Vancouver, Canada – October 23, 2017 – NexOptic Technology Corp. (“NexOptic”) (OTCQX: 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 announce that Arch Meredith has been appointed to NexOptic’s Board of Directors.
Mr. Meredith is Managing Partner of Kite Hill Capital, a private venture capital firm, which has been a preIPO and early investor in various companies in the technology sector, including, among others, Tesla Inc. and Uber Technologies Inc.
“I am honored to join the NexOptic board and to work with this exceptional team,” said Mr. Meredith. “I look forward to sharing my expertise and contributing to the future direction and growth of our exciting company.“
Mr. Meredith was Co-Founder, former President and Chief Financial Officer of the Chroma Group, Inc. (“Chroma”), which developed patented technologies for pattern recognition and visualization. He also managed Chroma’s equity interests in its subsidiaries, including Quantitative Imaging (enabling virtual colonoscopies) and Vicus Therapeutics (“Vicus”), which is currently completing phase III clinical trials on a neuro-immune modulator for the treatment of cancer. Mr. Meredith also oversaw investments in Chroma’s subsidiary, Chroma Oil & Gas, and oversaw its acquisition by ACON. He remains a director of Vicus.
Prior to Kite Hill Capital and Chroma, Mr. Meredith was Founder and Chief Executive Officer of TeleTix, until Transamerica acquired it. He received his B.A. degree from Stanford University and his M.B.A. from the Stanford Graduate School of Business.
“We welcome Mr. Meredith to our board of directors,” said Paul McKenzie, CEO of NexOptic. “With his exceptional experience in the technology sector and entrepreneurial expertise, we believe he will be a powerful contributor to our board as we further progress the development of our technologies towards commercialization.”
About NexOptic Technology Corp.
NexOptic is a publicly traded company, which has an option to acquire, in the aggregate, 100% of Spectrum Optix Inc. (the “Acquisition”) 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. As was outlined in the Companies’ joint September 20, 2017 news release, the completion of said Acquisition is imminent.
Spectrum is developing technologies relating to imagery and light concentration applications. Utilizing Blade Optics™, Spectrum’s suite of optical technologies, the Companies aim to increase aperture sizes within given depth constraints of various imaging and non-imaging optical applications. Blade Optics™ refers to Spectrum’s lens designs, algorithms and mechanics which vary from patented, patent pending and includes all of Spectrum’s intellectual property and know how.
Earlier this year, Spectrum completed its proof-of-concept digital telescope prototype that utilizes a patented 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.
Benefits of Blade Optics™ Technology
The Companies believe that Blade Optics™ has the potential to breakdown many of the limitations associated with conventional lens stacks:
- Aperture size: Blade Optics™ may allow the aperture-to-depth ratio to be increased in depth-limited optical devices to permit increased resolution compared to conventional optical devices with similar depth.
- Compactness: Decreasing the depth of the lens stack would create the possibility of more compact and practical imaging devices.
NexOptic trades on the OTCQX 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
+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 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 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; the Companies may not be able to commercialize their technology even if the prototype is successful; 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.