NexOptic Announces NexCompress™ Commercialization Dual Rollout Strategy
VANCOUVER, BC, March 8, 2023 /PRNewswire/ - ("NexOptic") (TSXV: NXO) (OTCQB: NXOPF) (FSE: E3O1) announces a dual rollout strategy on the commercialization of Nexcompress.™ NexCompress is part of NexOptic's ALIIS™ suite of artificial intelligence imaging solutions and enables significant bandwidth reduction when coupled with existing video compression technologies.
NexCompress is the latest offering added the Company's patented and patent-pending artificial intelligence technologies, and as previously reported it reduces bandwidth and file size of videos by between 20% and 60%. NexOptic will be offering it to customers as either a cloud service or an on-premises solution. In this vein, the Company has shortlisted several hardware and cloud providers as part of its supplier selection process. Final selection is expected to be completed early in the 2nd quarter of this year. Updates for the NexCompress cloud and on-premise offerings will be provided as execution continues. After finalizing compute providers, the Company anticipates full commercial availability of NexCompress by no later than the 4th quarter of this year. A number of companies are currently evaluating NexCompress including cloud storage companies as well as streaming and video analytics providers.
Today's lifestyles and business practices are increasingly reliant on cloud data centres. Shopping online, streaming movies, TV & videos, and gaming, require vast amounts of data to be stored and readily available on demand. A large cloud facility will use as much electricity as the average sized North American town. There are already over 8,000,000 data centres globally with no slowdown in sight.
As part its commercialization strategy, NexOptic is already onboarding a select group of interested companies onto NexOptic's evaluation portal. This self-serve, private portal allows a multitude of potential customers to test NexCompress in real time with their own video data and is helping to accelerate the number of potential customers that can evaluate NexCompress while reducing load on NexOptic's internal engineering resources. Initial feedback has been very positive.
Further to the Company's January 6, 2023, news release, in-house evaluations and advancements to NexCompress efficiencies continue. Forthcoming announcements will provide additional specifics on bandwidth reduction, image quality as well as overall power savings and potential savings in a variety of different video input scenarios.
NexOptic is an innovative imaging AI company headquartered in Vancouver, Canada with operations in Seoul, South Korea, offering world-leading patented and patent pending AI solutions for imaging known as ALIIS™ (All Light Intelligent Imaging Solutions). NexOptic simultaneously influences the imaging and AI industries and is a Preferred Partner in the NVIDIA Partner Network, a member of the Arm® AI Partner Program, and a member of the Qualcomm® Platform Solutions Ecosystem. For more information, visit www.nexoptic.com
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans," "expects," "estimates," "intends," "anticipates," "believes" or variations of such words, or statements that certain actions, events or results "may," "could," "would," "might," "will be taken," "occur," or "be achieved." Forward-looking statements in this news release include, without limitation, the Company's expectations concerning the size of the Financing, its ability to close the Financing in whole or in part or at all and its plan for the proceeds of the Financing. Forward-looking statements involve risks, uncertainties and other factors disclosed under the heading "Risk Factors" and elsewhere in NexOptic's filings with Canadian securities regulators, that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although NexOptic believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether because 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.
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SOURCE NexOptic Technology Corp.
