Vancouver, Canada – September 30, 2015 – Elissa Resources Ltd. (TSXV: ELI; Frankfurt: E3O; “Elissa”) and Spectrum Optix Inc. of Calgary, Canada (“Spectrum” and together with Elissa, the “Companies”) are pleased to provide the following update on Spectrum’s operations.
Filing Receipt of First Provisional Patent Application
Spectrum reports that earlier this month it received a filing receipt from the United States Patent and Trademark Office in respect to the company’s first provisional patent application relating to imaging.
Spectrum’s first provisional patent application outlines its core technology, which contains flat lenses, and how it may be used in an imaging method to obtain a quality image with a compact lens system, among other features.
The provisional patent application was prepared by Spectrum and its intellectual property counsel at Christie Parker Hale LLP of Glendale, California.
John Daugela, President and CEO of Spectrum Optix, stated:
“Being in the highly competitive and innovative industry of optics, establishing a strong IP portfolio is a top priority for Spectrum. Our first application is a milestone that will pave the way for additional provisional patent applications as our team continues their creative engineering process.”
Further to the joint Elissa / Spectrum news release dated July 23, 2015, Spectrum is pleased to report that an optical work bench test validated results from previously conducted computer imaging simulations. The optical work bench successfully validated, in the real world, basic image retention ability of Spectrum’s core lens technology across multiple wavelengths.
Spectrum is now engineering the technical specifications for the interrelations between field of view, resolution, aperture size and focal length as it pertains to imaging. Furthermore, Spectrum is working to determine which additional optical elements, aside from its core technology, may be incorporated into its first prototype design for an imaging application. Once determined, the
Companies will announce, via joint news release, the first vertical for imaging that Spectrum intends to pursue.
Spectrum Optix Inc. is developing technologies relating to imagery and light concentration applications. Utilizing its core technology, the company aims to disrupt conventional lens and image capture-based systems, which may include telescopes, cameras and mobile devices, among others, by creating a compact lens system.
Elissa has an option to acquire, in the aggregate, 100% of Spectrum Optix, and is in the process of changing from a Mining Issuer to a Technology Issuer on the TSX Venture Exchange (the “Change of Business” or the “COB”). The COB is subject to regulatory and shareholder approvals and upon completion Elissa intends to change its name to Nexoptic Technology Corp. or such other name as the Elissa board of directors may determine. The shares in the Company are halted and are expected to remain halted pending receipt by the TSX Venture Exchange of required documentation.
On behalf of the Boards of Directors
Elissa Resources Ltd.
Paul McKenzie, President & CEO
Spectrum Optix Inc.
John Daugela, President & CEO
Forward Looking Statements
This press release contains certain forward-looking statements that reflect the current views and/or expectations of the Company or Companies with respect to, among other things: expectations concerning the exercise of the options under the Investment Agreement, completion of the COB and the Private Placement, the use of proceeds of the Private Placement, the potential applications of Spectrum’s technologies, the timing and expenditures required to develop such technologies, including development of Spectrum’s first prototype vertical, the successful development of such technologies, the ability of the Companies to procure patent or other intellectual property protection for its technologies and to license or enforce such patents, if any. 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: they may not have access to financing on acceptable terms or at all in order to exercise the options under the Investment Agreement; the Companies may not receive all necessary regulatory approvals; the funding contemplated by the LOI may not be sufficient to substantially develop Spectrum’s technologies or to fund the patent process in any or all jurisdictions of interest; Spectrum may fail to complete its first prototype vertical when expected or at all; the conditions to the options under the Investment Agreement may not be otherwise satisfied or the Companies may not complete all other necessary documentation; the patent application and approval process is lengthy and its outcome cannot be predicted in advance such that the filing of
patent applications may not result in Spectrum being granted any patents when expected or at all; some aspects of Spectrum’s technology may not be eligible for patent protection or patent applications may not be filed or prosecuted; patent protection is limited to only the legal jurisdictions in which patent applications are filed and successfully prosecuted to issuance; third parties may seek to challenge any patents Spectrum or the Companies receive or they may have difficulty licensing or enforcing intellectual property rights; and other risks inherent with the patent process, transactions of this type and development of new technologies or the business of Spectrum and/or Elissa. Such forward-looking statements should therefore be construed in light of such factors. Other than in accordance with its legal or regulatory obligations, the Companies are not under any obligation and the Companies 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.
Completion of the COB is subject to a number of conditions, including Exchange acceptance and disinterested Shareholder approval. The COB cannot close until the required Shareholder approval is obtained. There can be no assurance that the COB will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the Filing Statement to be prepared in connection with the COB, any information released or received with respect to the Change of Business may not be accurate or complete and should not be relied upon. Trading in the securities of Elissa should be considered highly speculative. The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Haywood Securities Inc., subject to completion of satisfactory due diligence, has agreed to act as sponsor to the Company in connection with the transaction. An agreement to sponsor should not be construed as any assurance with respect to the merits of the transaction or the likelihood of completion.
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.