NexOptic Appoints Rich Geruson, Former Lexmark CEO, to Board of Directors
VANCOUVER, British Columbia, March 21, 2019 (GLOBE NEWSWIRE) -- NexOptic Technology Corp. ("NexOptic" or the "Company") (TSX VENTURE: NXO) (OTCQX: NXOPF) (FRANKFURT: E3O1) is pleased to announce that Richard J. (Rich) Geruson has joined its Board of Directors, effective immediately.
Mr. Geruson’s experience spans CEO roles at Lexmark International, Phoenix Technologies and VoiceSignal Technologies, and Senior Vice President and executive positions at Nokia, IBM, Toshiba, and McKinsey & Co.
As CEO of Lexmark International, a multibillion-dollar imaging technology and solutions company with 10,000 employees, he grew printer sales faster than at any time in the preceding 10 years while simultaneously executing extensive process reengineering, transforming the business from negative EBITDA and high debt to positive multi-hundred-million-dollar EBITDA and a healthy debt profile. While CEO of Phoenix Technologies, he achieved consistently high profit year-over-year for six years straight in the company’s business of firmware and software for PCs, tablets, and embedded internet of things (IoT) devices. As CEO of VoiceSignal Technologies, he pioneered voice recognition software for mobile phones, resulting in an increase in shareholder value of over 10-fold and culminating in the sale of the company for 12 times its revenue.
At Nokia he propelled the business from fifth-place market share to first-place in the US, and first-place in the world for the first time in its history, catapulting the stock price to more than a sevenfold increase in less than three years.
“We are thrilled to welcome Rich and his remarkable business and leadership acumen to our Board of Directors,” said Darcy Daugela, Chairman. “Rich brings unparalleled organizational expertise and an exceptional track record of success in manufacturing, sales, and global distribution of sophisticated consumer and business hardware products. He will be a tremendous asset to our company.”
DoubleTake™, NexOptic’s reimagined binoculars, was recently awarded GearJunkie’s “Best in Show” Winter Gear 2019 award at the Outdoor Retailer Snow Show, North America’s largest outdoor trade show in Denver, Colorado. The award was the latest in a string of high-profile recognitions for NexOptic’s technology. Over the past year, NexOptic has grown its suite of optical innovations to include artificial intelligence (AI), which is garnering enthusiastic attention from the mobile device industry for its outstanding performance in low-light conditions and in reducing motion blur.
The appointment of Mr. Geruson comes as NexOptic prepares to disrupt the global binocular industry with DoubleTake.
“I am excited to join the Board of a company whose technology has such tremendous potential to impact many verticals in a variety of industries – from smartphone lenses to binoculars,” Mr. Geruson said. “I look forward to bringing my experience and expertise to bear as we move NexOptic’s sophisticated and award-winning offerings to global markets.”
Mr. Geruson has served on numerous public and private boards across three continents and holds graduate degrees from Oxford University, including a D.Phil. in economics. While a member of the research faculty at Harvard Business School, he wrote A Theory of Market Strategy, a book used in many business schools’ curriculums.
Subject to acceptance by the TSX-V (the Exchange), NexOptic intends to complete a non-brokered private placement of up to 9,100,000 units of NexOptic (the “Units”) at an issue price of CDN $0.55 per Unit, for gross proceeds of up to CDN $5,005,000 (the “Private Placement”). Each Unit comprises one common share in the capital of NexOptic (the “NexOptic Shares”) and one common share purchase warrant (each a “Warrant”). Each Warrant will entitle the holder to purchase one additional NexOptic Share at an exercise price of CDN $0.75 for a period of 24 months from the date of issuance of the Units.
The net proceeds from the Private Placement are intended to fund the continued advancement of the Company’s core projects and for general working capital. Finder’s fees may be payable on all or portions of the Private Placement, in accordance with the policies of the Exchange.
NexOptic is excited to showcase its latest technologies at the upcoming Outdoor Adventure and Travel Show in Calgary on March 23-24, 2019, located at Stampede Park, BMO Centre. The Outdoor Adventure and Travel Show is Western Canada’s largest showcase of outdoor gear and adventure travel experiences. NexOptic is eager to further establish its DoubleTake technology and highlight advances in its products’ artificial intelligence.
About NexOptic Technology Corp.
NexOptic is an innovative optical development company, which aims to enhance the way we view the world around us. The Company is readying to globally launch its reimagined binoculars, the multi-award winning DoubleTake, its first consumer product engineered 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 on commercializing its ground breaking-artificial intelligence (“AI”) for imaging as well as exploring opportunities for the Company’s innovative mobile lens designs. Utilizing Blade Optics, the Company’s developing suite of optical technologies which now includes AI, NexOptic can increase aperture sizes within given depth constraints of various imaging applications for improvements to diffraction-limit and increased resolution. NexOptic’s AI drastically reduces image noise and motion blur common in poor lighting imaging environments utilizing algorithms. In addition to enhancing image quality, NexOptic’s AI can be used to improve long-range image stabilization and image capture in otherwise difficult lighting conditions.
Blade Optics refers to NexOptic’s lens designs, algorithms, and mechanics, which vary from patented to patent-pending, and includes all the Company’s intellectual property and know-how. More information is available at www.nexoptic.com.
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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 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.
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