Revenue for Augmented Reality Rapidly Accelerating Pushing Q3 Estimates to $5million
Vancouver, B.C –August 31st, 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 that it’s recently launched augmented reality solution for video ‘ScreenAR’ has generated over $100,000 in sales in its first month and is gaining great momentum. ‘ScreenAR’ has been seamlessly integrated into the InfernoAR platform and uses the company's ARitize technology. With the integration of its augmented reality solutions into its video conferencing events platform InfernoAR, NexTech has created a unique suite of product offerings that helps companies drive their digital transformation. With the rapid rollout and adoption of ‘ScreenAR’ the company has dramatically expanded it’s AR revenue generating power and is now becoming the de facto video conferencing industry standard.
The recently announced contract with Ryerson university for AR labs valued at $250,000 plus the recent surge in orders for ScreenAR bringing in over $100,000 and growing positions at the company at the enviable intersection of the digital transformation of everything, setting the stage for exponential growth in AR revenue going forward. To meet this rapidly growing market demand the company is dramatically expanding it’s AR division of expert 3D modelers, highly experienced Unity developers as well as talented UI/UX designers. In Addition, the company has appointed Dawsyn Borland as Head of it’s new AR Labs to prepare for the highly anticipated rollout of AR glasses as well as to continue to develop and innovate AR for eCommerce, ScreenAR, AR Labs, WebAR, 3D/AR Advertising, all of which are key parts of the company's ongoing drive to develop it’s ecosystem of revenue generating AR solutions.
Evan Gappelberg, Chief Executive Officer, NexTech AR noted “Due to the insatiable demand of InfernoAR, the surging demand for our AR products and continued growth in our AR ecommerce we are on target to have a record breaking Q3. With our growing sales force, pipeline of deals and quotes I’m estimating that we hit $5million in revenue for Q3, which almost equals our entire year's revenue in 2019 of $6million. Due to our diverse product offerings we are seeing adoption of our products and services across a wide spectrum of customers; including Universities, Faith based organizations, Fortune 1000 corporate giants and virtual conferences. He continues “With our innovative AR technology solutions we firmly believe that Nextech has a competitive edge in the market and that ‘ScreenAR’ will only accelerate the massive adoption already underway of our InfernoAR software. Our customers believe that video combined with the immersive nature of AR puts us head and shoulders above the other video conferencing platforms out there, and are choosing our platform because of it”.
Paul Duffy, President of NexTech states, “Demand continues to soar for our unique offer of Virtual events with Augmented Reality through InfernoAR. Our clients find that they are able to literally augment their existing 2D presentations with 3D photorealistic immersive storytelling, leading to every manner of event utilizing our augmented reality through ScreenAR, 360 AR Portals and other forms of interactive AR experiences.
Duffy continues, “as an example we now deliver global product launches that reach thousands of retail distributors and tens-of-thousands of customers through InfernoAR, bringing holographic products direct to the user from the comfort and safety of their home. This is transforming how brands are able to interact with their customers and supply chains during the reality of COVID”
Recent Company Highlights in 2020:
August 27th, 2020: Carnegie Mellon University has chosen NexTech’s InfernoAR platform for a virtual series beginning September 2020.
August 25th, 2020 Q2 2020 highlights:
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.
The company is pursuing four verticals:
InfernoAR: An advanced Augmented Reality and Video Learning Experience Platform for Events, is a SaaS video platform that integrates Interactive Video, Artificial Intelligence and Augmented Reality in one secure platform to allow enterprises the ability to create the world’s most engaging virtual event management and learning experiences. Automated closed captions and translations to over 64 languages. According to Grandview Research the global virtual events market in 2020 is $90B and expected to reach more than $400B by 2027, growing at a 23% CAGR. With NexTech’s InfernoAR platform having augmented reality, AI, end-to-end encryption and built in language translation for 64 languages, the company is well positioned to rapidly take market share as the growth accelerates globally.
ARitize™ For eCommerce: The company launched its SaaS platform for webAR in eCommerce early in 2019. NexTech has a ‘full funnel’ end-to-end eCommerce solution for the AR industry including its Aritize360 app for 3D product capture, 3D/AR ads, its Aritize white label app it’s ‘Try it On’ technology for online apparel, 3D and 360-degree product views, and ‘one click buy’.
ARitize™ 3D/AR Advertising Platform: Launched in Q1 2020 the ad platform will be the industry's first end-to-end solution whereby the company will leverage its 3D asset creation into 3D/AR ads. In 2019, according to IDC, global advertising spend will be about $725 billion.
ARitize™ Hollywood Studios: The studio is in development producing immersive content using 360 video, and augmented reality as the primary display platform.
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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
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