Jul 1 2015
Elissa Resources Ltd. ("Elissa") and Spectrum Optix Inc. of Calgary, Canada ("Spectrum" or collectively, with Elissa, the "Companies") are pleased to report that Spectrum intends to commence the initial phase of its prototype development strategy in July, 2015.
Encouraging results from preliminary imaging analysis, utilizing state-of-the-art optical design software has led Spectrum to pursue the development of its first lens system for imaging. Pursuant to the Companies joint news releases dated June 8th and May 20th 2015; Spectrum has designed additional lens features for its compact optical system, which contains flat panels. Spectrum believes its compact optical system has the potential to significantly reduce the depth of the lens stack found in traditional curved lens systems.
Spectrum anticipates that it will be initiating the first phase of its prototype development strategy in July of this year. The initial phase will test, in the real world, the results demonstrated in the software-based optical simulations conducted in May, 2015. This will include testing image and energy retention abilities across multiple wavelengths while maintaining Spectrum's compact lens stack design. These tests will be conducted by a third party optical laboratory on a precision optical workbench; thereafter Spectrum will move onto additional phases of its prototype development strategy which will be announced by joint news release when commenced.
Additionally, pursuant to the Companies' press release dated June 8, 2015, Spectrum's initial lens data and optical designs have been submitted to Christie Parker Hale LLP ("CPH") for review and eventual conversion to the company's first provisional patent applications. Spectrum retained CPH of Glendale, California to assist with the preparation and filing of patent applications relating to the company's core lens technology and foundational optical design features.
Paul McKenzie, CEO of Elissa Resources, stated today:
"The developments made by Spectrum Optix in the field of light capture, in a relatively short period of time, have been significant."
He added:
"I'm very much looking forward to reporting on the progress of Spectrum's prototype development to shareholders in our forthcoming joint news releases."
Furthermore, the Companies are also pleased to report that in accordance with the Binding Letter of Intent ("LOI") signed between the Companies, Elissa has exercised the first option (the "First Option") thereby acquiring a 6.6% interest in Spectrum, the First Option, in exchange of the advancement of a total $200,000 in furtherance of Spectrum's financial commitments. Under the terms of the LOI Elissa has the right to acquire up to 100% of Spectrum Optix Inc. (See Elissa news release dated December 3, 2014.
In connection with the exercise of the First Option, Elissa issued 57,143 common shares at a deemed price of $0.175 per share, for aggregate consideration of $10,000 to an arm's length finder in accordance with the terms of the finder's fee agreement dated November 16, 2014. The common shares issued are subject to a hold period expiring October 20, 2015.
In accordance with the approval of the TSX Venture Exchange provided in connection with the First Option, once Elissa has determined to formally pursue the exercise of the Second Option, it must commence the change of business process in accordance with Policy 5.2 of the TSXV Corporate Finance Manual. Elissa anticipates making a formal decision in this regard within 30 days and its common shares would thereafter be halted and would remain halted until the TSXV is in receipt of all applicable documentation.
For additional details concerning the Companies Binding LOI Agreement, please see Elissa Resources news releases dated November 18, 2014 and December 3, 2014.
About Spectrum Optix
Spectrum's core technology contains unconventional optical elements. Utilizing its core technology, the company intends to disrupt conventional lens and image capture based systems, which may include cameras, mobile devices, and telescopes, by creating a compact lens system that reduces the depth currently required in traditional curved lens stacks.
About Elissa
As announced on November 18 and December 3, 2014, pursuant to a binding letter of intent, Elissa has the option to acquire 100% of Spectrum Optix. The Company also holds a 100% interest in the Thor Rare Earth Project, Nevada.
On behalf of the Board of Directors of Elissa Resources Ltd.
Paul McKenzie, President & CEO
Source: http://www.spectrumoptix.com/