NexOptic and Spectrum Report: Spectrum to Receive Financial Contribution from the Government of Canada
Marketwired
VANCOUVER, BC--(Marketwired - April 12, 2016) - NexOptic Technology Corp. ("NexOptic") (TSX VENTURE: NXO) and Spectrum Optix Inc. of Calgary, Canada ("Spectrum" and together with NexOptic, the "Companies") are pleased to report that Spectrum will receive a financial contribution of up to $49,725 from the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP).
NRC-IRAP's capital contribution is non-dilutive to either NexOptic or Spectrum and proceeds will be applied by Spectrum to two project activities. Part 1 will be a Market Assessment and Strategy Report conducted by a third party firm. This is intended to include identifying the top attributes of an ideal use case for Spectrum's patent pending Blade Optics™ lens technology, sectors and customers that would be a match for the identified attributes, evaluation and ranking of use cases/sectors/customers based on criteria such as: Market Size, Value of Product to Sector, Sector Competitiveness, Ease of Reaching the Sector, Cost of Building Product for Sector, Sustainability of Sector and more. This report is intended to help develop a suitable commercial marketing strategy to gain traction in the top identified sector.
Part 2 is intended to be used for the continual development of Spectrum's proof of concept (POC) prototype: a first of its kind telescope that utilizes the company's patent pending Blade Optics™ lens technology.
John Daugela, President of Spectrum Optix and Director of NexOptic, stated,
"We are very appreciative of the financial and other support being provided to us by NRC-IRAP for the advancement of our patent pending Blade Optics™ technology."
He added,
"There are numerous potential commercial applications for our technology in the imaging space. The Government of Canada's contribution will help in the development of our prototype and narrow down our first commercial objectives."
The Companies look forward to providing subsequent updates to these and other initiatives in future joint news releases.
About NRC-IRAP
NRC-IRAP is Canada's premier innovation assistance program for small and medium-sized enterprises (SMEs). It is a vital component of the National Research Council of Canada, a cornerstone in Canada's innovation system that is regarded world-wide as one of the best programs of its kind.
About Spectrum Optix Inc.
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.
Spectrum is currently developing a proof of concept prototype that will utilize its patent pending Blade Optics™ technology, other optical elements and electronic components. The prototype will be a first of its kind telescope and 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 ranging from telescopes, cameras, surveillance equipment, mobile devices and other imaging verticals.
About NexOptic Technology Corp.
NexOptic has an option to acquire, in the aggregate, 100% of Spectrum Optix. 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.
On behalf of the Boards of Directors
NexOptic Technology Corp.
Spectrum Optix Inc.
Paul McKenzie, President & CEO
John Daugela, 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 prototype and the potential applications of Spectrum's technologies. 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, that: the ability of the Companies to complete the prototype as currently expected; the risk that the prototype may not achieve results expected by the Companies; they may not have access to financing on acceptable terms or at all in order to exercise the options under NexOptic's formal agreement with Spectrum and its shareholders; it may not receive all necessary regulatory and shareholder approvals; 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 development of new technologies or 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.
