NexOptic Announces Private Transfer of Outstanding Warrants
VANCOUVER, British Columbia, August 31, 2020, (GLOBE NEWSWIRE) – NexOptic Technology Corp. (“NexOptic” or the “Company”) (TSX VENTURE: NXO) (OTCQB: NXOPF) (FSE: E3O1), an optics and Artificial Intelligence (“AI”) innovator, announced that it has facilitated a private transfer (the “Sale Agreement”) of 1,045,262 Warrants held by significant shareholder, 3DB, Inc. a private Alberta company. The Warrants expire at midnight on September 21, 2020 and have a strike (exercise) price of $1.12.
The 3DB Warrants were non-transferable without the consent of NexOptic, which was provided in association with this transaction. NexOptic very much appreciates the cooperation of 3DB’s principals, John and Darcy Daugela in agreeing to transfer their Warrants, thereby creating an opportunity for the Company to increase its treasury by up to an additional $1,170,693 over the next several weeks.
The Daugelas, who are Co-Founders of NexOptic, supported NexOptic and its shareholders at the time of the Company’s Management change (approximately 16 months ago) by entering a voting support agreement and a custodial and rights agreement (collectively, the “3DB Agreements”). Additional details can be found in NexOptic’s May 25, 2020 news release and on www.sedar.com. The new Warrant holders are not subject to the terms of the 3DB Agreements.
NexOptic Warrants Exercised
NexOptic also wishes to report that further to its July 14, 2020 news release, 100% of the Company’s outstanding $0.36 Warrants have subsequently been exercised for gross proceeds of $2,852,367. This brings NexOptic’s total gross proceeds from warrant exercises to $3,695,018, since February 23 of this year. NexOptic has also received gross proceeds of $359,050 through various stock option exercises assigned to non-insiders of NexOptic.
The entire NexOptic team wishes to express its heartfelt gratitude to its shareholders for their continued support.
About NexOptic Technology Corp.
NexOptic is an innovative imaging AI company based in Vancouver, Canada. We are a Preferred Partner in the NVIDIA Partner Network, and our All Light Intelligent Imaging Solutions (“ALIIS™”), is being optimized into the Qualcomm® Platform Solutions Ecosystem for select Qualcomm® Snapdragon™ mobile platforms. The Company is also engaged in the development of its award-winning sports-optic device, DoubleTake as well as mobile lens solutions. Find out more at www.nexoptic.com
ALIIS improves image quality for a superior all-light performance solution. By learning a camera profile and optimally enhancing it for improvement, images and video are corrected in a fraction of a second using edge processing. The result is superior resolution and sharpness, dramatic reductions to image noise and motion-blur, noticeable enhancements to long-range image stabilization by enabling faster shutter speeds, significantly reduced file and bandwidth requirements for storage or streaming applications, while delivering a complete imaging solution. Downstream applications include computational imaging, facial recognition, and object detection, giving it even broader market applicability.
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