Incentive Option Re-Pricing

VANCOUVER, BC, Dec. 9, 2022 /CNW/ - NexOptic Technology Corp. ("NexOptic") (TSXV: NXO) (OTCQB: NXOPF) (FSE: E3O1) announces that its Board of Directors has approved the repricing of a total of 16,830,000 stock options of the Company from original exercise prices ranging from $0.36 per share to $1.00 per share to [$0.10] per common share (collectively, the "Options"). All other terms of the Options will remain the same.

The repricing of the Options is subject to the approval of the TSXV. The repricing of the 9,375,000 stock options held by insiders of the Company is also subject to the approval of disinterested shareholders of the Company at the Company's next annual general meeting of shareholders, in accordance with the policies of the TSX Venture Exchange. Details regarding the repricing of the Options will be further disclosed in the Company's information circular for its next annual general meeting.

Engineered for today and beyond, ALIIS™ (All Light Intelligent Imaging Solutions) is a machine-learning AI suite providing significant energy savings, data compression and enhancements to images and videos everywhere from the edge to the cloud. Aliis enables faster shutter speeds, superior resolution and sharpness, reduced image-noise and motion-blur, and enhanced image color and detail. Aliis does all this while reducing media file size, making it ideal for the storage and streaming applications. Additionally, Aliis provides a fundamental "AI for AI" layer that supercharges downstream AI performance.

These patented and patent-pending solutions can be integrated with imaging devices such as smartphones, smart security cameras, Internet of Things (IoT) devices, automotive platforms, medical imaging technologies, DSLR cameras and more.

For more information, visit www.nexoptic.com/aliis

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 energy savings, data compression and image and video enhancement known as ALIIS™. Aliis is engineered for today and for the metaverse and simultaneously influences the imaging and AI industries. NexOptic is a member of the Qualcomm® Advantage Network, a Preferred Partner in the NVIDIA Partner Network, and a member of the Arm® AI Partner Program.

For more information, visit www.nexoptic.com

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, statements respecting the Definitive Agreement, expectations regarding demand for REE, and the plans regarding exploration on the THOR Project. 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.

SOURCE NexOptic Technology Corp.