Vancouver, BC – November 5, 2020 – NexTech AR Solutions (NexTech) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), an emerging leader in augmented reality for eCommerce, AR learning applications, AR-enhanced video conferencing and virtual events is pleased to announce NexTech CEO, Evan Gappelberg and CFO, Kashif Malik, CPA, CA will be hosting the company’s live Q3 2020 conference call after market close on November 12, 2020
The earnings will be released after the close and the call will begin at 4:30 ET.
Bridge Name: NexTech AR Solutions
Conference ID: 5979019
Dial in: +1 (435) 777-2200
Toll-Free +1 (800) 309-2350
The presentation will be followed by a question and answer session.
For those unable to join the live event, a recording of the presentation will be posted later, on the company's website.
Q3 Key Highlights:
- Preliminary Q3 2020 Total Bookings of $6.7 million* which exceeded all of 2019 revenue of $6mill
- 331% growth over Q3 2019 revenue of $1,561,425
- NexTech filed to uplist its stock to the Nasdaq Capital Market July 2nd.
- Record cash on hand of $16.3 million
- Raised $13.2 million, through underwritten offering by Mackie Research of 2,035,000 shares at a price of $6.50
- Hired Eugen Winschel 18-year SAP Executive as new COO
- Doubled the size of the company to 140 in Q3 from just 70 in Q2 - to continue to meet the rapid ramp up in demand and increase the company's technological capabilities.
- Company became approved Microsoft partner
- Launched New Distribution Deals with Well Known Consumer Brands, Including: Dyson, Philips Norelco, MR. Coffee, VitaMix, Breviel and Cusinart
- Landed $250,000 edTech AR contract with Ryerson University
- Appointed Ori Inbar to its Board of Directors, a recognized AR expert, having been involved in the industry for over a decade as both a startup entrepreneur and a venture capital investor through SuperVentures.
- Acquired the assets of Next Level Ninjas for $720,000 cash consideration
- Launches “Screen AR” A New Augmented Reality Immersive Video Conferencing Software to Accelerate Business Opportunities
- Began building Collaborative Video Conferencing Capabilities to Rival Zoom and Address Telemedicine and Edtech Markets
NexTech attributes this massive growth to new customer acquisitions and the expansion of services for existing customers as the demand for AR and remote work solutions intensified.
The company is continuing to experience a rapid rise in demand for all its services. However, demand is especially high for its AR Solutions which include WebAR, AR ads, ScreenAR, Human holograms as well as custom AR solutions. Demand for the companies AR labs for education is growing at 200%/month while every virtual event the company does has multiple AR experiences. To meet this growing demand the company is currently hiring dozens of AR/VR, Unity, and 3D modeling experts.
About NexTech AR
NexTech is one of the leaders in the rapidly growing Augmented Reality market estimated to grow from USD $10.7B in 2019 and projected to reach USD $72.7B by 2024 according to Markets & Markets Research; it is expected to grow at a CAGR of 46.6% from 2019 to 2024.
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On behalf of the Board of NexTech AR Solutions Corp.
CEO and Director
For further information, please contact:
Chief Executive Officer
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, levels 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.