VANCOUVER, British Columbia, Oct. 01, 2019 (GLOBE NEWSWIRE) -- NexOptic Technology Corp. ("NexOptic" or the "Company") (TSX VENTURE: NXO) (NXOPF) (E3O1.F) announced it intends to amend the terms of certain NexOptic share purchase warrants originally issued on August 24, 2017, as part of a private placement (the “Warrants”). The Warrants expire on February 23, 2020.
The Company wishes to reduce the exercise price of the Warrants from $1.50 to $0.45 subject to the approval of the TSX Venture Exchange. The amendment will require the incorporation of an accelerated expiry provision such that the remaining exercise period of the warrants will be reduced to 30 days if, for any 10 consecutive trading days during the unexpired term of such of the warrants, the closing price of the corporation's common shares exceeds the amended exercise price by 25% or more (which would be a trading price of $0.56 per common share or higher), with the 30-day expiry period commencing on the day the corporation either: (i) disseminates a press release or (ii) sends a written notice to the holders of the warrants, advising of the commencement of the exercise period.
About NexOptic Technology Corp.
NexOptic is developing a suite of optical technologies that now includes AI, NexOptic can increase aperture sizes within given depth constraints of various imaging applications to improve diffraction-limits and resolution. NexOptic’s AI drastically reduces image noise and motion blur common in poor lighting environments. Besides enhancing image quality, NexOptic’s AI can be used to improve long-range image stabilization and image capture in otherwise difficult lighting conditions, As.an innovative optical development company, NexOptic wants to enhance the way we view the world around us. The Company is preparing to launch DoubleTake, its multi-award winning, reimagined binoculars designed to disrupt the growing outdoor recreation market. DoubleTake utilizes NexOptic’s high magnification lenses for a state-of-the-art digital experience. NexOptic is also working to commercialize its ground-breaking artificial intelligence (“AI”) for imaging as well as exploring opportunities for its innovative mobile lens designs. Utilizing Blade Optics™, the Company’s NexOptic’s lens designs, algorithms, and mechanics,in many instances vary from patented to patent-pending. More information is available at www.nexoptic.com.
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TSX-V: NXO OTCQX: NXOPF Frankfurt: E3O1
This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws, including, but not limited to, statements with respect to expectations concerning the development of its sports-optic device and technology, and expected results, specifications, capabilities, and applications thereof. The reader is cautioned that forward- looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions, and other factors which are difficult to predict and that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward-looking statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which the Company operates and are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including, among others: risks commonly associated with the development of new technologies, including that the Company’s technology, product designs and prototype are at an early stage and additional work will be required to confirm potential applications and feasibility of its technologies or bring product designs to market; the Company may not be able to complete product development as currently expected; potential applications of the Company’s technology are based on limited studies and may not be representative of the broader market; the risk that prototypes and designs may not achieve expected results; the Company may not be able to commercialize its technology; the Company may not be able to source components for its products on a cost-effective basis; the Company may not have access to necessary financing on acceptable terms or at all; pending or future patent applications may not be approved as contemplated or at all; and other risks inherent with technology and product development and the business of the Company. Such forward-looking statements should therefore be construed considering such factors. Other than in accordance with its legal or regulatory obligations, the Company is not under any obligation and it expressly disclaims any intention or obligation to update or revise any forward-looking statements, 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.