Nextech3D.ai shareholders of record set to receive a 4,000,000 share stock dividend
The company will trade under the ticker symbol: TGGL
TORONTO, May 24, 2023 (GLOBE NEWSWIRE) -- via IBN -- Nextech3D.AI (formally "Nextech AR Solutions Corp'' or the "Company") (OTCQX: NEXCF) (CSE: NTAR) (FSE: EP2), a Generative AI-Powered 3D model supplier for Amazon, P&G, Kohls and other major e-commerce retailers is thrilled to announce the eagerly anticipated spin-off of Toggle3D.ai. The expected trade date for Toggle3D.ai (CSE:TGGL) is June 13, 2023 (subject to approvals) of the Canadian Securities Exchange. Nextech shareholders of record will be issued an exclusive dividend of 4,000,000 newly issued shares in the revolutionary Toggle3D.ai, on a pro-rata basis.
Toggle3D.ai is a groundbreaking SaaS solution that utilizes generative AI to convert CAD files, apply stunning 4K texturing, and enable seamless publishing of superior 4K 3D models, serving various industries within the $160 billion CGI market. With its Augmented Reality-based rapid prototyping web app, Toggle3D.ai empowers designers, artists, marketers, and eCommerce owners to effortlessly convert, texture, customize, and publish high-quality 3D models and experiences, regardless of technical or 3D design expertise.
After the IPO spin-out Nextech3D.ai is going to retain 13 million shares or about a 50% ownership stake in Toggle3D.ai. The Company is selling about 8,400,000 shares at $0.25 per unit (including a $0.50 warrant). The Company has raised $2.1mill dollars giving Toggle3D.ai a $7.1 million post money valuation.
The spin-out of Toggle3D.ai follows Nextech's successful spin-out on 10/26/2022 of ARway.ai, currently trading on the CSE as ARWY and on the OTCQB as ARWYF.
Toggle3D.ai is emerging as a standalone public company, initially trading on the CSE as TGGL, with plans to expand its presence to the Frankfurt and OTC markets in the near future. This strategic move not only drives innovation but also unlocks substantial shareholder value, reflecting Nextech's commitment to driving the industry forward.
Timeline to IPO:
Annual General and Special Meeting (AGSM) is scheduled to take place on June 5, 2023
The final court hearing to approve the plan of arrangement is scheduled for June 9, 2023
The expected trade date for Toggle3D.ai (CSE:TGGL) is June 13, 2023 on the Canadian Securities Exchange
Toggle3D.ai Platform Improvements and Updates
As of May 17, 2023, the Toggle3D.ai platform had a total of 2,204 sign-ups representing a 1533% increase. Since the Beta launch, Toggle3D.ai3Dai has attracted a variety of users such as designers, developers, 3D artists, entrepreneurs and creators, reaching thousands of users on the platform within a few months.
As of May 17, 2023, the Toggle3D.ai platform had a total of 3334 active projects representing a 1664% increase since Beta launch
Toggle3D.ai is expected to launch out of Beta in June 2023
Sign-ups from major enterprise brands including LG, Honeywell, VIZIO and more
Toggle3D.ai recently launched breakthrough generative AI technology that facilitates the generation of 3D materials from text prompts. In the text-to-3D Material Pipeline, users can input a text prompt into the AI generator, and the system creates multiple image variations of that prompt. The generated images are then layered with texture maps to create a 3D material.
Toggle3D.ai has recently increased the converting power of its CAD to POLY importer by over 10X, and is now able to convert manufacturing files over 1000mb. These new features will allow the company to close new revenue opportunities for enterprise-level manufacturers looking to unleash their CAD files for usage on the web.
In March, Toggle3D.ai launched new machine learning (ML) and computer vision technology for the Toggle3D.ai platform. These powerful ML and computer vision tools simplify and speed up production pipelines for web and XR developers who need high-fidelity 3D models, but who often have limited resources available due to large file sizes or hardware limitations.
The rapid adoption of this technology is continuing and positions Toggle3D.ai to become an industry leader in the estimated $160 Billion Global GGI Application Software market.
Toggle3D.ai, introduced in September 2022, is a cutting-edge standalone web application that combines augmented reality (AR) technology with user-friendly features, allowing product designers, 3D artists, marketing professionals, and eCommerce site owners to effortlessly create, customize, and publish top-tier 3D models and immersive experiences, even without prior technical or 3D design expertise. The Company strongly believes that Toggle3D.ai represents a groundbreaking solution, being the first platform of its kind, with the potential to revolutionize the manufacturing and design industry. It offers an affordable and scalable approach to converting large CAD files into lightweight 3D models, making it a game changer for businesses in this sector.
Toggle3D.ai Benefits Over 3D Legacy Software
NO Learning Curve
Toggle3D.ai stands out from legacy 3D design software by eliminating the learning curve and making 3D design accessible to everyone, regardless of their technical background. Unlike traditional systems that require months of learning, Toggle3D.ai simplifies the process by humanizing design terminology, providing guided templates, and using machine learning to make the tools user-friendly.
Web-based Collaboration
Being web-based, users can access Toggle3D.ai instantly on their browsers without the need for downloads, updates, or system compatibility concerns. Additionally, the platform offers advanced in-app collaboration features, enabling multiple users to work together on the same project in real-time, facilitating quick feedback, decision-making, and cross-department collaboration.
These collaborative tools empower businesses to adopt 3D design organization-wide, enhancing workflow efficiency and unleashing the potential of group iteration.
Recent Toggle3D.ai News
Nextech3D.ai Achieves Major Generative AI Breakthrough In Text to 3D Material Generation
Livestream: Toggle3D.ai Generative AI Technology Demo & Presentation
Nextech3D.ai Announces Conditional Listing Approval & Updates on Generative-AI IPO Spin-Off SaaS Platform Toggle3D.ai
Nextech3D.ai AI-Powered CAD Design Studio Toggle3D.ai Achieves 10X File Reduction Opening Up The platform to New Large Enterprise Customers
Nextech3D.ai Announces Its AI-Powered SaaS Platform Toggle3D.ai Experiences A +963% Jump in Users in 60-Days Crossing Over 1000 Users
Further Details of the Arrangement
The Directors and Officers of Toggle3D.ai on closing of the Arrangement are anticipated to be as follows:
Evan Gappelberg - Chief Executive Officer.
Mr. Gappelberg, the dynamic Director and CEO of Nextech, is a seasoned entrepreneur renowned for his ability to launch and lead successful start-ups. With expertise in funding, operations, and public markets, he brings a wealth of experience to the table. As the visionary behind over 500 popular apps on Apple's iTunes and Google Play stores, Gappelberg's entrepreneurial journey began even before his impressive Wall Street career as a hedge fund manager and Senior VP of Finance. With a remarkable track record and deep knowledge of capital markets, he is a driving force in managing Nextech's growth as a public company.
Belinda Tyldesley – Director and Corporate Secretary.
Mrs. Tyldesley is the President of Closing Bell Services, a consulting company that provides corporate secretarial services. Mrs. Tyldesley has extensive experience across all sectors of the economy with regulatory compliance in all Canadian jurisdictions and reporting issuers listed on the Toronto Stock Exchange (TSX), the TSX Venture Exchange (TSX-V), Canadian Securities Exchange (CSE) and the NEO Exchange (NEO), as well as providing legal assistance and secretarial services. Mrs. Tyldesley holds an Associate Diploma in Business Legal Practice from Holmesglen College in Melbourne, Australia. She currently serves as the Corporate Secretary and a director of Nextech and Arway.
Andrew Chan – Chief Financial Officer.
Mr. Chan has over 20 years of experience across finance, accounting, business analytics, and strategy, focusing on the technology and financial services sectors with half of his career serving high-growth, public technology companies. After over a decade in public accounting (including 9 years at Ernst & Young), Andrew moved into senior finance positions with Real Matters Inc. and goeasy ltd. – both offering technology solutions for the financial services industry – where he was involved in several financings, transactions and acquisitions with an aggregate value of well over a billion dollars. Mr. Chan has successfully integrated and led finance-related functional groups including treasury and banking, corporate reporting and budgeting and was instrumental in forging strong relationships with business unit leaders to enable successful revenue forecasting and delivery. He currently serves as the Chief Financial Officer of Nextech and Arway. Mr.Chan is a Chartered Public Accountant (CPA, CA) and also holds a Bachelor of Commerce degree specializing in accounting and finance from the University of Toronto.
Jeff Dawley – Director.
Mr. Dawley is President and Co-Founder of Cybersecurity Compliance Corp., a cybersecurity company, and previously served as the Principal and Chief Financial Officer of BridgePoint Financial Group, a litigation finance group of companies. Mr. Dawley currently serves as a director of Nextech and Arway.
The Arrangement is subject to court and shareholder approval of the Arrangement, and standard closing conditions. The Arrangement cannot close until the required shareholder and court approval is obtained. There can be no assurance that the Arrangement will be completed as proposed, or at all. Further details about the proposed Arrangement will be provided in a disclosure document to be prepared and filed in connection therewith. Investors are cautioned that, except as disclosed in the disclosure document to be prepared in connection with the Arrangement, any information released or received with respect to the foregoing matters may not be accurate or complete and should not be relied upon.
About Nextech3D.ai
Nextech AR Solutions Corp (OTCQX: NEXCF) (CSE: NTAR) (FSE: EP2) is an augmented reality and AI technology company that harnesses cutting-edge proprietary AI to create engaging 3D experiences for ecommerce brands. With a focus on developing disruptive technologies, Nextech spins them out as independent public companies, rewarding shareholders with stock dividends while retaining a substantial ownership stake in each spin-out.
In October 2022, Nextech3D.ai successfully spun out its spatial computing platform, ARway, as a standalone public company. Nextech AR maintained control with 13 million shares (50% stake) and distributed 4 million shares to its shareholders. ARway Corp. is revolutionizing the augmented reality wayfinding market with its no-code, no-beacon spatial computing platform driven by visual marker tracking. The company is listed on the CSE (ARWY), OTCQB (ARWYF), and Frankfurt Stock Exchange (E65).
In another groundbreaking move, Nextech announced on December 14, 2022, the upcoming spin-out of Toggle3D.ai, an AI-powered 3D design studio set to rival Adobe. Anticipated to go public in the first half of 2023, Toggle3D.ai promises to reshape the industry and captivate investors with its innovative approach to AI-powered design.
To learn more, please follow Nextech3D.ai on Twitter, YouTube, Instagram, LinkedIn, and Facebook, or visit our website: https://www.Nextechar.com.
For further information, please contact:
Investor Relations Contact
Lindsay Betts
investor.relations@Nextechar.com
866-ARITIZE (274-8493) Ext 7201
Nextech3D.ai
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
Forward-looking Statements
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" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as 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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