SOURCE: Spectrum Optix Inc.

Spectrum Optix Inc.

SOURCE: Nexoptic Technology Corp.

NexOptic Technology Corp.

November 29, 2016 09:00 ET

Spectrum Successfully Completes Tests of Blade Optics™ Lens Technology for First-of-its-Kind Telescope Prototype

Spectrum Receives Grant of Design Patent in European Community

VANCOUVER, BC--(Marketwired - November 29, 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 that Spectrum has successfully completed the first set of optical tests for the patent pending Blade Optics™ portion of the lens stack for its proof of concept prototype ("POC") telescope. The Companies are satisfied with the performance metrics of Blade Optics™ on an optical bench, and expect it to enable the unprecedented form factor benefits (as described in the Companies' joint news release from November 1, 2016) after incorporating the remaining optical elements of the POC.

"These tests indicate that our patent pending Blade Optics™ lens technology works as our prototype design and engineering simulations showed," said Paul McKenzie, CEO of NexOptic and Director of Spectrum."I am proud of how far we've come with the technology that forms the foundation of our Companies and look forward to revealing our highly anticipated POC prototype in the near future."

In conjunction with its primary prototype development contractor Ruda Cardinal Inc. ("Ruda"), a world leader in optical prototype development and construction, testing of the Blade Optics™ portion of the POC was completed in the visible spectrum at 486nm (nanometre), 589 nm, and 656nm wavelengths with a 10nm band. Key reference factors for Spectrum's patent pending Blade Optics™ technology, such as spot size and aberrations, were tested and conformed to performance specifications identified in the simulations phase of development.

The diffraction limit of the nominal system is approximately 17um (micrometers) while still maintaining the approximate five-inch depth of the overall POC device. This demonstrates the potential for excellent image quality from the POC within the form factor enabled by Blade Optics™.

POC Assembly Nearing Completion

Ruda will continue with rigorous testing and characterization of the full POC lens stack as it is aligned and assembled. The Companies anticipate that the final assembly of the POC lens stack will be completed within the fourth quarter of 2016, at which point the camera and digital processing components will be incorporated for project completion in Q1 2017. A public and media exhibit of the POC is being planned for the first quarter of 2017.

All the assembled Blade Optics™ components were created using commercial off-the-shelf (COTS) materials, which could help create a streamlined process for potential customers in sourcing and manufacturing.

The next step in the final phase of the POC development, prior to final testing, is to marry the assembled Blade Optics™ portion of the lens stack with a back-end imaging package and case.

Grant of Design Patent in European Community

In relation to the Companies' latest developments, Spectrum Optix is proud to announce that its square imaging aperture form factor has received design patent approval from the European Union International Intellectual Property Office (EUIPO) and written confirmation this patent is valid for 25 years.

Readers of this press release may refer to the joint news release dated November 1, 2016 for additional information.

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

www.NexOptic.com
Look@NexOptic.com
+1 (604) 669 – 7330

OTCQB: NXOPF
TSX-V: NXO
Frankfurt: E301
Berlin: E301

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.

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