with the patent process, transactions of this type and the business of Spectrum and/or NexOptic. Such forward looking statements should therefore be construed in light of such factors. Other than in accordance with its legal or regulatory obligations, NexOptic is not under any obligation and it expressly disclaims any intention or obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Embedded Video Available: https://youtu.be/x6Nrp2JbHOI