VANCOUVER, BC, March 8,
2023 /CNW/ - ("NexOptic") (TSXV: NXO) (OTCQB:
NXOPF) (FSE: E3O1) announces a dual rollout strategy on the
commercialization of Nexcompress.™ NexCompress is part
of NexOptic's ALIIS™ suite of artificial intelligence
imaging solutions and enables significant bandwidth reduction when
coupled with existing video compression technologies.
NexCompress is the latest offering added the Company's patented
and patent-pending artificial intelligence technologies, and as
previously reported it reduces bandwidth and file size of videos by
between 20% and 60%. NexOptic will be offering it to customers as
either a cloud service or an on-premises solution. In this vein,
the Company has shortlisted several hardware and cloud providers as
part of its supplier selection process. Final selection is expected
to be completed early in the 2nd quarter of this year.
Updates for the NexCompress cloud and on-premise offerings will be
provided as execution continues. After finalizing compute
providers, the Company anticipates full commercial availability of
NexCompress by no later than the 4th quarter of this
year. A number of companies are currently evaluating NexCompress
including cloud storage companies as well as streaming and video
analytics providers.
Today's lifestyles and business practices are increasingly
reliant on cloud data centres. Shopping online, streaming movies,
TV & videos, and gaming, require vast amounts of data to be
stored and readily available on demand. A large cloud facility will
use as much electricity as the average sized North American town.
There are already over 8,000,000 data centres globally with no
slowdown in sight.
As part its commercialization strategy, NexOptic is already
onboarding a select group of interested companies onto NexOptic's
evaluation portal. This self-serve, private portal allows a
multitude of potential customers to test NexCompress in real time
with their own video data and is helping to accelerate the number
of potential customers that can evaluate NexCompress while reducing
load on NexOptic's internal engineering resources. Initial feedback
has been very positive.
Further to the Company's January 6,
2023, news release, in-house evaluations and advancements to
NexCompress efficiencies continue. Forthcoming announcements will
provide additional specifics on bandwidth reduction, image quality
as well as overall power savings and potential savings in a variety
of different video input scenarios.
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
Forward-Looking
Statements
This news release contains forward-looking statements and
forward-looking information (together, "forward-looking
statements") within the meaning of applicable securities laws. All
statements, other than statements of historical facts, are
forward-looking statements. Generally, forward-looking statements
can be identified by the use of terminology such as "plans,"
"expects," "estimates," "intends," "anticipates," "believes" or
variations of such words, or statements that certain actions,
events or results "may," "could," "would," "might," "will be
taken," "occur," or "be achieved." Forward-looking statements in
this news release include, without limitation, the Company's
expectations concerning the size of the Financing, its ability to
close the Financing in whole or in part or at all and its plan for
the proceeds of the Financing. Forward-looking statements involve
risks, uncertainties and other factors disclosed under the heading
"Risk Factors" and elsewhere in NexOptic's filings with Canadian
securities regulators, that could cause actual results,
performance, prospects and opportunities to differ materially from
those expressed or implied by such forward-looking statements.
Although NexOptic believes that the assumptions and factors used in
preparing these forward-looking statements are reasonable based
upon the information currently available to management as of the
date hereof, actual results and developments may differ materially
from those contemplated by these statements. Readers are therefore
cautioned not to place undue reliance on these statements, which
only apply as of the date of this news release, and no assurance
can be given that such events will occur in the disclosed times
frames or at all. Except where required by applicable law, the
Company disclaims any intention or obligation to update or revise
any forward-looking statement, 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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SOURCE NexOptic Technology Corp.
