NexOptic Edges Closer to Commercialization
VANCOUVER, BC, Sept. 8, 2023 /PRNewswire/ - ("NexOptic") (TSXV: NXO) (OTCQB: NXOPF) (FSE: E3O1), a company developing cutting-edge AI and imaging technologies, announces that it is nearing the point of first revenue. NexOptic Technology Corp and Pristine Surgical LLC are in an exclusive SaaS model partnership whereby NexOptic's artificial intelligence (AI) powered imaging technology is licensed for use into Pristine's single-use endoscopic visualization platform called Summit™. Summit is a single-use surgical arthroscope designed to make more efficient, consistent, and safe endoscopy. NexOptic's ALIIS™ provides an important AI image enhancement to optimize the surgeon's 4K surgical view. Summit is delivered in single-use, sterile packaging, is simple to set up, improves predictability and workflow, and its transparent pricing model reduces costs for ambulatory surgery centers (ASCs). Summit also includes a proprietary cloud-based software – Pristine Connect™ – allowing for seamless video capture, automated inventory management, and a growing portfolio of value-added services.
Pristine Surgical received its FDA 510(k) clearance for Summit™, the world's first 4K single-use surgical arthroscope in January 2023, completed its first in human procedure in April 2023 and began its limited market release in the United States shortly thereafter.
Strength of revenue from NexOptic's perspective will be predicated upon the number of surgical centers that incorporate Summit into their surgical procedures.
Pristine Surgical anticipates expanding into a broader portfolio of rigid and flexible endoscopes, totaling 125 million procedures worldwide each year.
Initial licensing revenues to NexOptic are dependent on the success of Pristine Surgical's sales of Summit. There can be no assurances of commercial success or profitable operations.
NexOptic also wishes to report that it continues to expand its US patent protected portfolio specific to ALIIS and NexCompress by taking necessary steps to expand its intellectual property protections into other key global jurisdictions.
Nexoptic elects to drop its THOR mineral claims, Nevada. BLM fees to keep NexOptic's THOR mineral claims in good standing were due at the end of August of this year. NexOptic elected not to renew its THOR claims after further investigating U.S. President Joe Biden's proclamation on March 21, 2023 establishing the Avi Kwa Ame National Monument (see the Company's MD&A for the quarters ended March 31, 2023 and June 30, 2023 respectively) Avi Kwa Ame National Monument covers approximately 506,000 acres of the Mojave desert in southern Nevada and includes the entirety of the THOR project area. While the proclamation indicates the designation is subject to valid existing rights, which includes the THOR project, the Company has determined that obtaining necessary drilling permitting is not possible at this time and it is possible that such permits may never be available. Concurrently with this determination, the Company and Selten Metal Corp. have mutually determined to terminate the option agreement dated December 15, 2021, as amended between the companies (see the Company's releases dated December 16, 2021 and February 18, 2022).
NexCompress is patented and patent pending and is part of 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
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.
