- Press Release
- Nov 30, 2022
NexOptic Meets Expenditure Threshold, Prepares to Complete Acquisition of Spectrum Optix
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.