PHOENIX, Jan. 16, 2019 (GLOBE NEWSWIRE) -- Uptick Newswire Stock Day Podcast welcomed NexTech AR Solutions (the “Company” or “NexTech”) (CSE: NTAR) (OTC: NEXCF) (FSE:N29), a tech company bringing augmented reality to the Cannabis market by turning 2D products into exciting 3D consumer experiences. CEO, Evan Gappelberg, talked with Stock Day’s Everett Jolly.
At the start of the interview, Jolly mentioned NexTech AR Solutions recently announced it has closed on its recent acquisition. The VCM business owned by AR Ecommerce is now a division of Nextech which generated approximately $2,650,000 (USD) in revenue and $275,000 (USD) in EBITDA for the 2018 calendar year.
“The main reason we purchased this ecommerce business was so that we can take our technology and plug it in and immediately start to get data as well as increase our value proposition by generating additional sales on the ecom site,” said Gappelberg.
He went on to explain that it will give the company a platform to test AR and AI, which is critical to their mission of rolling out new technology on a month-by-month basis.
“Using this platform, we can see an actual customer journey. We can watch somebody shop the site in real time, see them interact with our augmented reality and know what they like, what they don’t like and continue to fine tune the technology until we perfect it,” he explained.
Jolly then asked if Gappelberg could explain to listeners what exactly AR is and why it’s so important to have AR in ecommerce. He explained that AR is a way of enhancing reality with digital data.
“On the ecom side of AR we are not using it on gaming,” Gappelberg said. “We’re using it as a business tool. What that means is basically, we are allowing people to shop at home in 3D, as if the product is in the room with them. It means a lot because every year there is about $300 billion worth of product that’s returned because they don’t fit, they’re the wrong size, the wrong color. And so, when you are able to shop with the product in the room with you, a digital twin, that’s what AR allows you to do, a digital twin in the room with you.”
He said with AR, the returns go down about 80% and at the same time sales go up dramatically.
“In the short time we’ve integrated our AR into our new ecommerce business, we’ve seen in a week, the single product that we ARitized generated a month’s worth of revenue.”
Jolly then asked if they plan on licensing out their technology to any other companies.
“100 percent,” said Gappelberg. “We have two other revenues. One is acquiring and integrating into our own ecommerce sites. At the same time, we really want to scale our business and offer the same technology we are using on our site to other ecommerce site owners as well.”
Jolly then asked about the company’s plans for the next few months. Gappelberg says the company is just getting started. He explained they are already in talks with other ecommerce companies and are rolling out their ecommerce platforms.
“We are experiencing very rapid growth, both through offering our platform to others and we are going to be making acquisitions. We are going to be very, very aggressive over the next few months,” said Gappelberg.
To hear the entire interview with NexTech CEO, listen to the entire Stock Day podcast, here: https://upticknewswire.com/featured-interview-ceo-evan-gappelberg-of-nextech-ar-solutions-corp-otcpink-nexcf-2/
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About NexTech AR Solutions Corp.
NexTech is bringing augmented reality to the Cannabis market by turning 2D products into exciting 3D consumer experiences. NexTech is currently developing a proprietary and disruptive Augmented Reality (AR) advertising and education platform that uniquely engages by connecting brands and retailers through a fully immersive 3D AR experience called Native AR. NexTech launched its ARitize™ app in August 2018, which is capable of hosting many brands 3D objects and augmented reality experiences. NexTech also owns a large and diverse revenue generating App Portfolio that is deployed on the iTunes and Google play store which it intends to ARitize™.
For further information, please contact:
Evan Gappelberg
CEO and Director
info@nextechar.com
Notice Regarding Forward-Looking Statements
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.
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