Vancouver, Canada – February 19, 2016 – Nexoptic Technology Corp. (“Nexoptic” or the “Company”) (TSX-V:NXO) (Formerly Elissa Resources Ltd., TSX-V:ELI) and Spectrum Optix Inc. of Calgary, Canada (“Spectrum” and together with Nexoptic, the “Companies”) are pleased to report that the Company has received approval from its shareholders and the TSX Venture Exchange for its proposed change of business (the “COB”) and has completed a name change from Elissa Resources Ltd. to Nexoptic Technology Corp. The Company will commence trading under its new name and new symbol, “NXO” on or about February 22, 2016.
Working collaboratively with Spectrum, Nexoptic’s primary focus will be to continue exercising its options to acquire, in the aggregate, 100% of the shares of Spectrum. For further information regarding the terms of the investment agreement between the Companies please refer to Elissa’s news release dated November 18, 2014 and its joint news release with Spectrum dated July 23, 2015, as well as the complete copy of the investment agreement, available on SEDAR.
Spectrum is currently working on the development of its proof of concept (“POC”) prototype for imaging, which will be a first of its kind digital telescope and will be utilizing Spectrum’s patent pending Blade Optics™ technology, which contains flat lenses.
The prototype is intended to demonstrate the marketable features of Blade Optics™ 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. Please see the Companies’ joint news release dated January 12, 2016 for further details on Spectrum’s core business.
Shareholder approval for the COB was obtained from the Company’s shareholders through signed consent forms. Over 27,600,000 shares in the Company were spoken for in this process, representing greater than 71% of the Company’s issued and outstanding shares.
“Both Nexoptic and Spectrum are very pleased with the progress being made in the development of Spectrum’s POC prototype, which utilizes Blade Optics,” said Paul McKenzie, President and Chief Executive Officer of Nexoptic and Director of Spectrum Optix. “We are very appreciative of the substantive backing from shareholders in support of our combined business plans. I look forward to sharing our progress in the weeks ahead.”
Additionally, as previously announced, on February 8th 2016, the appointment of John Daugela, CEO of Spectrum Optix Inc., as a Director of Nexoptic has been formally completed and Nexoptic has effected the grant of an aggregate of 565,000 options at a price of $0.15 per share for a period of five years ending February 22, 2021.
Please also refer to the Filing Statement of Elissa Resources Ltd. posted to SEDAR dated January 27, 2016 for additional information concerning the COB and Nexoptic’s option to acquire Spectrum.
On behalf of the Boards of Directors
NexOptic Technology Corp.
Paul McKenzie, President & CEO
Spectrum Optix Inc.
John Daugela, President & CEO
+1 (604) 669 – 7330
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 the proof of concept prototype and the success and potential 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: 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; 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. Trading in the securities of Nexoptic 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.
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.