VANCOUVER, British Columbia, July 13, 2022 (GLOBE NEWSWIRE) -- Nextech AR Solutions Corp. (OTCQB:NEXCF) (CSE:NTAR) (FSE:N29), a Metaverse company and leading provider of augmented reality experience technologies and services, has contracted to supply 3D models to the world’s largest Prime eCommerce marketplace.
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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.
ARitize 3D is a one-stop-shop AR solution using artificial intelligence to create high-quality 3D and augmented reality experiences, from existing 2D product images, at an unbeatable price. By employing 3D technology, customers can “try before they buy”, thereby increasing conversions and perhaps more importantly, decreasing returns, a costly expense in the online marketplace.
In addition to supplying its 3D technology to the world’s largest prime eCommerce marketplace, Nextech AR has also closed multiple new 3D modeling deals in the eCommerce space, providing the company with both a continuing growing base of annual recurring revenue and monthly recurring revenue. Winning new contracts, combined with renewals and expansion of existing contracts, is driving the rapid growth for the company’s 3D model and augmented reality business in eCommerce and growth into Web 3.0.
Some of the latest companies in the furniture and home goods sector to sign contracts for the company’s ARitize 3D product are Surplus Furniture, Loft, Marina Homes and Relax Sedmaisiai.
Sports Equipment has been another significant growth area for the company, with California-based Sports Basement contracting for the provision of 3D models for their top selling bicycles, with the potential to expand 3D capabilities to their other products. Previous sports related contracts span numerous sports including Kindred Snowboard, Salamander Paddle Gear, MGI Golf, North by North, The Perfect Mound, Source for Sports, and others.
The company has established a unique program to compensate employees and consultants with share purchase warrants, in lieu of monthly cash payments. These warrants are priced at $0.84 for a period of one year, and exercised on a monthly basis, with the recipients given the option to have the company manage the sales of the underlying shares, with the company also covering any shortfall.
The shares are trading at $.98. 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 or by email at investor.relations@nextechar.com.
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