Nexoptic Technology Corp NXO

VANCOUVER, BC, April 25, 2023 /PRNewswire/ - ("NexOptic") (TSXV: NXO) (OTCQB: NXOPF) (FSE: E3O1), a company developing cutting-edge AI and imaging technologies, today announced the results from its internal testing of NexCompress, its flagship video compression AI technology. NexOptic also reports that it is hosting a LIVE demonstration of NexCompress™ at 1:15, PST today. Interested parties can access the event here: NexCompressLIVEbroadcast

As part of its commercialization strategy, NexOptic has been onboarding a select group of interested companies onto its evaluation portal, which allows these potential customers to test NexCompress in real-time with their own video data. Initial feedback has been overwhelmingly positive. The self-serve, private portal is helping to accelerate the number of potential customers that can evaluate NexCompress while reducing load on NexOptic's internal engineering resources.

The Company's internal testing has focused on evaluating NexCompress's capabilities for high-end streaming applications. NexOptic used the Netflix Open Source Content, which includes seven studio-quality short films provided by Netflix as a "common reference for prototyping bleeding-edge technologies." NexOptic evaluated more than 2000 data points using Netflix's Video Multi-Method Assessment Fusion ("VMAF") scoring system. The results of the testing showed that NexCompress is capable of providing bandwidth savings ranging from 10% to 60%, depending on the content, as provided via Netfix's VMAF.

"We're excited to announce these impressive results from our internal testing of NexCompress using Netflix's Open Source Content," said Paul McKenzie, CEO of NexOptic. "The bandwidth savings achieved by NexCompress are impressive, and we are confident that our technology can help streaming services reduce their data usage, energy consumption, and ultimately save money."

NexOptic is taking a two-pronged approach to commercializing NexCompress, using both cloud and hardware solutions. The Company is currently evaluating a shortlist of AI cloud and hardware suppliers as part of its go-to-market strategy. The selection of the top hardware/cloud provider is expected within the next four weeks.

With an objective to simultaneously reduce the carbon footprint of stream companies while saving them money, NexOptic believes that NexCompress has the potential to revolutionize the streaming industry by providing significant bandwidth and energy savings without sacrificing image quality.

NexOptic continues to broaden access to its evaluation portal, including to select members of the public to test NexCompress with their own video data.

NexCompress is patented and patent pending and is part of NexOptic's NexOptic's broader ALIIS™ (all light intelligent imaging solutions) suite of artificial intelligence imaging applications. NexCompress is complementary to, and in fact can, supercharge existing CODEC methods currently used by large video streaming companies like Netflix and others.

For more information about NexOptic Technology Corp., please visit the Company's website at www.nexoptic.com

Join the NexCompress Live Event broadcast at 1 PM PST today: NexCompressLIVEbroadcast

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.