VANCOUVER, British Columbia, July 12, 2023 (GLOBE NEWSWIRE) -- Nextech3D.AI, formerly Nextech AR Solutions Corp. (OTCQX:NEXCF) (CSE:NTAR) (FSE:EP20), a Generative AI-Powered 3D model supplier to major e-commerce retailers, files to uplist to NASDAQ Capital Market and signs large enterprise renewal and expansion contract.
For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company along with video comments from Nextech AR’s CEO, Evan Gappelberg. The video is available for viewing on “InvestmentPitch” and on “YouTube”. If these links are not enabled, please visit www.InvestmentPitch.com and enter “Nextech” in the search box.
The company plans to dual list onto the NASDAQ Capital Market and has confidentially submitted a draft registration statement on Form F-1 to the U.S. Securities and Exchange Commission in advance of a potential future offering of its securities in the United States.
Nextech3D.ai, a diversified, augmented reality, AI technology company, leverages proprietary artificial intelligence to create 3D experiences for the metaverse, focusing on creating 3D WebAR photorealistic models for the Prime Ecommerce Marketplace as well as other online retailers.
The company also announced that a large enterprise customer, part of Wesfarmers, one of Australia's largest listed companies and largest employers, whose businesses include Bunnings, Kmart Group, Officeworks and others, has renewed and expanded its contract for more than 1,000 3D models. This follows the recent renewal and expansion of a contract with a major ecommerce brand for 3000 3D models, as well as an enterprise renewal contract with an S&P 400 company for more than 5000 3D models. Management believes these enterprise renewal contracts, along with its multi-year supply agreement with Amazon, strengthens Nextech3D.ai's position in the 3D models for the ecommerce industry.
The company has a history of developing or acquiring what management believes are disruptive technologies and after commercializing them, spins them out as stand-alone public companies by issuing a stock dividend to shareholders while retaining a significant ownership stake in the spin-out.
On October 26, 2022 Nextech3D.ai spun out its spatial computing platform, "ARway.ai". ARway.ai is disrupting the augmented reality wayfinding market with a no-code, no beacon spatial computing platform enabled by visual marker tracking. Nextech3D.ai retained 13 million shares in ARway and distributed 4 million shares to its shareholders. ARway.ai is currently listed on the Canadian Securities Exchange under the symbol “ARWY”, in the U.S. on the OTCQB under the symbol “ARWYF”, and internationally on the Frankfurt Stock Exchange under the symbol “E65”.
On June 14, 2023, the company completed a spinout of Toggle3D.ai, a groundbreaking SaaS solution that utilizes generative AI to convert CAD files, apply stunning 4K texturing, and enable seamless publishing of superior 4K 3D models. Following the same plan, the company retained 13 million shares in Toggle3D.ai and distributed 4 million shares to its shareholders. Toggle3D.ai is trading on the Canadian Securities Exchange under the symbol “TGGL” and in the U.S. on the OTCPinks under the symbol “TGGLF”.
With all this going on, and considering its shareholdings in the two spin-off companies, it’s hard to imagine the shares are trading at just $0.54 on the CSE, barely above its all time low of $0.50.
For more information, please visit the company’s website at www.NextechAR.com. Investor Relations is handled by Lindsay Betts, who can be reached at 866-274-8493 Ext 7201 or by email at firstname.lastname@example.org.
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