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NexOptic Edges Closer to Commercialization

(“NexOptic“), a company developing cutting-edge AI and imaging technologies, announces that it is nearing the point of first revenue. NexOptic Technology Corp and Pristine Surgical LLC are in an exclusive SaaS model partnership whereby NexOptic’s artificial intelligence (AI) powered imaging technology is licensed for use into Pristine’s single-use endoscopic visualization platform called Summit™. Summit is a single-use surgical arthroscope designed to make more efficient, consistent, and safe endoscopy. NexOptic’s ALIIS™ provides an important AI image enhancement to optimize the surgeon’s 4K surgical view. Summit is delivered in single-use, sterile packaging, is simple to set up, improves predictability and workflow, and its transparent pricing model reduces costs for ambulatory surgery centers (ASCs). Summit also includes a proprietary cloud-based software – Pristine Connect™ – allowing for seamless video capture, automated inventory management, and a growing portfolio of value-added services.

Pristine Surgical received its FDA 510(k) clearance for Summit™, the world’s first 4K single-use surgical arthroscope in January 2023, completed its first in human procedure in April 2023 and began its limited market release in the United States shortly thereafter.

Strength of revenue from NexOptic’s perspective will be predicated upon the number of surgical centers that incorporate Summit into their surgical procedures.

Pristine Surgical anticipates expanding into a broader portfolio of rigid and flexible endoscopes, totaling 125 million procedures worldwide each year.

Initial licensing revenues to NexOptic are dependent on the success of Pristine Surgical’s sales of Summit. There can be no assurances of commercial success or profitable operations.

NexOptic also wishes to report that it continues to expand its US patent protected portfolio specific to ALIIS and NexCompress by taking necessary steps to expand its intellectual property protections into other key global jurisdictions.

Nexoptic elects to drop its THOR mineral claims, Nevada. BLM fees to keep NexOptic’s THOR mineral claims in good standing were due at the end of August of this year. NexOptic elected not to renew its THOR claims after further investigating U.S. President Joe Biden’s proclamation on March 21, 2023 establishing the Avi Kwa Ame National Monument (see the Company’s MD&A for the quarters ended March 31, 2023 and June 30, 2023 respectively) Avi Kwa Ame National Monument covers approximately 506,000 acres of the Mojave desert in southern Nevada and includes the entirety of the THOR project area. While the proclamation indicates the designation is subject to valid existing rights, which includes the THOR project, the Company has determined that obtaining necessary drilling permitting is not possible at this time and it is possible that such permits may never be available. Concurrently with this determination, the Company and Selten Metal Corp. have mutually determined to terminate the option agreement dated December 15, 2021, as amended between the companies (see the Company’s releases dated December 16, 2021 and February 18, 2022).

NexCompress is patented and patent pending and is part of NexOptic’s broader ALIIS™ (all light intelligent imaging solutions) suite of artificial intelligence imaging applications. NexCompress is complementary to, and in fact can, supercharge existing CODEC methods currently used by large video streaming companies like Netflix and others.