Elissa Resources Ltd. (“Elissa”) and Spectrum Optix Inc. of Calgary, Canada (“Spectrum” or collectively, with Elissa, the “Companies”) are pleased to report that after reviewing the preliminary imaging analysis from the initial optical simulations as announced on May 20, 2015, Spectrum will now be pursuing the targeted development of its first lens system for imaging.
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. Spectrum’s next phase of optical modelling and engineering will be focused on enhancing image resolution performance for its first lens system.
Intellectual Property Protection Strategy
On May 20, 2015, it was announced that Elissa had retained Smart & Biggar, a leading Canadian intellectual property law firm practicing exclusively in intellectual property and technology law, to provide advice on seeking patent protection for Spectrum’s lens technologies. The companies are encouraged by the feedback received from Smart & Biggar and Spectrum anticipates that it will be filing multiple provisional patent applications in the coming weeks.
Representation Agreement with Christie Parker Hale LLP
After consultations on Spectrum’s patenting strategy, the company has signed a Representation Agreement with Christie Parker Hale LLP (“CPH”) of Glendale, California, to assist with the preparation and filing of its first provisional patent applications relating to the company’s core lens technology and foundational optical design features.
With clients including Fortune 500 companies, mid-size businesses, start-ups and non-profit organizations, CPH helps clients with every phase of IP procurement, enforcement and defense. Spectrum selected Christie Parker Hale to help guide the company in its development of a comprehensive and high quality intellectual property portfolio due to its international reputation in intellectual property law and depth of science and technology understanding. CPH’s patent attorneys have a national reputation for high caliber performance at the U.S. Patent Office and other venues.
John Daugela, President and CEO of Spectrum Optix, stated:
“I’m very pleased with the progress Spectrum has made over the last month from a technical perspective.”
He continued, “Christie Parker Hale is a leading intellectual property law firm with a focus on tech. Under their guidance, I’m looking forward to filing Spectrum’s first provisional patent applications in the coming weeks.”
About Spectrum Optix
Spectrum Optix has assembled a team of industry experts for the pursuit of advancing its technologies relating to imaging and light concentration applications. Utilizing its core technology, Spectrum aims 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 by traditional curved lens stacks.
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
Forward Looking Statements:
This press release contains certain forward-looking statements that reflect the current views and/or expectations of the Company or Companies with respect to: expectations concerning completion of the transactions contemplated under the LOI, the potential applications of Spectrum’s technologies, the timing and expenditures required to develop such technologies, including development of Spectrum’s first prototype vertical, the ability of the Companies to procure patent or other intellectual property protection for its technologies and to license or enforce such patents, if any. 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 Companies operate and are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including, among others, that: they may not have access to financing on acceptable terms or at all in order to exercise the options under the LOI; the Companies may not receive all necessary regulatory approvals; the funding contemplated by the LOI may not be sufficient to substantially develop Spectrum’s technologies or to fund the patent process in any or all jurisdictions of interest; Spectrum may fail to complete its first prototype vertical when expected or at all; the conditions to the options under the LOI may not be otherwise satisfied or the Companies may not complete all other necessary documentation; the patent application and approval process is lengthy and its outcome cannot be predicted in advance such that the filing of patent applications may not result in Spectrum being granted any patents when expected or at all; some aspects of Spectrum’s technology may not be eligible for patent protection or patent applications may not be filed or prosecuted; patent protection is limited to only the legal jurisdictions in which patent applications are filed and successfully prosecuted to issuance; third parties may seek to challenge any patents Spectrum or the Companies receive or they may have difficulty licensing or enforcing intellectual property rights; and other risks inherent with the patent process, transactions of this type and development of new technologies or the business of Spectrum and/or Elissa. Such forward-looking statements should therefore be construed in light of such factors. Other than in accordance with its legal or regulatory obligations, the Companies are not under any obligation and the Companies expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.