NexTech Signs LOI with Premier Health to Explore Healthcare Applications of Augmented Reality Technology

New York, NY – March 6th, 2019 – NexTech AR Solutions (the “Company” or “NexTech”)  (OTC: NEXCF)(CSE: NTAR) (FSE:N29) is pleased to announce that it is working with Premier Health (CSE: PHGI, OTCQB: PHGRF, Frankfurt: 6PH) by exploring options to  integrate Nextech’s AR into Premier Health’s App, which has the potential to reach Premier’s ecosystem of almost 3 million patients. NexTech is bringing a next generation web enabled augmented reality (AR) platform with artificial intelligence (AI) and analytics using a xAPI to the cannabis industry, eCommerce, education, training, healthcare and video conferencing. This partnership marks an important step forward and the beginning of the company’s move into the multi-billion-dollar healthcare industry and the many applications of AR in healthcare including: vein visualisation, surgical visualisation and education.

NexTech will be working with Premier Health to develop educational tools for healthcare professionals and patients alike – some of which will be created and commercialized content for third parties. Utilizing AR as a learning tool to train healthcare professionals creates a highly engaging, immersive educational experience, which aids in retention and how well complex concepts can be grasped. For patients, AR can potentially empower them to play a more proactive role in their own care through aiding in self-diagnosis. And finally, for third party content, the companies will explore topics such as education on medications for Pharma and Continuous Positive Airway Pressure (CPAP) therapy systems for Sleep Apnea Clinics.

In addition, the companies will investigate possible AR treatment delivery options. For example, in relation to physiotherapy, digital demonstrations can be mapped directly onto the movements patients perform as part of their recovery.

“We are excited to work with the team at Premier Health to explore creating a custom AR and AI solution to address the healthcare market which represents another multi-billion-dollar vertical ripe for disruption,” comments Evan Gappelberg CEO of Nextech. “AR allows medical knowledge, skills and expertise to be shared remotely in the moment, ensuring they get where they are needed most.”

“At Premier Health we pride ourselves in being at the forefront of changes in healthcare, so we are thrilled to be a part of the future of healthcare by enabling state of the art technological advancements to our patient centric telemedicine app,” said Dr. Essam Hamza, CEO of Premier Health. “AR has the potential to revolutionize both the access to data and the delivery of healthcare. The technology will help doctors and patients alike – doctors will have access to the latest and most relevant information about their patients while patients can use AR for self-education and improving the quality of treatment they receive.”

 

About NexTech AR Solutions Corp.

NexTech is bringing augmented reality (AR) to the Cannabis industry and to the masses by creating an AR ecosystem featuring eCommerce solutions for websites, AR learning and education tools, and AR live streaming for events. With just a few lines of embed code, the Company’s patent-pending technology can integrate into existing eCommerce platforms, providing retailers with a highly scalable platform that increases customer engagement and sales.

To learn more, please follow us on Twitter, YouTube, Instagram, LinkedIn, and Facebook, or visit our website: https://www.nextechar.com.

On behalf of the Board of NexTech AR Solutions Corp.

Evan Gappelberg

CEO and Director

 

For further information, please contact:

 

Evan Gappelberg

Chief Executive Officer

info@nextechar.com

 

Media contact:

Erin Hadden

FischTank Marketing and PR

ehadden@fischtankpr.com

 

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, “will be”, “looking forward” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements regarding the Company increasing investors awareness are based on the Company’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of NexTech to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures and other costs.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. NexTech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

 

 

4 REASONS AUGMENTED REALITY IS PERFECT FOR THE CANNABIS INDUSTRY

What Makes Cannabis the Perfect Segment for Augmented Reality?

As 2018 comes to a close, it seems clear that the coming year is going to be another big one for augmented reality (AR). While AR has opened up brand new opportunities for many companies, it has also proven to be a perfect complement for many strategies that businesses were already executing.

This is perhaps exemplified best by the cannabis industry. A burgeoning market in its own right, cannabis companies and augmented reality have proven to be an ideal match.

4 Reasons Augmented Reality Is Perfect for the Cannabis Industry

Augmented reality is expected to be a $133.7 billion industry by 2021, a statistic that reflects just how much experts believe it will grow in the coming years.

Much of this growth will come from new adopters. Some of it will come from companies that already use AR but decide to increase their investments in the technology.

While almost every industry will adopt AR to some degree or another, expect cannabis companies to continue being extremely receptive for the following 4 reasons.

1. The Market for Cannabis Is Tech-Savvy

According to the Cannabis Consumers Coalition, 40.79% of cannabis users are between the ages of 21 and 35. In other words, the largest consumer segment of cannabis users is Millennials.

This is important to understand as 68% of Millennials want an integrated seamless experience across channels from businesses. This means that they expect to experience a seamless transition between their mobile devices, phones, and in-store experiences when interacting with a company.

That’s great news for dispensaries, as it dispels the myth that Millennials only want to make purchases online. They’re actually more than happy to visit a physical store to get what they want (their only choice for cannabis), provided that company invests in omnichannel engagement.

Dr. Tim Hilken is a professor of Marketing and Supply Chain Management at Maastricht University School of Business and Economics. In his paper, “Making omnichannel an augmented reality: the current and future state of the art”, he found that augmented reality offers several opportunities that provide a seamless omnichannel journey to customers. As well, it smoothens current obstacles through combined customer experiences that have been embedded, extended, and embodied.

All three of those opportunities are being leveraged by companies with large Millennial markets. Many of them are part of the cannabis industry.

2. Augmented Reality Is Making It Easier to Market Cannabis

Education has been central to the cannabis industry. Educating the public about the realities of cannabis use has been central to its legalization. Education has remained a central strategy for cannabis companies looking to win new customers, too.

Augmented reality perfectly lends itself to this unique requirement. Companies have been using “virtual budtenders” to help spread the word about the different strains they have to offer. These AR aficionados offer a similar experience to the one a customer could expect in an actual dispensary. The professional walks them through various options, explaining their effects. All the while, a sample of the product turns in a 360-degree effect.

In Canada, marketing laws for cannabis companies are extremely limiting, despite legalization. One example of Canada’s cannabis laws is that cannabis is required to be packaged in a single, uniform color, without any other images/graphics except for the logo and health warning. This is based on Health Canada’s guidelines for cannabis packaging.

That doesn’t give companies a lot of options for differentiation. That’s an especially big blow to smaller businesses that don’t have the same budgets as their larger counterparts, many of which have even attracted big-name celebrity investors.

Fortunately, augmented reality may represent a promising workaround to Canada’s stifling laws. Cannabis companies could outfit their products with “augmented reality-enhanced packaging” that could go into much greater detail for customers who are interested in learning more.

3. AR Brings the Amazon Effect to Dispensaries

Every company with a physical storefront needs to content with the Amazon Effect, a phenomenon that describes how customers expect retailers to provide an ecommerce-like experience in-person.

They want all the information they need to make an informed decision.

They want it right at their fingertips.

And they want it without having to actually engage an employee.

So, even after you attract customers into your dispensary, they may want to be in charge of their own shopping experience.

A number of retailers have already embraced AR to sell everything from clothes to furniture to paint and more.

As cannabis remains a product that has to be sold in-person, it only makes sense that dispensaries will invest in augmented reality to not just attract their largely Millennial clientele but also keep them engaged during their visits.

4. The Cannabis Industry Still Faces Unique Challenges

Above, we touched on the major challenges facing cannabis companies in Canada, but there are obviously a number of obstacles south of their border, as well. In the United States, where cannabis use hasn’t been legalized on a federal level, there’s still some taboo surrounding the topic, even in states where using recreational marijuana is no longer a crime.

While more than 55 million Americans use cannabis, just over 40% say doing so is not socially acceptable.

That is to say, one of the driving forces behind AR-adoption in the cannabis industry is easing the anxiety that some customers may feel about visiting a dispensary and going through the formal purchasing process for the first time.

Once again, virtual budtenders to the rescue.

Furthermore, as the industry faces a number of unique challenges – challenges companies in other fields don’t have to worry about – every marketing opportunity should be taken.

Is Your Cannabis Company Ready for Augmented Reality?

As you can see, augmented reality represents a number of powerful benefits for cannabis companies. Whether it’s improving the overall experience you provide customers or simply marketing to them in the first place, AR is a force-multiplier that should not be ignored.

Of course, you may think that it’s also an advantage your company can’t afford or doesn’t currently have enough time to fully invest in and leverage.

At Next Tech AR, we’re bringing augmented reality to the cannabis industry and have already experienced success with a number of other companies.

If you’d like to learn how we can help your business grow with augmented reality,contact us today.

THE STATE OF INDUSTRIAL AUGMENTED REALITY: A SPOTLIGHT ON INDUSTRIAL INNOVATION

The State of Industrial Augmented Reality is an ongoing series of market research and analysis conducted by PTC. These reports explore the robust and increasingly complex opportunities presented by the Industrial Augmented Reality (AR) market. Tapping into PTC’s 30 years of technology expertise, 30,000 global customers, and 1,000 technology and service partners, the State of Industrial Augmented Reality series delivers actionable trends and insights across the entire IIoT ecosystem.