NexOptic Completes Design Basis for First Commercial Product Line
NexOptic Technology Corp. (“NexOptic” or “the Company”) (OTCQX:NXOPF) (TSX VENTURE:NXO) (FRANKFURT:E3O1) (BERLIN:E3O1) is pleased to announce it has completed the design basis intended for its first commercial products in the sport optics marketplace. The design basis includes initial electrical, optical, mechanical, software, and industrial designs. Two product designs were completed, a pocketable consumer version and a premium ‘prosumer’ model, both intended to enhance how we view and explore the world around us. The product designs were created to incorporate a novel NexOptic long range lens design while leveraging the software interactions consumers expect from modern devices.
“Over the past few months, and with the assistance of Synapse and NewDealDesign, we have aggressively advanced the development of our first intended commercial products, which I believe will revolutionize how we experience and capture moments in the great outdoors, at large entertainment events, and while traveling,” stated NexOptic Chairman, Darcy Daugela, P. Eng, MBA. Mr. Daugela continued: “We have completed two beautiful product designs that encapsulate both the innovative nature of our company and the compact form factor enabled by our optical setups. The Company now has optical, electrical, software, and mechanical designs that potential suppliers are currently evaluating. I look forward to finalizing the high-resolution lens stack design for our first commercial product this quarter, and selecting key suppliers soon thereafter. In Q3 2018, we will determine an estimated date when our first product will be ready for sale.”
NexOptic believes that the consumer sport optics industry has remained stagnant with respect to optical innovation and has failed to adequately integrate digital technologies that could greatly enhance the user experience. The Company anticipates that its sport optics products will eliminate traditional pain points of targeting and spotting while providing a modern and intuitive digital user experience. For its current prosumer product design, NexOptic has completed preliminary costing estimates on optional features, including GPS, WiFi, memory, Bluetooth, and temperature sensor. The Company has completed an initial electrical assessment of feasibility for its prosumer design relative to power requirements, mechanical ruggedness, and battery life estimates. Additionally, NexOptic has completed a bill of materials estimate for its prosumer product design.
Several novel features specific to NexOptic’s sport optics product designs, currently in the engineering and development stage, now have a provisional patent application filed. The Company anticipates filing additional patent applications related to its innovative lens technologies and product designs in the near future.
Next Phase of Development
Over the next several weeks, NexOptic will finalize initial lens stack designs for its first intended commercial product. The Company has two lead designs that are being assessed for ruggedness, manufacturability, cost, and optical capabilities. The Company notes that the chip/sensor choice is a critical decision because of the high-resolution capabilities of its long-range lens stack designs. NexOptic has a short list of sensor candidates for the prosumer model and expects to finalize its decision during this phase of engineering. Sensor selection will be based on several parameters, including performance, long-term availability, feature-set, and cost.
In this phase, NexOptic will also work with potential suppliers to refine its prosumer product’s estimated production cost based on volume metrics as well as its estimated MSRP.
About NexOptic Technology Corp.
NexOptic is a creative optical development company that aims to enhance the way we view the world around us. Currently focused on the development of 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 commercial product development and ongoing optical innovation. 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 enables a lens system to have an improved diffraction limit, providing the potential for greatly increased resolution.
Blade Optics™ refers to NexOptic’s lens designs, algorithms and mechanics, which vary from patented to patent-pending, and includes all of the Company’s intellectual property and knowhow.
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 the Company’s technology, current or future patent applications, 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 the feasibility thereof; pending or future patent applications may not be approved as contemplated or at all; the Company may not be able complete prototypes and designs as currently expected and prototypes may not achieve expected results; potential applications of the Company’s technology are based on limited studies and may not be representative of the broader market; 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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