NexOptic Technology Corp. (“NexOptic” or the “Company”) (TSXV: NXO) (OTCQB: NXOPF) (FSE: E3O1) updates shareholders on its outlook for 2023.
Despite the market conditions and after making a number of internal changes, NexOptic managed and successfully completed big tasks in 2022. We believe these initiatives will set the stage for advances in commercialization in 2023 and well beyond. NexOptic also made several strong team additions in 2022.
“Significant gains in AI performance have been achieved throughout 2022 thanks to the brilliant minds and tenacity of our engineers. Combined with the steadfastness and dedication of our results-driven Korean colleagues, there is a renewed sense of enthusiasm and purpose surrounding us as a company,” said Paul McKenzie, co-founder, and CEO of NexOptic.
In 2022, NexOptic upgraded its ALIIS™ AI technologies with more effective cost-reduction capabilities for its intended customers, along with a variety of other measurable quality improvements. A standout for NexOptic’s future direction is our AI offering, NexCompress™ (part of the ALIIS™ suite of AI technologies), which could potentially be used in virtually everyone due to its potential to save money while reducing carbon footprint Economic climate could be extremely in demand cloud operators, streaming companies and other global companies.
The results of a series of internal assessments currently being conducted at NexCompress will be announced by the Company in upcoming news releases. A key patent specific to NexCompress™ was transitioned from a provisional patent file to a full patent file for NexOptic in the third quarter of last year.
“In 2022, we faced some operational challenges and still made significant improvements to our core technology,” said Kevin Gordon, VP of AI Technologies at NexOptic. He added: “We are now focused on advancing NexCompress™, a very strong offering in the Aliis suite that can help manage the exploding bandwidth and associated carbon footprint of global video streaming applications. “
In the second half of 2022, NexOptic entered accelerated discussions with a number of globally influential and cutting-edge companies in the semiconductor and cloud provider industries. At an early stage, these discussions have the potential to result in commercialization and/or other collaborative agreements. NexOptic Korea (a wholly owned subsidiary of NexOptic, headquartered in Seoul, Korea) has been instrumental in initiating these dialogues for NexOptic, several of which have resulted in the development and/or signing of Memorandums of Understanding (“MOUs”) – more details of which will follow be made by NexOptic in upcoming press releases. NexOptic is also continuing its dialogues with a select number of global companies it initiated prior to 2022.
In 2022, NexOptic welcomed Wayne Cho as the new CFO. Mr. Cho, who was born and raised in Korea and received a university education in Canada, has conducted face-to-face meetings with NexOptic Korea and offered assistance in streamlining sales contract strategy and other initiatives, as well as reviewing internal controls in Korea and Canada. Previously, Mr. Cho spent eight years at Deloitte & Touche LLP, serving clients both large and small across many industries and geographies in identifying risk, developing strategy and overseeing cross-functional and multinational teams in executing internal controls and accompanies annual audits. In addition to his Chartered Professional Accountant, Chartered Accountant (“CPA CA”) designation, Mr. Cho holds the Certified Internal Auditor (CIA) designation and is currently working toward his Chartered Business Valuator (CBV) designation.
The company later closed a $2.2 million private placement financing in 2022 that included strong participation from its management team and board members. The company would like to thank all of its shareholders, including the investors who supported it in its recent funding round.
NexOptic looks forward to continuing its epic journey to save globally influential companies costs, significantly improve their offerings and help reduce the global carbon footprint.
ALIIS™ in brief
Built for today and beyond, ALIIS™ (All Light Intelligent Imaging Solutions) is a suite of machine-learning AI technologies that enable significant energy savings, data compression, and enhancements to images and videos from the edge to the cloud. Aliis also enables faster shutter speeds, superior resolution and sharpness, reduced image noise and motion blur, and improved image color and detail. Aliis does all of this while reducing media file size, making it ideal for storage and streaming applications. In addition, Aliis provides a foundational “AI for AI” layer that improves downstream AI performance. NexCompress™, which comes under the Aliis umbrella, offers the potential to deliver significant cost savings while reducing the carbon footprint of cloud operators, streaming companies, and other global businesses. NexOptic’s AI solutions are patented and patent pending.
What you need to know about NexOptic
NexOptic is an innovative imaging AI company headquartered in Vancouver, Canada, and a wholly owned subsidiary headquartered in Seoul, Korea, the world’s leading patented and patent-pending AI solutions for energy saving, data compression, and image and video enhancement, known as ALIIS™, offers. Built for today and for the Metaverse, Aliis is also influencing the imaging and AI industries. NexOptic is a member of the Qualcomm® Advantage Network, a Preferred Partner in the NVIDIA Partner Network, and a member of the Arm® AI Partner Program.
