VANCOUVER, BRITISH COLUMBIA — (Marketwired) — 02/10/15 — Elissa Resources Ltd. (TSX VENTURE: ELI)(OTCQX: ELSRF)(FRANKFURT: E3O) (the “Company” or “Elissa”) reports that its partner company, Spectrum Optix Inc. of Calgary, Alberta, Canada, is close to launching an advanced version of its proprietary optical software into its design and development processes.
Spectrum–s software, the Rocket Optix Design Engine 2.0, currently in beta stage, will provide highly sophisticated advancements to the original version of its software which was critical in modeling Spectrum–s initial novel lens designs.
The Rocket Optix Design Engine 2.0 was created to analyze the technical viability and economic feasibility of different optical materials and element combinations. Using Spectrum–s core technology as the foundation in creating application specific designs, the software will aid in the development process by rapidly providing image clarity and resolution analysis; while modeling hardware modifications that minimize aberrations. Upon implementation, the Rocket Optix Design Engine 2.0 is expected to provide the company with critical data on how its core technology will interact with application specific software.
The company anticipates that the final version of its Rocket Optix Design Engine 2.0 software will be operational in the second quarter of 2015.
John Daugela, President and CEO of Spectrum Optix, stated, “The forthcoming implementation of our new and sophisticated proprietary software will be a significant milestone for our company. I expect it to provide us with an innovative, proprietary tool which can accelerate our development cycle in an extremely cost-effective manner.”
Elissa Resources and Spectrum Optix previously entered into a Binding Letter of Intent whereby Elissa Resources may acquire a 100% interest in Spectrum Optix Inc. Elissa has made its first payment to Spectrum Optix of CDN $100,000 for an initial interest of 3.3% in Spectrum. (Please see Elissa news releases November 18 and December 3, 2014 for full terms and details).
Spectrum Optix is developing technologies relating to imagery and light concentration for lens and image capture based systems. Spectrum–s core technology is focused on a novel approach to collecting and concentrating an electromagnetic wave, such as visible light. The company–s core technology is a radical departure from traditional lens systems. The central focus of Spectrum–s research and development is to create a compact lens system in order to reduce the depth currently required in virtually every lens technology on the market. Its core technology offers potential improvements to both compactness and resolution of imagery.
About Elissa Resources
Elissa Resources has an option to acquire a 100% interest in Spectrum Optix Inc. (). Spectrum is developing novel technologies relating to imagery and light concentration applications. Its technologies aim to disrupt lens and image capture based systems, which may include cameras, smart phones, and telescopes, by creating a compact lens system in order to reduce the depth currently required in traditional lens technologies. Additionally, Spectrum believes its core technology can be scaled to large industrial sizes, potentially enabling improvements to the solar and greenhouse sectors.
On behalf of the Board of Directors of Elissa Resources Ltd.
Paul McKenzie, President & CEO
Disclaimer:
This press release contains certain forward-looking statements that reflect the current views and/or expectations of the Company with respect to: expectations concerning completion of the transactions contemplated under the LOI, the potential applications of Spectrum–s technologies and the timing and expenditures required to develop such technologies. 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 and Spectrum operate and are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including, among others, that: the Company may not have access to financing on acceptable terms or at all in order to exercise the options under the LOI; the parties may not receive all necessary regulatory approvals; the funding contemplated by the LOI may not be sufficient to substantially develop Spectrum–s technologies; the conditions to the options may not be otherwise satisfied; the parties may not be able to agree on the terms of the formal agreement or other necessary documentation; and other risks inherent with transactions of this type or the business of Spectrum. Such forward-looking statements should therefore be construed in light of such factors. Other than in accordance with its legal or regulatory obligations, the Company is not under any obligation and the Company 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.
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 release.
Contacts:
Elissa Resources Ltd.
Investor Relations
Office: + 1 604 669 7330
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