Nexoptic and Spectrum Prepare to Unite- Newshttps://nexoptic.com/site/assets/files/2397/2017-09-20-nr-nxo-x2qwux.pdf
Vancouver, Canada – September 20, 2017 - 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 hassatisfied 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 nearfuture.” 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.