NexOptic Technology Corp. (“NexOptic” or the “Company”) (TSX
VENTURE: NXO) (OTCQB: NXOPF) (FSE: E3O1), an innovator in
cutting-edge Artificial Intelligence (AI) imaging, announces that
the United States Patent and Trademark Office (USPTO) has issued
Patent No. 11,076,103 titled “Photographic Underexposure Correction
Using a Neural Network.” The patent is the first in a rapidly
expanding family of IP covering the Company’s AI technologies.
The Company has also filed continuation patents for Patent No.
11,076,103, and for NexOptic’s pending patent titled “Bright Spot
Removal Using a Neural Network,” the latter having recently
received a Notice of Allowance from the USPTO (see NexOptic News,
June 17, 2021) that is expected to be formally issued in a matter
of weeks. Other NexOptic patents are also pending, and new patents
are being filed by the Company on a regular basis.
"These important patents represent early, highly strategic
foundations underpinning our product pipeline roadmap and provide
important IP protection for our novel AI solutions,” said Rich
Geruson, Chairman of NexOptic. “Through the development of our
product pipeline, we are very excited to extend our unique and
patent-protected technology to a multitude of verticals within the
rapidly expanding imaging industry."
What Exactly Does NexOptic’s “Photographic
Underexposure Correction Using a Neural Network” Do and Who Can
Benefit?
This patent is essentially NexOptic’s “Low-light” class of
algorithms. At its core it covers recovering image and video
signals in low photon environments, whether that be dark scenes,
fast exposure times, or small apertures and sensors. Additionally,
the patent covers how the technology can be integrated as part of a
larger system. For example, in image stabilization systems, or in
reducing bandwidth and storage requirements for images and video
captured with endpoint devices—i.e. video conferencing. There are
an infinite number of imaging systems and companies that can
benefit from this innovative technology.
What Exactly Does NexOptic’s “Bright Spot Removal
Using a Neural Network” Do and Who Can Benefit?
This patent is essentially NexOptic’s “Anti-glare” technology.
The technology covers any imaging system whereby lighting artifacts
such as glare, lens flare, reflections and other optical artifacts
impact the image or video quality, and where a neural network is
used to identify and correct the artifacts. The technology can be
applied to a wide range of problems common to industry beyond
glare. As a result, the patent also covers how NexOptic might
characterize the problem and train the AI models. Again, there are
an infinite number of global imaging systems and companies that can
benefit from this innovative technology.
NexOptic wishes to remind its shareholders that a patent
Notice of Allowance is an indication that the invention qualifies
for a patent and that administrative and other steps are required
prior to its issuance. An invention is still considered “patent
pending” until a final patent has been issued. Further,
continuation patents are new patent applications intended to pursue
additional claims based upon the same description and priority
date(s) as a pending “parent” application.
Update on Significant Shareholder
On May 25, 2020, NexOptic announced that it had entered Voting
Support and Restrictions to Disposing of Shares, Assignment of
Incentive Rights plus Indemnity and Settlement Agreements with
significant shareholder, 3DB, Inc. (“3DB”), a private Alberta
company disclosed to be co controlled by Darcy Daugela and/or
certain family members and each of John and Darcy Daugela (former
Executive Chairman and CEO of NexOptic respectively from November
2017 to April 24, 2019). On August 11, 2021, 3DB filed its latest
“Early Warning Report,” stating that as of that filing date it had
disposed of 26,926,261 of its common shares in NexOptic and
continued to own and control 13,339,537 shares of NexOptic. The
Company notes that pursuant to its Rights Agreement with 3DB,
8,000,000 of such shares are the subject of escrow arrangements
held with the Company’s transfer agent for the purpose of incentive
rights grants at the discretion of NexOptic. Such rights are held
by persons unaffiliated with the Daugela’s or 3DB Inc. On exercise
of such rights, and as of 8/11/2021, 3DB would have actual
ownership and direction over a maximum of 5,339,537 common shares
representing approximately 3.6% of NexOptic’s outstanding
shares.
ALIIS™ in a Nutshell
ALIIS™ (All Light Intelligent Imaging
Solutions) is a machine-learning AI suite providing instant
enhancement to images and videos in the areas of edge processing,
shutter speed, resolution and sharpness, image-noise and
motion-blur, and image colour and detail. These patented and patent
pending solutions can be integrated with imaging devices such as
smartphones, smart security cameras, Internet of Things (IoT)
devices, automotive platforms, medical imaging technologies, DSLR
cameras and more. Additionally, Aliis does all of this while
compressing data and reducing media file size, making it ideal for
the storage and transmission of image data.
Qualcomm highlighted Aliis at its 5G Summit 2021 alongside the
new 700-series chipset for mobile devices: the Snapdragon 778G, and
a recent webinar hosted by ARM and their Senior AI Ecosystem
Manager set a live global audience attendance record. For more
information, visit www.nexoptic.com/aliis.
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.
Media and Investor Enquiries
Tel: +1 (604) 669-7330 x 202 Email:
look@nexoptic.com
Forward-Looking Statements
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
artificial intelligence technologies, 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 the Company’s AI
technologies, sport optics product designs and additional work may
be required to confirm potential applications and feasibility of
such technologies or for the successful commercialization of its
offerings; 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 all designs may
not achieve expected results; the Company may not be able to reach
commercial success; the Company may not be able to source
components for some of 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.
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