VANCOUVER, BC --(Marketwired - August 04, 2017) -
For the audio version of today's news release please visit http://nexoptic.com/investors/news/
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, subject to acceptance by the Exchange, it intends to complete a non-brokered
private placement of up to 2,750,000 units of NexOptic (the "Units") at an issue price of CDN $1.10 per Unit, for gross proceeds
of up to CDN $3,025,000 (the "Private Placement"). Each Unit is comprised of one common share in the capital of NexOptic (the
"NexOptic Shares") and one common share purchase warrant (each a "Warrant"). Each Warrant will entitle the holder to purchase one
additional NexOptic Share at an exercise price of CDN $1.50 for a period of 18 months from the date of issuance of the Units.
The net proceeds from the Private Placement are intended to fund development of the Companies' first commercial application
and the previously announced mobile device optical system currently in the engineering and development stage, as well as other
next generation lens systems and for general working capital purposes. Finder's fees may be payable on all or portions of the
Private Placement, in accordance with the policies of the Exchange.
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.
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.
Spectrum has completed its proof-of-concept digital ("POC") telescope prototype that utilizes its 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
OTCQB: NXOPF
TSX-V: NXO
Frankfurt: E301
Berlin: E301
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.