NexOptic Technology Corp. (“NexOptic”) (OTCQB: 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 NexOptic has satisfied all of the cash expenditure requirements under its option to acquire 100% ownership interest of Spectrum pursuant to the agreement between NexOptic, Spectrum and Spectrum’s shareholders dated October 22, 2015 (“the Agreement”). NexOptic further announces that it intends to exercise its final option and complete the acquisition of Spectrum on or about October 2017.
Paul McKenzie, President and CEO of NexOptic stated today: “We are excited to have reached this significant milestone. The technological and business development progress made to date is a reflection of our technical and management teams ability to work synergistically. I look forward to finalizing this acquisition in the near-future.”
As per the Agreement, (please see NexOptic’s news releases dated October 26, 2015 and November 18, 2014) NexOptic will be acquiring the remaining outstanding shares of Spectrum in exchange for such number of common shares of NexOptic as are equal to 35% of NexOptic Shares and warrants equal to 35% of, and on substantially similar terms, to the then‐outstanding warrants or options to purchase NexOptic Shares at the time of the completion date, on a post issuance basis.
NexOptic has until November 18th to fully execute this, its 3rd and final option, however the Company anticipates completing the transaction in advance of this date.
John Daugela, President and CEO of Spectrum and director of NexOptic stated: “With the completion of the acquisition on the horizon, I want to thank our dedicated team of committed men and women. While I’ve always viewed Spectrum and NexOptic as essentially one company, completing the acquisition will officially create a singular, cohesive organization, which is beneficial for the advancement of our technologies and business development.”
Upon the completion of the Agreement, key management members of both Spectrum and NexOptic will be appointed to the senior management and board positions of NexOptic.
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. Effective today’s date, NexOptic has 80,907,740 shares outstanding, further details on NexOptic’s share structure can be found on the Company’s website at www.nexoptic.com.
Spectrum is developing technologies relating to imagery and light concentration applications. Utilizing Blade Optics™, its suite of patent-pending optical technologies, the company aims to increase aperture sizes within given depth constraints of various imaging and non-imaging optical applications.
Earlier this year, Spectrum completed its proof-of-concept digital telescope prototype (“POC”) that utilizes a patent-pending 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, curved 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 curved 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 OTCQB 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
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, 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.