Acquires scalable 3D model creation platform powered by artificial intelligence
Self-serve web AR enabled platform to drive mass adoption
VANCOUVER, B.C., Canada – June 22, 2021 – Nextech AR Solutions Corp. (“Nextech” or the “Company”) (OTCQB: NEXCF) (NEO: NTAR) (CSE: NTAR) (FSE: N29), a diversified leading provider of augmented reality (“AR”) experience technologies and services, is pleased to announce that it has acquired previously announced Threedy.ai, Inc. (“Threedy”), an artificial intelligence (“AI”) company based in Silicon Valley, California, in an all-stock transaction valued at US$9,500,000. A definitive agreement has been signed by all parties with closing expected on or about June 25, 2021, upon satisfaction of customary closing conditions. Nextech's acquisition strategy is focused on creating net new revenue opportunities that scale with the global adoption of AR.
“By combining Threedy’s disruptive AI technology and our leading AR platform, we have just changed the game,” commented Evan Gappelberg, Founder and CEO of Nextech. “With our integrated platform powered by AI, users can quickly transform 2D objects into AR-enabled 3D, while removing the friction that currently exists within the customer value chain. Simply – one will be able to take a photo, convert it to a high-resolution 3D image within minutes, and have that item displayed on a phone or device in augmented reality in webAR. This a true game-changer for e-commerce businesses and product manufacturers alike, and for the more than 100 million and growing consumers shopping with AR online and in stores today who are driving the mass adoption of augmented reality in everyday life.”
“Retailers including Kohl's, Pier1, and K-Mart Australia are already using Threedy’s technology to offer AR shopping experiences at scale and now together with Nextech we will create a unified, scalable 3D content creation engine for all our AR solutions,” commented Nima Sarshar, CEO of Threedy. “Threedy has created AI-powered tools that take 3D content creation for AR and other applications from a craft-production process to mass-production. It takes several hours for a typical 3D artist to create a 3D replica of a physical product. Content creation has long been the bottleneck for bringing AR to large retailers, many of whom have thousands of SKUs live at any given time. Using our virtual assembly line technology, thousands of models can be created per week, with minimal human intervention, in many categories.”
For further information, please contact:
Paul Moon, Vice President, Investor Relations
About Nextech AR
Nextech develops and operates augmented reality (“AR”) platforms that transports 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 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.
The CSE and the NEO have not reviewed and do 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” 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