Vancouver, Canada – July 18, 2018 – NexOptic Technology Corp. (“NexOptic”) (OTCQX: NXOPF) (TSX VENTURE: NXO) (FRANKFURT: E3O1) (BERLIN: E3O1) is pleased to announce it has finalized the design of its new high magnification lens stack and ordered the corresponding optical elements for its first consumer product prototype. The Company aims to redefine outdoor exploration and adventure by providing a transformative imaging experience. Product users will be able to bypass traditional targeting and spotting pain points typical of high magnification devices while enjoying a state-of-the-art digital experience.
John Daugela, CEO of NexOptic, stated, “With the finalization of our sport optics lens stack design, we are excited to officially build our first consumer product prototype. The product’s sport optics package utilizes a unique lens design that houses a square aperture with the light-gathering area of an F2.4 lens and the resolution of an F1.8 lens, so users can quickly capture high-resolution images of objects several hundred meters away — yet the device will be compact, lightweight, and encapsulate key imaging characteristics of one’s smartphone, binoculars, and DSLR all in one. We believe this device could define an entirely new market segment.”
Total U.S. Outdoor Recreation Market (all segments)
At over $350 billion estimated annually, the outdoor recreation market in the United States has grown to become one of the country’s largest economic sectors. In addition to several related and supporting industries, this sector includes core outdoor recreational activities such as boating, fishing, hunting, hiking, camping, and more. NexOptic believes its final product will greatly enhance many of these outdoor activities, appealing to seasoned outdoor adventurers, families on weekend excursions, and everyone in between.
First Lens Prototype
NexOptic signed a purchase order with Diverse Optics, a leader in advanced polymer optics manufacturing, for optical elements to be assembled into a lens prototype. The Company notes that this prototype will be foundational in subsequent device iterations for its prosumer product as it provides a basis for more detailed electrical and mechanical designs. NexOptic anticipates that the lens prototype will be built and ready for desktop testing in approximately 10 weeks.
NexOptic has finalized the basic design of all key hardware specifications for its first consumer product, including using an Ambarella processing chip and Sony sensor. Ambarella is a leading developer of image processing and computer vision solutions and has more than 20 years of pioneering research in intelligent cameras. With this chip/sensor combination, the device is capable of both ultra-high-definition image processing and dual image capture. NexOptic has identified key suppliers for critical components and has received preliminary cost estimates based on potential order volumes. This first product is targeting the growing premium sport optics market segments.
Current Development Phase and Recent Engagement
NexOptic has engaged Rhonda Software (“Rhonda”), a software and hardware design firm that provides solutions in areas such as image processing and device connectivity for camera imaging devices, to aid with the electrical design of its first consumer product. Rhonda Software has contributed in the development of many imaging products, working with clients such as Nikon, Samsung, Sony, and Motorola. Rhonda will also be developing the firmware and software for the product, which will be key in enabling a unique digital experience.
Andrey Mischenko, CEO of Rhonda Software, stated, “I believe that NexOptic’s inaugural consumer product will enable an unparalleled imaging experience, combining leading-edge technology with world class design to create a product that truly embodies the adventurous spirit of the outdoors. We look forward to working with NexOptic to bring this innovative product to market.”
Next Phase of Development
In the next development phase, NexOptic will refine the electrical and mechanical design of the device to develop a fully functional prototype of its prosumer product. Additionally, the Company will conduct in-house testing of its high-magnification lens prototype to confirm the performance specifications. NexOptic has filed a provisional patent application for the prosumer device’s high-magnification lens design with the United States Patent and Trademark Office, and a patent application for its overall design and unique feature set.
About NexOptic Technology Corp.
NexOptic is a creative optical development company which aims to enhance the way we view the world around us. Currently focused on engineering its first consumer product for the growing outdoor recreation market, as well as a demonstration prototype for the mobile device space, NexOptic is aggressively pursuing a multipronged optical innovation strategy. Utilizing Blade Optics™, the Company’s developing suite of innovative optical technologies, NexOptic aims to increase aperture sizes within given depth constraints of various imaging applications. Increasing the aperture size enables a lens system to have an improved diffraction limit, thus providing the potential for increased resolution capabilities.
Blade Optics™ refers to NexOptic’s lens designs, algorithms and mechanics which vary from patented, patent-pending and includes all of the Company’s intellectual property and know-how.
NexOptic trades on the OTCQX under the symbol “NXOPF,” on the TSX Venture as “NXO,” on Frankfurt as “E3O1” and Berlin as “E3O1.” More information is available at www.nexoptic.com.
On behalf of the Boards of Directors
NexOptic Technology Corp. John Daugela, CEO & Director
+1 (604) 669 – 7330
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, new products and designs, the potential applications of the Company’s technologies and its potential markets. 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 Company operates 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 Company’s technology is at an early stage and additional work will be required to confirm potential applications and feasibility of its technologies; the Company may not be able complete the prototypes and designs as currently expected; potential applications of the Company’s technology are based on limited studies and may not be representative of the broader market; the risk that prototypes and designs may not achieve expected results; the Company may not be able to commercialize its technology; the Company may not have access to necessary financing on acceptable terms or at all; and other risks inherent with the patent process, transactions of this type and the business of the Company. Such forward-looking statements should therefore be construed in light of such factors. Other than in accordance with its legal or regulatory obligations, the Company 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.
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