Important Patent News. Update on Former Significant Shareholder
VANCOUVER, British Columbia, August 26, 2021 (GLOBE NEWSWIRE) – NexOptic Technology Corp. (“NexOptic” or the “Company”) (TSX VENTURE: NXO) (OTCQB: NXOPF) (FSE: E3O1), an innovator in cutting-edge Artificial Intelligence (AI) imaging, announces that the United States Patent and Trademark Office (USPTO) has issued Patent No. 11,076,103 titled “Photographic Underexposure Correction Using a Neural Network.” The patent is the first in a rapidly expanding family of IP covering the Company’s AI technologies.
The Company has also filed continuation patents for Patent No. 11,076,103, and for NexOptic’s pending patent titled “Bright Spot Removal Using a Neural Network,” the latter having recently received a Notice of Allowance from the USPTO (see NexOptic News, June 17, 2021) that is expected to be formally issued in a matter of weeks. Other NexOptic patents are also pending, and new patents are being filed by the Company on a regular basis.
“These important patents represent early, highly strategic foundations underpinning our product pipeline roadmap and provide important IP protection for our novel AI solutions,” said Rich Geruson, Chairman of NexOptic. “Through the development of our product pipeline, we are very excited to extend our unique and patent-protected technology to a multitude of verticals within the rapidly expanding imaging industry.”
What Exactly Does NexOptic’s “Photographic Underexposure Correction Using a Neural Network” Do and Who Can Benefit?
This patent is essentially NexOptic’s “Low-light” class of algorithms. At its core it covers recovering image and video signals in low photon environments, whether that be dark scenes, fast exposure times, or small apertures and sensors. Additionally, the patent covers how the technology can be integrated as part of a larger system. For example, in image stabilization systems, or in reducing bandwidth and storage requirements for images and video captured with endpoint devices—i.e. video conferencing. There are an infinite number of imaging systems and companies that can benefit from this innovative technology.
What Exactly Does NexOptic’s “Bright Spot Removal Using a Neural Network” Do and Who Can Benefit?
This patent is essentially NexOptic’s “Anti-glare” technology. The technology covers any imaging system whereby lighting artifacts such as glare, lens flare, reflections and other optical artifacts impact the image or video quality, and where a neural network is used to identify and correct the artifacts. The technology can be applied to a wide range of problems common to industry beyond glare. As a result, the patent also covers how NexOptic might characterize the problem and train the AI models. Again, there are an infinite number of global imaging systems and companies that can benefit from this innovative technology.
NexOptic wishes to remind its shareholders that a patent Notice of Allowance is an indication that the invention qualifies for a patent and that administrative and other steps are required prior to its issuance. An invention is still considered “patent pending” until a final patent has been issued. Further, continuation patents are new patent applications intended to pursue additional claims based upon the same description and priority date(s) as a pending “parent” application.
Update on Significant Shareholder
On May 25, 2020, NexOptic announced that it had entered Voting Support and Restrictions to Disposing of Shares, Assignment of Incentive Rights plus Indemnity and Settlement Agreements with significant shareholder, 3DB, Inc. (“3DB”), a private Alberta company disclosed to be co controlled by Darcy Daugela and/or certain family members and each of John and Darcy Daugela (former Executive Chairman and CEO of NexOptic respectively from November 2017 to April 24, 2019). On August 11, 2021, 3DB filed its latest “Early Warning Report,” stating that as of that filing date it had disposed of 26,926,261 of its common shares in NexOptic and continued to own and control 13,339,537 shares of NexOptic. The Company notes that pursuant to its Rights Agreement with 3DB, 8,000,000 of such shares are the subject of escrow arrangements held with the Company’s transfer agent for the purpose of incentive rights grants at the discretion of NexOptic. Such rights are held by persons unaffiliated with the Daugela’s or 3DB Inc. On exercise of such rights, and as of 8/11/2021, 3DB would have actual ownership and direction over a maximum of 5,339,537 common shares representing approximately 3.6% of NexOptic’s outstanding shares.
ALIIS™ in a Nutshell
ALIIS™ (All Light Intelligent Imaging Solutions) is a machine-learning AI suite providing instant enhancement to images and videos in the areas of edge processing, shutter speed, resolution and sharpness, image-noise and motion-blur, and image colour and detail. These patented and patent pending solutions can be integrated with imaging devices such as smartphones, smart security cameras, Internet of Things (IoT) devices, automotive platforms, medical imaging technologies, DSLR cameras and more. Additionally, Aliis does all of this while compressing data and reducing media file size, making it ideal for the storage and transmission of image data.
Qualcomm highlighted Aliis at its 5G Summit 2021 alongside the new 700-series chipset for mobile devices: the Snapdragon 778G, and a recent webinar hosted by ARM and their Senior AI Ecosystem Manager set a live global audience attendance record. For more information, visit www.nexoptic.com/aliis.
What You Need to Know About NexOptic
NexOptic is an innovative imaging AI company headquartered in Vancouver, Canada with operations in Seoul, South Korea, offering world-leading patented and patent pending AI solutions for imaging known as ALIIS™ (All Light Intelligent Imaging Solutions). NexOptic simultaneously influences the imaging and AI industries and is a Preferred Partner in the NVIDIA Partner Network, a member of the Arm® AI Partner Program, and a member of the Qualcomm® Platform Solutions Ecosystem. For more information, visit www.nexoptic.com.
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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 artificial intelligence technologies, and expected results, specifications, capabilities, and applications thereof. 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 the Company’s AI technologies, sport optics product designs and additional work may be required to confirm potential applications and feasibility of such technologies or for the successful commercialization of its offerings; the Company may not be able to complete product development 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 all designs may not achieve expected results; the Company may not be able to reach commercial success; the Company may not be able to source components for some of its products on a cost-effective basis; the Company may not have access to necessary financing on acceptable terms or at all; pending or future patent applications may not be approved as contemplated or at all; and other risks inherent with technology and product development and the business of the Company. Such forward-looking statements should therefore be construed considering 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 because of new information, future events, or otherwise.
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