NexOptic Provides Corporate Update and Announces Proposed Private Placement Offering
NexOptic Technology Corp (TSX:NXO, OTCQB:NXOPF) announced a corporate update and plans for a $1 million non-brokered private placement offering. The company's trading was suspended due to a CTO from May to June 2024, with expected resumption around October 28, 2024. After resolving management disputes and audit reclassifications, NexOptic is focusing on AI and medical imaging enhancement software. The company anticipates revenue this quarter from the medical sector and plans to expand its team. Their key products include ALIIS, an AI suite for image enhancement currently used in US surgical theaters, and NexCompress, a video compression solution targeting streaming companies.
NexOptic Technology Corp (TSX:NXO, OTCQB:NXOPF) ha annunciato un aggiornamento aziendale e i piani per un offerta di collocamento privato non mediato da $1 milione. Le contrattazioni della società sono state sospese a causa di un CTO da maggio a giugno 2024, con una ripresa prevista intorno al 28 ottobre 2024. Dopo aver risolto controversie dirigenziali e riclassificazioni di audit, NexOptic si sta concentrando su software di miglioramento per l'IA e l'imaging medico. La società prevede entrate questo trimestre dal settore medico e intende espandere il proprio team. I loro principali prodotti includono ALIIS, una suite AI per il miglioramento delle immagini attualmente utilizzata nei teatri chirurgici statunitensi, e NexCompress, una soluzione di compressione video rivolta alle aziende di streaming.
NexOptic Technology Corp (TSX:NXO, OTCQB:NXOPF) anunció una actualización corporativa y planes para una oferta de colocación privada no mediada de $1 millón. Las operaciones de la empresa fueron suspendidas debido a un CTO desde mayo hasta junio de 2024, con la reanudación esperada alrededor del 28 de octubre de 2024. Después de resolver disputas de gestión y reclasificaciones de auditoría, NexOptic se está enfocando en software de mejora de IA e imagen médica. La empresa anticipa ingresos este trimestre del sector médico y planea expandir su equipo. Sus productos clave incluyen ALIIS, un conjunto de IA para la mejora de imágenes que se utiliza actualmente en teatros quirúrgicos de EE. UU., y NexCompress, una solución de compresión de video dirigida a empresas de streaming.
NexOptic Technology Corp (TSX:NXO, OTCQB:NXOPF)는 100만 달러 비중개 비공개 제공에 대한 기업 업데이트 및 계획을 발표했습니다. 이 회사의 거래는 2024년 5월부터 6월까지 CTO로 인해 중단되었으며, 거래 재개는 2024년 10월 28일경으로 예상됩니다. 경영 분쟁과 감사 재분류 문제를 해결한 후, NexOptic은 AI 및 의료 이미징 향상 소프트웨어에 집중하고 있습니다. 이 회사는 이번 분기 의료 분야에서 수익을 기대하고 있으며, 팀을 확장할 계획입니다. 그들의 주요 제품에는 현재 미국의 수술실에서 사용되고 있는 이미지 향상 AI 제품군 ALIIS와 스트리밍 회사를 목표로 하는 비디오 압축 솔루션 NexCompress가 포함됩니다.
NexOptic Technology Corp (TSX:NXO, OTCQB:NXOPF) a annoncé une mise à jour de l'entreprise et des projets pour une offre de placement privé non intermédiaire de 1 million de dollars. Le trading de la société a été suspendu en raison d'un CTO de mai à juin 2024, avec une reprise prévue autour du 28 octobre 2024. Après avoir résolu des conflits de gestion et des reclassifications d'audit, NexOptic se concentre sur l'IA et le logiciel d'amélioration d'imagerie médicale. La société anticipe des revenus ce trimestre en provenance du secteur médical et prévoit d'élargir son équipe. Leurs principaux produits incluent ALIIS, une suite d'IA pour l'amélioration des images actuellement utilisée dans les théâtres chirurgicaux américains, et NexCompress, une solution de compression vidéo ciblant les entreprises de streaming.
NexOptic Technology Corp (TSX:NXO, OTCQB:NXOPF) hat ein Unternehmensupdate und Pläne für ein nicht vermittelte Privatplatzierungsangebot über 1 Million US-Dollar angekündigt. Der Handel des Unternehmens wurde aufgrund eines CTO von Mai bis Juni 2024 ausgesetzt, mit einer erwarteten Wiederaufnahme etwa am 28. Oktober 2024. Nach der Beilegung von Managementstreitigkeiten und der Umklassifizierung von Prüfungen konzentriert sich NexOptic auf KI- und medizinische Bildverbesserungssoftware. Das Unternehmen erwartet in diesem Quartal Einnahmen aus dem medizinischen Sektor und plant, sein Team zu erweitern. Zu den wichtigsten Produkten gehören ALIIS, eine KI-Suite zur Bildverbesserung, die derzeit in amerikanischen OP-Sälen eingesetzt wird, sowie NexCompress, eine Video-Komprimierlösung, die sich an Streaming-Unternehmen richtet.
- Anticipates first revenue generation in current quarter from medical imaging sector
- ALIIS technology already deployed in US surgical theaters
- Successfully expanded AI and software patent portfolio globally
- CTO has been revoked and trading expected to resume
- Current working capital deficiency requiring rectification
- Trading suspension due to failure to file annual financial statements
- Experienced delays due to management disputes and technical team departures
- Requires $1M private placement for working capital and operations
VANCOUVER, BC / ACCESSWIRE / October 24, 2024 / NexOptic Technology Corp. ("NexOptic" or the "Company") (TSX VENTURE:NXO)(OTCQB:NXOPF)(FSE:E3O1), a company developing cutting-edge AI and imaging technologies is pleased to provide a corporate update and to announce that it intends to complete a non-brokered private placement offering for gross proceeds of up to
Corporate Update
Effective May 8, 2024, the Exchange suspended trading in NexOptic's Common Shares as a result of a Cease Trade Order ("CTO") issued by the British Columbia Securities Commission for NexOptic's failure to file its annual audited financial statements, annual MD&A, and certifications for the year ended December 31, 2023. Subsequently the CTO was revoked on June 17, 2024. The Company has applied for reinstatement to trading with the TSXV Venture Exchange (the "Exchange"), and the Company expects that its stock will resume trading on or about October 28, 2024.
The late filing was partially a result of the time it took for MNP LLP, the Company's successor auditor, to complete their first audit of the Company, including the decision to reclassify certain historic income of NexOptic on review of the Company's contracts. NexOptic appreciates the thoroughness of MNP's auditing standards and does not foresee delays in subsequent audits going forward and anticipates a long working relationship with MNP LLP.
Further, NexOptic has recently overcome various transitory challenges related to the departure of and disputes between certain former technical management of the Company, which resulted in delays in NexOptic's business and corporate affairs. With these challenges subsequently resolved, NexOptic looks to its future which includes recapitalizing NexOptic, pursuing its objective of being a leader in AI and medical imaging enhancement software and executing its business and operational objectives.
Notwithstanding such challenges, the Company has established methods and networks that will streamline and advance its operations more cost effectively and expeditiously going forward; further, NexOptic has enhanced its AI and software patent portfolio over the past 12 months by expanding into other leading operating jurisdictions, globally.
NexOptic anticipates realizing revenue as early as this quarter within the medical imaging sector, and management intends to capitalize on this commercialization milestone by expanding the NexOptic team and using the networks of its existing team to complete additional commercial agreements.
"We are fortunate to have attracted a team of AI veterans who have guided AI startups through to successful acquisition and have held executive positions with leading software/AI companies," said NexOptic's CEO, Paul McKenzie. He added, "with revenue anticipated as early as this quarter, we will be leveraging our new team's global network for assistance in upgrading our technologies and to pursue additional commercial licensing opportunities."
See NexOptic's news releases dated December 4, 2023 and December 12, 2023, regarding key team members. The Company anticipates announcing new marketing team members and technology operational updates in the near future.
Though NexOptic's AI and software have many potential verticals, the Company will be redirecting its commercialization efforts on specific verticals offered by its patented and patent pending solutions, for at least for the immediate term: ALIIS and NexCompress.
ALIIS is a machine-learning AI suite perfectly suited for data compression for video streaming and storage. It provides instant enhancement to images and videos in the areas of edge processing, shutter speed, resolution and sharpness, image-noise and motion-blur, and image color and detail. ALIIS is already in use in surgical theatres throughout the United States (please NexOptic News September 8, 2023).
NexCompress is NexOptic's second patented offering and is a video compression enhancement solution, providing bandwidth and storage savings for video storage and streaming applications. The proposed customer base for NexCompress are companies like Netflix and other large streaming entities and/or private as well as government organizations that record and store security video footage. The benefit to these companies is cost savings and better image resolution.
NexOptic is also pleased to announce that it will hold its annual general of shareholders on December 17, 2024 (the "Meeting"). The Company has not held an annual meeting of shareholders since January 10, 2023. Additional details with respect to the Meeting will follow in a subsequent NexOptic news release.
The Company also announces that Shauna Hartman has resigned as Corporate Secretary of the Company. The Company thanks Shauna for her contributions and wishes her luck in her future endeavors. NexOptic will be announcing a new Corporate Secretary appointment, and in the interim has appointed CEO, Paul McKenzie in this role.
Proposed Private Placement Offering
The Company intends to complete the Offering by way of issuing units (each, a "Unit"). Each Unit is expected to be comprised of one common share in the capital of NexOptic (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant"). Specifics of the Offering will be outlined in a subsequent NexOptic news release. (Enquiries can be directed to envision@nexoptic.com)
NexOptic intends to use the proceeds from the Offering to advance its data compression and video resolution artificial intelligence ("AI") and its medical imaging enhancement software technologies, marketing and sale of the Company's products, and for general corporate working capital purposes (including rectifying its current working capital deficiency). Please see additional details on the Company's go forward plans in the "Corporate Update" section of this news release.
The Offering is subject to approval from the Exchange. Common Shares and Warrants issued pursuant to the Offering will have a hold period of four months and one day pursuant to securities laws and the policies of the Exchange.
What You Need to Know About NexOptic
NexOptic is an innovative imaging AI company headquartered in Vancouver, Canada offering world-leading patented and patent pending AI solutions for imaging known as ALIIS™ (All Light Intelligent Imaging Solutions) and NexCompress. NexOptic simultaneously influences the imaging and AI industries.
For more information about NexOptic Technology Corp., please visit the Company's website at www.nexoptic.com
Forward-Looking Statements
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, NexOptic's expectations concerning the anticipated date of reinstatement of trading of its Common Shares on the Exchange, expectations relating to the Offering, including receipt of Exchange approval for the Offering, expectations regarding pricing of the Offering, its ability to close the Offering in whole or in part or at all, and the proposed use of proceeds of the Offering, as well as the proposed date of the Meeting, NexOptic's plans for additional team appointments and its plans and expectations relating to its business generally. 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.
On behalf of the board of directors
Chief Executive Officer - Paul McKenzie
Tel: +1 (604) 669-7330 ext. 1
Email: admin@nexoptic.com
SOURCE: NexOptic Technology Corp.
View the original press release on accesswire.com
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