NEXOPTIC TECHNOLOGY CORP - NXOPF STOCK NEWS

NexOptic (TSXV: NXO, OTCQB: NXOPF) announced a live demonstration of its proprietary AI technology, NexCompress, on April 25, 2023. This innovative solution offers significant bandwidth reduction for video compression, applicable on both edge devices and in the cloud. It aims to enhance existing CODEC methods used by major video streaming services like Netflix. The event, led by VP of AI Technologies Kevin Gordon, will showcase real-time video processing, allowing viewers to see before and after samples to assess quality improvements and bandwidth savings. Paul McKenzie, CEO, stated that reducing video noise can lower energy consumption and costs across various industries, especially in the massive video streaming sector. NexCompress is currently patented and in the patent-pending stage, highlighting its potential impact on the market.

NexOptic Technology Corp. (TSXV: NXO, OTCQB: NXOPF, FSE: E3O1) has signed a non-binding memorandum of understanding (MOU) with IntroMedic, a leader in capsule endoscopy technology. This collaboration aims to enhance imaging quality for their products. IntroMedic's MiroCam® offers a 170-degree field of view and a 12-hour operational time, addressing the needs of the medical imaging sector. The partnership marks a significant opportunity for NexOptic to expand its presence in medical imaging, especially by leveraging its patented ALIIS™ technology. Both companies are optimistic about future developments stemming from this agreement.

NexOptic (TSXV: NXO) announced a dual rollout strategy for its NexCompress technology, part of its ALIIS suite. This solution significantly reduces video bandwidth and file sizes by 20% to 60% when integrated with existing compression technologies. The company plans to market NexCompress both as a cloud service and an on-premises solution, with commercial availability expected by Q4 2023. Initial feedback from potential clients, including cloud storage and streaming companies, has been positive. NexOptic is also evaluating multiple hardware and cloud providers to finalize its offerings by early Q2 2023.

NexOptic Technology Corp. provided an outlook for 2023, highlighting completion of major tasks in 2022 despite market challenges. The company achieved significant AI performance upgrades, particularly with its ALIIS™ technology, and introduced NexCompress™, aimed at cost savings and reducing carbon footprints. Discussions with key semiconductor and cloud companies could lead to commercialization opportunities. A private placement of $2.2 million was completed in late 2022, indicating strong insider support. New key personnel joined to aid corporate development and investor relations.