NexOptic Technology Corp. Signs MOU with IntroMedic, A Global Capsule Endoscopic Imaging Corporation

Rhea-AI Summary

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.

Positive

• Collaboration with IntroMedic enhances potential for technological advancements in medical imaging.
• MiroCam® capsule endoscope offers unique features such as a 170-degree field of view and 12-hour operational time.
• NexOptic is well-positioned to expand in the medical imaging sector with its patented ALIIS™ technology.

Negative

• None.

VANCOUVER, BC and SEOUL, South Korea, March 14, 2023 /PRNewswire/ - ("NexOptic") (TSXV: NXO) (OTCQB: NXOPF) (FSE: E3O1) and ("IntroMedic") jointly announce that they have entered a non-binding memorandum of understanding ("MOU"). IntroMedic is a leading innovator in global capsule endoscopy technology and medical imaging analysis whose objective is to always improve the quality of its patented imaging and analysis medical offerings. Further detail can be found on IntroMedic's website: IntroMedic

"In our ongoing efforts to always put patients and medical experts first, I am very encouraged by the measurable improvements to image quality that NexOptic has been able to demonstrate to us." Said Mr. Andrew Shim, President of IntroMedic.

Capsule endoscopy is a procedure that uses a tiny wireless camera to take pictures of the digestive tract. IntroMedic's capsule endoscopy camera sits inside a vitamin-size capsule that is swallowed. As the capsule travels through the digestive tract, the camera takes thousands of pictures that are transmitted to a recorder worn on a belt around the patients' waist. Growing in popularity, capsule endoscopy is far less invasive and more comfortable to the patient than more traditional endoscopy procedures.

Specifically, IntroMedic's MiroCam^® capsule endoscope offers a broader field of view of 170 degrees which enables a more thorough diagnosis of parts of the digestive system, further its 12-hour operational time mitigates many concerns common in competitive offerings. Together with IntroMedic's patented Human Body Communication technology (HBC), its Augmented Live-body Image Colour-Spectrum Enhancement (ALICE) and its Medical Image Processing technology (MIP), MiroCam^® delivers many technological advantages when compared to its competitors.    

NexOptic and IntroMedic initiated dialogue late in 2021 and have undergone several stages of evaluation and development since.      

Paul McKenzie, CEO of NexOptic stated, "It's been an encouraging relationship with IntroMedic and we are excited for the possibility of playing a role in more technologies that further benefit human health and lifestyle."

Today's announcement demonstrates both companies' positive outlook on executing a potential per capsule, licence model. If successful, this would mark the second commercial deployment of ALIIS™ into medical imaging devices, a field that NexOptic is well-positioned to rapidly expand into due to demanding use-cases that are frequently dependant on small lens factors. 

What You Need to Know About NexOptic 

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

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, 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.

FAQ

What is the recent announcement by NexOptic Technology Corp. on March 14, 2023?

NexOptic Technology Corp. announced a non-binding memorandum of understanding (MOU) with IntroMedic to enhance medical imaging technology.

What is the significance of the MOU between NexOptic and IntroMedic?

The MOU indicates a strategic collaboration aimed at improving capsule endoscopic imaging, positioning NexOptic for further growth in the medical imaging market.

What technology does IntroMedic's MiroCam® capsule endoscope utilize?

IntroMedic's MiroCam® employs advanced imaging technology with a 170-degree field of view and a long operational time, enhancing diagnostic capabilities.

How does this partnership impact NexOptic's market position?

This partnership could bolster NexOptic's position in the medical imaging market by enabling the deployment of its ALIIS™ technology in new applications.

What is NexOptic's role in the collaboration with IntroMedic?

NexOptic aims to leverage its imaging AI technology to enhance the quality and effectiveness of IntroMedic's capsule endoscopy offerings.