VANCOUVER, April 24, 2019 /CNW/ - NexOptic
Technology Corp. ("NexOptic" or the "Company") (TSX VENTURE:
NXO) (OTCQX: NXOPF) (FRANKFURT: E3O1) announced today that
NexOptic Director, Rich Geruson,
former Chief Executive Officer of Lexmark International
Inc., has been appointed Chairman of the Company and that
NexOptic co-Founder and President, Paul
McKenzie, has been appointed CEO.
Mr. Geruson has rapidly grown several technology
companies large and small. His experience spans CEO roles at
Lexmark, Phoenix Technologies, and VoiceSignal Technologies,
and Senior Vice President and executive positions at Nokia, IBM,
Toshiba, and McKinsey & Co.
As CEO of Lexmark, 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.
As 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, yielding more than a 10-fold increase in shareholder
value and culminating in the sale of the company for 12 times
revenue.
At Nokia, he propelled the business from fifth-place market
share to first-place in the U.S., and first-place in the world for
the first time in its history, catapulting the stock price to more
than a seven-fold increase in less than three years. As one of the
youngest Vice-President/General Managers in IBM history, he
grew IBM's networking business by launching indirect channels
worldwide, expanding sales over 50 percent. As VP at
Toshiba, he realigned product design, propelling the notebook
business from fifth place to the top position.
Mr. McKenzie is a co-Founder of NexOptic and was its founding CEO
until November 2017. He has extensive experience successfully
managing and financing publicly-traded companies and has managed
operations globally for several companies in the capacity of CEO,
CFO, and President. He has successfully negotiated
joint-venture and alliance partnerships with companies with
market-capitalizations exceeding $20
billion.
Mr. Geruson and Mr. McKenzie replace NexOptic co-Founders Darcy
and John Daugela ("the Daugelas")
who held the positions of Chairman and CEO respectively since
November 2017. Going forward, Darcy Daugela
will be VP of Technology Development and John Daugela will be VP of Business Development.
Neither of the Daugelas remains on the Company's Board of
Directors. NexOptic is grateful to the Daugelas, who have
been instrumental in creating and advancing the Company's
technologies, and looks forward to their continued
involvement with the Company.
"NexOptic's lens technology has the potential to redraw the
competitive landscape in the binocular industry, and we expect our
artificial intelligence (AI) to have a profound positive impact on
imaging in everything from smartphones to drones," Mr. Geruson
said. "I would like to thank Darcy and John for their visionary
work to date, and I'm proud to be working with them and the rest of
the NexOptic team to get these technologies into consumers'
hands."
"I'd also like to thank Paul for taking on his new
responsibilities as CEO," Mr. Geruson said. "Paul is uniquely
qualified to lead NexOptic at this stage of the Company's
evolution. His broad experience in leading public companies as they
pivot from product development to growth will be invaluable."
DoubleTake™, NexOptic's "Binoculars Reimagined," recently
received the Gold Award for Advanced Image Capture in the
Consumer Goods category at the prestigious 2019 Edison Awards™.
DoubleTake encapsulates key imaging characteristics of a
smartphone, binoculars, and DSLR camera into a compact, rugged
consumer product.
The Edison award was the latest in a series of recognitions
for NexOptic's technology. GearJunkie also recently awarded
DoubleTake its "Best in Show" Winter
Gear 2019 award at the Outdoor Retailer Snow Show,
North America's largest outdoor
trade show in Denver,
Colorado.
Over the past year, NexOptic has grown its suite of optical
innovations to include AI, which is generating enthusiastic
interest from the mobile device industry for its outstanding
performance in low-light conditions and in reducing motion
blur.
"We look forward to sharing in coming weeks the specifics on the
production and marketing path for DoubleTake, which we expect
to deliver to consumers later this year," Mr. McKenzie
said. "This is a very exciting period for NexOptic, and we
look forward to executing on our growth strategy and creating value
for all our shareholders."
The Company also reports that NexOptic Director, Ms.
Karen Fleming, has taken a
medical leave of absence from the Company.
In forthcoming news releases, the Company will be outlining
specifics on the production and marketing path for DoubleTake.
NexOptic will also be updating shareholders on recent advancements
and business developments it has made to its artificial
intelligence offerings as well as updates on its smartphone
lenses.
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 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. 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.
TSX-V: NXO
OTCQX: NXOPF
Frankfurt: E3O1
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
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.
View original
content:http://www.prnewswire.com/news-releases/nexoptic-appoints-rich-geruson-as-chairman-and-paul-mckenzie-as-ceo-300837155.html
SOURCE NexOptic Technology Corp.