Vancouver, Canada – June 23 , 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 they have engaged Uncommon Innovation Inc. (“Uncommon”) to assist in development of the go-to-market strategy for Spectrum’s patent pending Blade Optics™ technology, which contains flat lenses.
In preparation for the completion of their first of its kind proof of concept (“POC”) prototype (for further details please see the Companies’ joint news release dated May 25th, 2016), the Companies have formally engaged Uncommon Innovation Inc. to conduct Strategy Development and a Market Assessment for the commercialization of Spectrum’s patent pending Blade Optics™ lens technology on a global level. Uncommon’s primary focus will be on potential opportunities for Blade Optics™ in the sport optics sector of the imaging market, which includes consumer products such as telescopes, spotting scopes, monoculars, binoculars and more. Other potential imaging verticals will be analyzed in subsequent studies. The Companies believe that the novel light gathering ability and form factor of Blade Optics™ make it an attractive technology for many sport optics applications.
The objectives of this Market Assessment and Strategy Development are to:
• Through systematic evaluation of various potential optical applications, identify the best initial sector and use
case for Blade Optics™, so to focus research and development, marketing and sales resources
• Validate the fit of the technology in the sector found to be most attractive through research via discussions with relevant industry experts and prospective customers
• Develop a suitable marketing strategy to gain traction in the top identified sector
Jason Innes, Partner at Uncommon Innovation, stated today:
“Uncommon Innovation is excited to be working with the Spectrum Optix team to identify the most attractive market opportunity in the sport optics industry and develop a suitable market strategy for gaining early traction. We are confident we can add value to the opportunity based on our experience in technology commercialization through over 100 client projects and several successful startups of our own.”
Uncommon Innovation Inc. specializes in helping companies evaluate new technology product opportunities and successfully bring them to market. Since 2007, Uncommon has worked with over 100 companies on this key stage in company development and works in the analysis, evaluation, design, development and launch of new technology products and product concepts. Using lean product methodologies, Uncommon has established a proven track-record in building products that achieve initial market traction and are positioned for long-term success. With Uncommon’s goal of helping companies bring technology products to market faster, more efficiently and more successfully, Spectrum looks forward to working with this group of experienced technology product management professionals on the development of its go-to-market strategy for its patent pending Blade Optics™ lens technology.
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.
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.
Benefits of Blade Optics™ Technology
Blade Optics™ could breakdown many of the limitations associated with conventional, curved lens stacks:
- Aperture size: Blade Optics™ has the potential to help significantly reduce the lens stack depth to aperture ratio for several imaging verticals. This could allow for greatly increased aperture sizes without increasing the depth of the lens stack in many applications.
- Image quality: Fewer limitations on aperture size means that image quality could be much improved.
- 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.
On behalf of the Boards of Directors
NexOptic Technology Corp.
Paul McKenzie, President & CEO
Tel:+1 (604) 669 – 7330
Spectrum Optix Inc.
John Daugela, President & CEO
TSX VENTURE: NXO
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.