VANCOUVER, British Columbia, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Nextech AR Solutions Corp. (OTCQX:NEXCF) (CSE:NTAR) (FSE:N29), an Augmented Reality (AR), Artificial Intelligence (AI) and 3D model supplier for Amazon and other major e-commerce retailers and brands has landed another major enterprise customer in the United States. Today's contract win is for a significant number of 3D models to be delivered in 2023 and continues to support the company's rapid ascension in becoming the top 3D model supplier to the global $5.5 trillion dollar e-commerce ecosystem.
A Media Snippet accompanying this announcement is available by clicking on the image or link below:
For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company along with video comments from Nextech AR’s CEO, Evan Gappelberg. The video is available for viewing on “InvestmentPitch” and on “YouTube”. If these links are not enabled, please visit www.InvestmentPitch.com and enter “Nextech” in the search box.
The company’s ARitize 3D platform is a one-stop-shop AR solution with automated 3D model creation at an unbeatable price. Its Artificial Intelligence (AI) turns existing 2D product images into high-quality 3D and Augmented Reality experiences. The company’s innovative technology is protected by a patent called “Generating Three-Dimensional Models by Part”.
ARitize 3D has built a substantial library of 3D models, with most of the 3D models composed of several individual parts. For example, a chair is composed of legs, a seat back and cushions. Every time a new 3D model is created, the parts are harvested into Nextech's AI powered 3D part-library, which now contains 100,000 3D model parts. The more models the company makes, the larger the library gets, and the easier it gets to make new 3D models and scale 3D model production. Nextech is in the process of significantly expanding this large library which is expected to grow to upwards of 1,000,000 individual, unique parts.
According to Shopify, 3D augmented reality product models have proven to generate a 94% increase in conversions and a 40% reduction in returns online. On some product pages, 3D/AR models have increased conversion rates by up to 250%.
The company has a proven track record of developing or acquiring what it believes are disruptive technologies and once commercialized, spinning them out as stand-alone public companies, retaining a significant number of shares, while distributing a percentage of the company to existing shareholders.
Nextech has been a favorite with investors, particularly following the highly successful spinoff of ARway in October. With ARway currently trading at $1.14, Nextech’s holdings of 13 million shares are contributing about $15 million to Nextech’s market capitalization.
In September, the company launched Toggle3D is an AR enhanced standalone web application which enables product designers, 3D artists, marketing professionals and eCommerce site owners to create, customize and publish high-quality 3D models and experiences, with new features allowing multiple users to work at the same time on the same project. With the platform created as a web-based design studio, the user can access everything on the browser with no downloads involved, no updates to keep track of, and no system requirements to worry about. The company is currently in the process of spinning off this company with plans to list it on the Canadian Securities Exchange.
The shares are trading at $0.84. For more information, please visit the company’s website at www.NextechAR.com. Investor Relations is handled by Lindsay Betts, who can be reached at 866-274-8493 Ext 7201 or by email at investor.relations@nextechar.com.
About InvestmentPitch Media
InvestmentPitch Media leverages the power of video, which together with its extensive distribution, positions a company’s story ahead of the 1,000's of companies seeking awareness and funding from the financial community. The company specializes in producing short videos based on significant news releases, research reports and other content of interest to investors.
Disclaimer
The information in this Investmentpitch Media Ltd video is for the viewers information only. Nextech AR Solutions has paid a fee not exceeding $2,000 in cash to have its current news release produced in video format. The corporate information is based on information that is publicly available. Any information provided by Investmentpitch Media Ltd., through its media services is not to be construed as a recommendation or suggestion or offer to buy or sell securities but is provided solely as an informational media service. Investmentpitch Media Ltd makes no warranties or undertakings as to the accuracy or completeness of this information. All due diligence should be done by the viewer or their financial advisor. Investing in securities is speculative and carries risk.
CONTACT:
InvestmentPitch Media
Barry Morgan, CFO
bmorgan@investmentpitch.com
