3D Sales Growing Rapidly As Demand For 3D/ ARExpands Into A Variety Of Different Industries
VANCOUVER, B.C., Canada – February 24, 2022 - Nextech AR Solutions Corp. (“Nextech” or the “Company”) (OTCQB: NEXCF) (NEO: NTAR) (CSE: NTAR) (FSE: N29), a Metaverse Company and leading provider of augmented reality (“AR”) experience technologies and services is pleased to announce the signing of multiple 3D model AR ecommerce deals across a number of industries, including those that are new to Nextech, expanding the Company’s reach further into the ecommerce 3D modeling space. The Company has expanded its 3D for ecommerce business into Adler Jewelry-jewelry, Ice Bien-cryo recovery systems, Panmi-electric scooters, Source for Sports-sports apparel, City Furniture and many more as seen below.
This mass adoption of Nextech’s ARitize 3D and Metaverse Suite technology over these varied industries shows that the ecommerce space is embracing and demanding 3D models and metaverse products for their business, and Nextech is uniquely positioned in this middle market to meet this rapidly growing demand.
Nextech AR CEO, Evan Gappelberg commented, “The mass adoption of 3D models is underway, and Nextech is experiencing a global demand for our 3D/AR models. We have signed many accounts in various countries, in multiple industries across the globe, including North America, Asia, the Middle East and Europe. Cumulatively, these accounts have purchased thousands of 3D models that will be delivered live on websites across the globe-daily.” He continues, “Our 3D/AR tech stack is a true disrupter in the emerging multi-billion dollar 3D model market and I believe that we have the best solution available. 2022 will be a breakout year for everything 3D!”
With ecommerce trending towards 3D models and metaverse solutions such as 3D banners and 3D/AR social media filters, Nextech is seeing interest in its solutions in these areas from am expanded variety of ecommerce industries (below), looking to provide their customers with an immersive, engaging shopping experience, which has been proven to result in higher click-through rates, higher conversions, and decreased returns.
A Swiss company, Adler Jewelry, leveraging Nextech’s ARitize 3D, including AR Decorator / AR Showroom technology by implementing a woman inside the showroom where they place jewelry around her neck and rings on her finger. Showing products in this way helps create a connection with potential customers by providing them an avenue to view a “real life” try on experience.
According to a study published by Million Insights in April 2021, “The global dog clothing and accessories market size was valued at USD 9.74 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.9% from 2021 to 2028”. Nextech has recently signed its first dog wear client, Non Stop Dogwear, to provide 3D models of dog wear using ARitize 3D and the color configurator. This is the first step towards a massive market opportunity for the Company.
Continuing to gain traction in the Sports market, Nextech recently signed deals for the following:
- Source for Sports - a premier Canadian sports equipment provider wanting to highlight their retail products in 3D, as well as use those same 3D models in their ad banners
- The Perfect Mound - Adult & Youth Portable Pitching Mounds retailer showcasing their top products as 3D models
- Ice Bien - A cryo recovery system for athletes highlighting their recovery systems as 3D models
Adding a new vertical to Nextech’s portfolio is a motorized scooter company. Panmi - An Australian scooter company looking to promote their scooters as 3D models. This gives Nextech an opportunity to showcase ARitize 3D, including the exploded views feature
Third Party Agencies
Nextech has begun to partner with agencies looking to provide 3D modeling solutions to their ecommerce clients. Notable clients include:
- Peah Management - Nextech has been selected as their 3D content creation partner.
- Marketing Nest (MN) Ltd. - A marketing agency specializing in SEO, SEM and Web Analytics has signed on for a substantial ARitize Ads deal, creating Ads in 3D.
- X Factorie Digital - A creative digital agency specializing in strategy, branding, web, e-commerce and digital marketing solutions
One of Nextech’s most profitable industries continues to see growth by signing deals with the following companies:
- Tabeer Homes - A furniture company based in Dubai, UAE providing exclusive handcrafted furniture made by skilled artisans
- Casa HQ - Unique Home Décor, furniture, Lighting, Home Goods, Vintage, Rugs, Art work and more products.
- White on White New York - Spacious outpost of a small chain known for modern, high-design furnishings, lighting & home goods
- City Furniture Canada - Furniture, appliances, electronics and home decor
- Ezooza - Italian home goods retailer that had signed previously increased their order for more 3D models
These are just a few of the most recent customers and newest sectors the Company has expanded into, with rapidly rising demand the company plans to increase expansion further over the coming months. As ARitize 3D and the Metaverse Suite continue to provide solutions for retailers, Nextech is focused on the ecommerce industry.
Notable Press Releases in Feb, 2022:
Feb 2 - Nextech AR Launches Metaverse App “ARitize Maps” in Beta
Evan Gappelberg – CEO, Paul Duffy – President, and Andrew Chan - CFO have taken restricted shares in lieu of cash for services rendered by Atlas Advisors LLC (Evan Gappelberg) in the amount of CAD $250,000.00 for 223,214 common shares, Moonshot Inc. (Paul Duffy) CAD $250,000.00 for 223,214 common shares, and Andrew Chan CAD $40,000.00 for 35,714 common shares. In addition, a limited number of the Nextech management team members also received 98,571 common shares for services rendered in the amount of CAD $110,400.00 in aggregate. The deemed price per share is at $1.12 CAD and are subject to a 4 month hold period. Insiders subscribed for an aggregate of 482,143 shares for a total deemed value of $540,000.00. As insiders of Nextech participated in the transaction, it is deemed to be a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61- 101”). Nextech is relying on the exemptions from the formal valuation and minority approval requirements contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101, on the basis that the fair market value of the transaction does not exceed 25% of Nextech's market capitalization. The Company will be filing a material change report in respect of the related party transaction on SEDAR.
For further information, please contact:
Investor Relations Contact
866-ARITIZE (274-8493) Ext 7201
About Nextech AR
Nextech AR Solutions is a Metaverse company that develops and operates augmented reality (“AR”) platforms, transporting three-dimensional (“3D”) product visualizations, human holograms and 360° portals to its audiences altering e-commerce, digital advertising, hybrid virtual events (events held in a digital format blended with in-person attendance) and learning and training experiences.
Nextech focuses on developing AR solutions for the Metaverse, however most of the Company’s revenues are derived from three e-Commerce platforms: vacuumcleanermarket.com (“VCM”), infinitepetlife.com (“IPL”) and Trulyfesupplements.com (“TruLyfe”). VCM and product sales of residential vacuums, supplies and parts, and small home appliances sold on Amazon.
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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” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as 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.