NEW YORK and TORONTO, June 04, 2020 (GLOBE NEWSWIRE) --
NexTech AR Solutions (the “Company” or “NexTech”) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), an emerging leader in augmented reality for eCommerce, AR learning applications, and virtual events is pleased to announce the launch of its new ARitize360 app now live and available for a FREE download on both iOS and Android. The app's 3D scan technology will add to the revenue-generating power of its AR eCommerce solution and its recently launched 3D/AR advertising platform.
The company has chosen to be laser focused and so ARitize360 is initially geared to be marketed to the shoe and sneaker industry where 3D/AR photo realistic scans can be made at scale, and cost effectively, which has not been possible to accomplish to date. According to Grandview Research “The global footwear market size was estimated at USD $207.6 billion in 2018” and has a massive amount of products to scan. After success in the shoe and sneaker industry the company’s goal is that of expansion to clothing and other high value objects.
Evan Gappelberg, CEO of NexTech states, “The app will employ the freemium business model, whereby a user gets a free 3D/AR scan. However, a user will be billed for additional scans as well as be charged a monthly subscription fee for hosting the 3D asset. Together the two could add substantial revenue to the company's bottom line. The app will also act as a lead generation tool and will be a boost to the company's existing AR e-commerce solutions as well as its recently launched, 3D/AR advertising platform.” Most critically, Gappelberg states, “ARitize360 makes creating 3D objects easy, anyone can do it with our app combined with our Aritize platform, no special training or skills required making this a major industry break-through.”
One of the most significant barriers to the mass market adoption of augmented reality has been capturing or creating, at scale, photo realistic 3D/AR objects. ARitize360 will dramatically simplify the 3D/AR creation by capturing 3D/AR shoes and sneakers with your cell phone’s video. Previously, capturing or creating 3D/AR objects has been a painfully time consuming and expensive process costing $250-$2500 for each 3D product which has held AR back from mass adoption. NexTech’s ARitize360 app removes these barriers by reducing the skill needed, and the time and cost to just $99 or less, enabling the mass adoption of AR, setting the stage for the rapid growth of the augmented reality business in 2020.
Recent Company Highlights in 2020:
- June 3, 2020: The company achieved record revenue and gross profit for the month of May 2020. Both revenue and gross profit showed dramatic increases in May. Notably, compared to May 2019, the company’s revenue increased 169% to $1,300,000 while gross profit grew 290% to $800,000 representing the highest revenue and gross profit ever achieved in a single month.
- June 1, 2020 : CEO Evan Gappelberg purchased 100,000 shares. It was reported that on 5/5/2020 he purchased 929,885 common shares of NexTech common stock, this is his fourth buy for the year 2020.
- May 25, 2020: signed a contract to supply its Augmented Reality Solutions to a $30 billion market capital, publicly-traded global technology company.
- May 22, 2020: The company announced very positive results for its recently launched 3D/AR Ad Network which went live on
February 4th 2020. Using the company’s 3D/AR ads resulted in a 300% increase in sales conversions, a 32% increase in click-through-rate (CTR) and a 23% lower cost per click than traditional 2D ads.
- May 21, 2020: InfernoAR Virtual Events platform chosen to supply a $13 billion capital, publicly-traded global insurance company, for their global leadership two day summit starting June 6th.
- May 19, 2020: Inferno AR integration with Cvent Solutions optimizing the entire InfernoAR event management value chain. Integration with CVENT will broaden the utility and increase the appeal of the platform by helping end-users seamlessly register and become more productive while using the platform.
- May 14, 2020: Q1 Revenue grows 177% to $2.5 million, Gross Profit grows 267% to $1.3 million, Working Capital of $3.5 million.
- May 14, 2020: InfernoAR platform integration with all major video platforms including its previously announced integration with Zoom, Microsoft Teams, Skype, and new integrations with Cisco Webex, BlueJeans, Google Hangouts, Google Meet, and GoToMeetings. These critical integrations continue to extend the capabilities of the platform, broaden the utility of the platform and help end-users become even more productive while using the platform.
As part of the company's stock option plan the company issued 200,000 3 year options exercisable at $2.28/share.
About NexTech AR Solutions Corp.
NexTech is one of the leaders in the rapidly growing AR industry, estimated to hit $120 billion by 2022, according to Statista. NexTech, the first publicly traded “pure-play” AR company, began trading on the CSE on October 31st, 2018. NexTech has a two-pronged strategy for rapid growth including growth through acquisition of eCommerce businesses and growth of its omni-channel AR SaaS platform called ARitize™.
The company is pursuing four verticals in AR.
ARitize™ For eCommerce; The company launched its technologically advanced webAR for eCommerce early in 2019 and has been rapidly signing up customers onto its SaaS platform. Customers include Walther Arms, Wright Brothers, Mr. Steak, and Budweiser. NexTech has the first ‘full funnel’ end-to-end eCommerce solution for the AR industry including its 3D product capture, 3D ads for Facebook and Google, ‘Try it on’ technology for online apparel, 3D and 360-degree product views, and ‘one click buy’.
ARitize™ University; having launched in June 2019, the app-based solution allows companies and educational establishments to leverage all of their existing 2D assets - YouTube videos, PDF documents, PowerPoint decks, images, etc. - and then overlay immersive 3D-AR experiences on top of that content for an interactive training experience that drives productivity.
ARitize™ Hollywood Studios; the studio has created a proprietary entertainment venue for which it is producing immersive content using 360 video, and augmented reality as the primary display platform.
ARitize™ 3D-AR-360 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, 360, AR ads. In 2019, according to IDC, global advertising spend will be about $725 billion.
On behalf of the Board of NexTech AR Solutions Corp.
CEO and Director
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Chief Executive Officer
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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.