VANCOUVER, British Columbia, Aug. 13, 2020 (GLOBE NEWSWIRE) -- NexTech AR Solutions (NexTech) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), an emerging leader in augmented reality for eCommerce, AR learning applications, and AR-enhanced video conferencing and virtual events, is pleased to announce it has been selected by the Canadian Urban Transit Association (CUTA) to provide its InfernoAR virtual event services. The contract value is for $90,000, which is part of a growing global shift in dollars from government agencies, universities, and corporations to virtual meetings and AR solutions, technologies of which NexTech is uniquely positioned to provide. NexTech’s InfernoAR will power CUTA’s annual conference, which will be virtual for the first time ever, November 16-19, 2020.
Marco D'Angelo, CEO of CUTA, said, “CUTA is excited to pivot to a virtual conference and the international reach it allows. It’s an event unlike anything we’ve done before in a year unlike any of us have seen before. We needed more than a webcam meeting. We needed a true virtual conference and reviewed dozens of virtual platforms. We chose NexTech's InfernoAR not only for its extensive technological capabilities, but the responsiveness and enthusiasm of its team.”
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.
“We are gratified that CUTA, which is such a significant part of the Canadian transportation infrastructure, has chosen to work with us. Their vision for how to take their annual program to an all-digital experience speaks of their commitment to their attendees and exhibitors and to their leadership position in the transportation industry globally,” said Evan Gappelberg, NexTech CEO. “Due to COVID-19 the virtual events market is witnessing extremely high demand, which we expect to translate into accelerating new business opportunities for Nextech for the next 12 months and beyond.”
He continues “When live events do return to the mainstream, virtual events are likely to continue to play a major part in event strategies because they are budget-friendly, ensuring a very high ROI along with a dynamic attendee experience. InfernoAR is pushing the boundaries of what's possible with new virtual event ScreenAR technology, creating an exciting, immersive, and sticky experience that we believe will continue to be in demand long after COVID19.”
The Company has disseminated news releases during the current calendar year announcing a selection of contracts and agreements entered into with valued customers. The terms and conditions of each contract vary, but the previously announced contracts (in the aggregate) indicate a continued demand for the Company’s product and service offerings. The 2020 new releases dated: January 14; February 12 &19; May 21 &26; June 10, 12, 17, 18, 22 & 25; July 7 & 29 and August 4. The selection of contracts in aggregate total $863,362 across 15 customers. Additional details for these agreements is set out in the prospectus.
About CUTA:
CUTA members include the vast majority of transit systems in Canada, from Victoria and Vancouver to Halifax and St. John’s. Members include transit systems, government agencies (federal, provincial, regional and municipal), business members (companies or persons engaged in the manufacture or sale of transit equipment or services) and affiliates (associations, individuals and others).
About NexTech AR Solutions Corp.
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:
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.
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.
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.