VANCOUVER, British Columbia, Nov. 18, 2020 (GLOBE NEWSWIRE) -- 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 NexTech CEO, Evan Gappelberg, will be presenting at a special Proactive Investors Livestream focusing on NexTech and the innovative Augmented Reality solutions behind its triple-digit sales growth.
NexTech’s live presentation will take place at 1:00 PM ET on Thursday, November 19, 2020
Please click the link below to register for the Livestream:
CLICK TO REGISTER FOR LIVESTREAM
Passcode: 519400
Evan will update investors on NexTech’s latest technological advances, the recent Q3 record revenue growth with Bookings of $6.7 million, +327% growth over Q3 2019 and the company's progress as it pursues four multi-billion-dollar verticals in AR.
Q3 2020 Financial highlights:
- Total Bookings $6.7 million +327% growth over Q3 2019
- Record revenue grows 200% to $4.7 million
- Record backlog of $2 million
- Gross Profit grows 344% to $3.0 million with a 63% margin
- Working Capital of $13.6 million
- Full report has been filed and is available on SEDAR
Other Q3 Highlights:
- Filed to up-list its stock to NASDAQ Capital Market July 2nd
- 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 Cuisinart
- 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 start-up entrepreneur and a venture capital investor through Super Ventures
- 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
The company has issued 500,000 3-year stock options exercisable at $7.24 to its employees under its stock option plan. Also, Felix Ritscher was issued 4,555 common shares with a standard 4-month restriction as a signing bonus.
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.
To learn more, please follow us on Twitter, YouTube, Instagram, LinkedIn, and Facebook, or visit our website: https://www.nextechar.com.
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
info@nextechar.com
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.