VANCOUVER, BC--(Marketwired - September 14, 2016) - NexOptic Technology Corp. ("NexOptic") (OTCQB: NXOPF) (TSX VENTURE: NXO) (FRANKFURT: E3O1) and Spectrum Optix Inc. of Calgary, Canada ("Spectrum,") and together with NexOptic, the "Companies") are pleased to report that, further to their joint news release dated May 25, 2016, the Companies have successfully completed the third phase of their four phase proof of concept prototype ("POC") development program. This phase included, among other tasks, the completion of a Computer-Aided Design (CAD) model for the final internal mechanical design of the POC and mechanical part and assembly drawings.
Paul McKenzie, President and CEO of NexOptic, stated today:
"We are pleased to report completion of an additional milestone in the development of our proof of concept prototype. To date, our development program has met cost and quality targets and, with the completion of this third phase, we believe that our development program is approximately 85% complete."
McKenzie added, "Market and other studies we have completed to date have further strengthened our belief that our patent pending Blade Optics™ technology has significant potential to disrupt many optical applications. By completing the prototype, our goal is to demonstrate, in the real world, just how powerful this technology may be and illustrate potential benefits for market applications."
Phase III Completed
The design of the POC was chosen to demonstrate the benefits of Spectrum's patent pending Blade Optics™ imaging technology, which contains flat lenses. The POC, which is anticipated to have an approximate 5-inch equivalent objective lens and a rectangular aperture, will be a first of its kind telescope with a lens stack depth to aperture ratio near 1:1.
With the third phase of development successfully completed, the Companies have commenced the fourth and final phase of the POC development program.
As previously disclosed, the third phase of the Companies' POC development program was assisted by Ruda Cardinal Inc. ("Ruda") of Tucson, Arizona, a global leader in optical prototype construction and design. Key development tasks completed during this phase included:
- created and completed the Opto-mechanical design;
- created part drawings and assembly drawings for the CAD model (with the exception of the outer casing)
- developed an alignment plan for system assembly;
- created a mechanical CAD model for system tooling;
- created tooling drawings and tooling assembly drawings.
Final Phase Commenced
Additionally, certain tasks relating to the final phase of the development program have already commenced, such as the procurement of several optical components and mechanical components. Currently, mechanical assembly parts are on order and the tooling drawings are anticipated to be sent out for procurement quotations shortly.
As a follow-up to the Companies' joint news release on July 6, 2016, some of the glass optical elements for the POC have been procured and are at Ruda's facility in Tucson, Arizona. After a recent consultation with the optical manufacturer, the Companies report that all remaining glass elements for the POC are anticipated to arrive at Ruda's facility in mid-October 2016. Upon delivery of the entire optical glass order, Ruda will verify if each element conforms to the drawing specifications and tolerances in advance of final assembly.
The Companies anticipate that the final assembly of the POC will be completed within the fourth quarter of 2016, at which point testing will commence.
The Proof of Concept Prototype
The POC will be a first-of-its-kind imaging telescope with a narrow field of view and is intended to demonstrate the benefits and use cases of Spectrum's patent pending Blade Optics™ imaging technology. Initial optical markets most aligned with the POC include the consumer telescope, astronomical products and binocular markets. The Companies intend to pursue the development of Blade Optics™ for additional potential verticals upon completion of the POC, including mobile device applications.
Stock Option Grant
NexOptic also reports that it has granted an aggregate of 325,000 stock options to employees and consultants having an exercise price of $0.50 and a term of five years.
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.
NexOptic trades on the OTCQB under the symbol "NXOPF", on the TSX Venture as "NXO", and on Frankfurt as "E301.F". More information is available at www.nexoptic.com.
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:
- Aperture size: Blade Optics™ may allow 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 patent pending 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.
On behalf of the Boards of Directors
Paul McKenzie, President & CEO
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 POC, 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 POC 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 POC as currently expected; the potential applications and market assessments of the Companies are based on limited studies and may not be representative of the broader market; the risk that the POC 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.