Star Metro - Metavista Provides Disclosure Clarifications

Automotive Industry and E-mirror System
On December 6, 2024, and January 29, 2025, the Company announced that it is engaging with automotive manufactures to provide innovative solutions for replacing traditional physical mirrors, on the basis that its patented technology solves the problem of "blind spots" when merging or changing lanes while driving, a leading cause of motor vehicle accidents.

The Company wishes to clarify that the National Highway Traffic Safety Administration (NHTSA) currently does not permit e-mirror systems under existing regulations, and the Company has not applied for, nor received, any approval, certification, or exemption from NHTSA for the use of its 3D e-mirror system in vehicles. The claim that the Company's patented technology eliminates physical mirror blind spots is based on research published in an academic paper authored by its Chief Technology Officer, and at this time has not been independently validated by third-party entities.

While the Company is optimistic about the potential application of its technology in the automotive sector, the e-mirror system is still under development. The Company has conducted internal tests to validate this application and has developed a demonstration unit, which was showcased at recent trade shows. The next key milestone in the technology's development is to secure a commercialization partner with industry-specific expertise to help bring the product to market and facilitate engagement with the TÜV (Technical Inspection Association) in Germany. The TÜV assessment process will involve rigorous testing so timing and outcome are uncertain. These results will help demonstrate the system's ability to meet established automotive safety standards, and form the basis for the application to the NHTSA, should such an application be warranted.

The Company is currently in discussions with automotive manufacturers regarding potential collaboration opportunities; however, no formal agreements have been entered into at this time. In the absence of support from a tier 1 of tier 2 automotive supplier, the Company does not currently intend to apply for approval, certification, or exemption from the NHTSA in respect of its e-mirror technology. The regulatory pathway for automotive integration of the e-mirror systems is complex and jurisdiction-specific. At this time, the specific steps, timeline, and costs associated with obtaining the necessary approvals remain uncertain and will depend on the requirements of both regulatory bodies and prospective commercialization partners.

3D Enhancement Capabilities with Apple iPhone
On January 16, 2025, the Company announced that it had introduced a proprietary technology at the Consumer Electronics Show (CES) which elevates the 3D capturing capabilities of Apple Inc.'s new spatial photo and video feature. The Company further announced that its patented solution overcomes the depth perception limitations of the iPhone and that the next step in development of the technology would be to have a Metavista3D display on the iPhone or other smartphones.

The Company acknowledges that Apple has not publicly disclosed or confirmed any such limitation in its hardware. Any reference to such limitations by the Company is based solely on internal interpretation and not on publicly confirmed data from Apple. The Company wishes to clarify that, while Metavista3D's stereo-based extension technology has been patented and described in an academic paper authored by the Company's CTO, it has not yet been validated by independent third-party reviewers.

At present, the Company does not have any formal relationship, partnership, or engagement with Apple in respect of the integration of the Company's stereo-based extension technology with the iPhone. Such integration would depend on access to Apple's proprietary hardware and software, which has not been granted. Absent a formal relationship, the specific steps, timelines, and cost estimates for integration are currently uncertain.

65-inch Super Multiview Display
On January 20, 2025, the Company announced the launch of its 65-inch Super Multiview nano lenticular display and included statements such as "groundbreaking," "significant leap forward," "trailblazer," and "we are excited to offer a product that not only meets the demands of today's consumers but also sets the stage for future innovations in spatial reality."

The Company wishes to clarify that the characterization of the 65-inch Super Multiview nano-lenticular display as "groundbreaking" is primarily due to its unprecedented size. Previously, Super Multiview displays were limited to much smaller formats, with optical elements produced using machines that could not exceed 43 inches. While the Company believes that the 65-inch Super Multiview display is a significant advancement based on publicly documented standards in existing commercial 3D display systems, no independent third-party validation of performance claims has been completed at this time.

Currently, the Company's focus has been on making 65-inch demonstration units available to potential customers and launch partners in order to generate bulk orders for the product. Selling demonstration units enables the Company to showcase its technology's capabilities to industry stakeholders, with the goal of driving sales of existing products or entering into a joint agreement to fund the capital expenditures required for large-scale manufacturing. The display is presently supported by general-purpose processors (GPUs) suitable for small batch deployment, prototyping, and demonstration purposes. To scale to full commercial production, the Company must port its software to dedicated hardware platforms such as FPGAs (Field-Programmable Gate Arrays) or ASICs (Application-Specific Integrated Circuits).

While the end use case remains the same, the choice between a FPGA and an ASIC based platform is primarily driven by the intended production scale and commercialization strategy. FPGAs are reprogrammable hardware platforms that allow for greater flexibility during development. FPGA-based implementations enable the Company to modify and update its software after deployment, so are well-suited for limited commercial production where speed to market and adaptability are critical. In contrast, ASICs are custom-designed chips that are manufactured for high-volume, cost-sensitive applications. Once they are fabricated, ASICs cannot be modified, but they offer significant advantages in terms of size and unit cost at scale. ASIC-based implementations are intended for large-scale commercial production, typically involving hundreds of thousands or millions of units, where efficiency and unit economics are key drivers.

The Company estimates that it will cost approximately $575,000 for the development of the FPGA-based implementation. For full-scale commercial manufacturing using ASIC-based hardware, the Company anticipates costs of approximately $5,000,000. This estimate includes not only the design and fabrication of custom chips but also the associated expenses for display hardware inventory, packaging, marketing, and other components required to scale and commercialize the 65" Super Multiview display. If the customer chooses a GPU-based software solution, meaning the software runs on a standard computer, the Company can fulfill the order with minimal lead time. However, if an FPGA-based solution is required, the estimated development and integration timeline is approximately nine months. For customers requesting an ASIC-based implementation, the estimated development and integration timeline is approximately twelve months, independent of any FPGA development.

The Company has identified an original equipment manufacturer (OEM) and supplier of display systems to begin optimizing the Company's software in preparation for the FPGA development. The Company does not expect any supply chain constraints expected to impact delivery schedules or production planning, nor does the Company anticipate any certification or compliance requirements that would materially affect the timeline to bring the FPGA-based displays to market.

The Company has sufficient resources to support the development of its FPGA integration and the commercialization of its ASIC-based solution. However, the Company does not intend to proceed with a full-scale ASIC-based launch without first securing a suitable commercialization partner. This strategic decision is driven by the belief that partnering with a well-established brand with strong market recognition and an existing distribution network will significantly enhance sales potential. To that end, the Company intends to pursue a licensing or white-label model, under which its display products would be marketed under a partner's branding and distributed through their established sales channels. The Company cautions that there is uncertainty as to whether such strategic partnerships will be available on terms acceptable to the Company, or at all.

Memorandums of Understanding (MOUs)
On January 14, January 24, and February 3, 2025, the Company announced the signing of memorandums of understanding (the "MOUs") between the Company and each of Caliverse Inc., Incari GmbH, and Brainbit, respectively.

The Company wishes to clarify that the MOUs are non-binding and represent expressions of mutual interest and intent to explore potential collaboration. At this stage, none of the MOUs include commitments to invest capital, share revenues, or otherwise undertake joint financial obligations between the parties. Pursuant to the MOUs, the Company agreed to deliver a prototype display on the specifications provided by each party to demonstrate the application to their stakeholders, research teams, and customers. Based on that feedback, each party and the Company will enter into an agreement specifying the number of units to be produced and the commercial terms relating thereto. Accordingly, key commercial terms such as pricing, delivery schedules, quantities, and other critical elements are still under negotiation and have not been finalized between the Company and each party.

Hong Kong Subsidiary
On February 18, 2025, the Company announced the establishment of a wholly-owned subsidiary, Metavista3D Asia Limited, in Hong Kong. The Company wishes to clarify that, while the establishment of its Hong Kong subsidiary is an important strategic initiative, the project remains in the early planning and development phase. The Company is currently in discussions with various stakeholders to determine the optimal operational and organizational structure for its presence in Asia. Accordingly, the Company has not finalized decisions regarding team composition, roles, or leadership. The office is not yet operational and is not expected to be fully functional until the end of 2025. The Company has not finalized a budget or financial projections, and to date, no material expenditures have been incurred. The funding requirements for the company will be assessed once the operational plan is established.

About Metavista3D
Metavista3D Inc., through its wholly owned subsidiary psHolix AG, is developing AI-driven, pseudo-holographic display technologies aimed at enabling glasses-free 3D visualization of spatial content. The Company holds a portfolio of over 20 patents related to this technology. For more information, visit www.metavista3D.com.

Metavista3D's shares are publicly traded and listed in Canada on the TSX-Venture Exchange under the ticker symbol DDD, and on the German Stock Exchange in Frankfurt and others under the ticker symbol E3T.

ON BEHALF OF THE BOARD OF DIRECTORS
Jeffrey Carlson CEO
E: [email protected]
T: (702) 518-3220

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

Notice Regarding Forward-Looking Information:
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the Company's business, assets or investments, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those expressed or implied in such forward-looking statements. These forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates.

The Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

Investors are encouraged to read the Company's continuous disclosure documents which are available on SEDAR+ at www.sedarplus.ca.

SOURCE: Metavista3D Inc.

View the original press release on ACCESS Newswire

O.Gauthier--SMC