NexTech
Closes Acquisition of eCommerce
Business
Infinite
Pet Life
Company
adds eCommerce business generating $2.2 Million USD in
revenue
and
$600,000 EBITDA
New York, NY - Toronto, ON, Canada -- April 11,
2019 -- InvestorsHub NewsWire -- NexTech
AR Solutions (the "Company" or
"NexTech") (OTCQB: NEXCF) (CSE: NTAR) )(FSE:
N29) is pleased to announce that it has completed its acquisition
of Infinite Pet Life, previously announced on March 19, 2019, for a
purchase price of $1,850,000. Infinite Pet Life generated $2.2
million USD in revenue and $600,000 in EBITDA in 2018.
NexTech signed a Letter of Intent to acquire
Infinite Pet Life on March 19, 2019.
Key Business
Highlights:
-
The pet industry has been experiencing explosive growth. According
to The American Pet
Products Association,
almost 85 million households have a pet and over the last 30 years
pet ownership has gone from 56% to 68% of all
households
- The global pet
care market is expected to reach USD $202.6 billion by
2025
- Infinite Pet Life
has $32,000/month
in
recurring
subscription revenue
- Fully optimized
Amazon listing with 1,800
reviews
- Wholesale
agreement with Walmart
- Wholesale
agreement with Chewy.com
Post-acquisition
AR enhancements
Include:
- Building 3D AR
advertising around the brand for Facebook
- Creating a
holographic AR/AI brand expert on pet health
- Creating 3D models
of pets showing how the supplements work
- Offering a social
channel for sharing of 3D AR images of pets
- Launching AR
"pocket store" in the ARitize
app
"We are pleased to
complete our third acquisition in just the first four months of
2019 and look forward to continuing to execute on our aggressive
growth-by-acquisition strategy. This transaction positions NexTech
to reach a projected $8.2 million USD in consolidated revenue and
$1 million in EBITDA for 2019 - a significant step toward becoming
cash flow positive," said Evan Gappelberg, CEO of NexTech. "We're
also excited for the opportunities this acquisition provides us
from an AR marketing standpoint. We now own a platform where we can
bring our AR eCommerce technologies to market and demonstrate the
benefits our solutions can bring to e-retailers around the
world."
Through its
acquisition of Infinite Pet Life, NexTech not only gets a
revenue-generating business but also a platform with a broad
customer-base in which to launch its AR and AI solutions to,
creating a one-of-a-kind eCommerce AR/AI showcase for consumers and
prospects. By utilizing NexTech AR and AI
solutions throughout Infinite Pet Life, NexTech will significantly
advance its knowledge of the customer and their online shopping
journey through analyzation of real-time data and analytics. This
valuable information, effectively mapping out a customer's path to
purchase, will enable NexTech to accelerate the launch of its
existing and new AR and AI solutions for eCommerce.
This
is the third completed acquisition for NexTech in 2019, following
transactions in
January and
February.
It continues the Company's strategy to grow through acquisition of
revenue generating companies that possess industry-leading
technologies.
Infinite Pet Life
is a provider of anti-aging supplements for pets that promote
better joint and gut health, for a healthier and happier
animal.
Gartner reports 100 million
consumers will shop in augmented reality online and in-store by
2020. NexTech is building out its AR and AI eCommerce offerings,
which include using AI to create a guided and knowledgeable curator
that can be programmed to be used across all commerce.
NexTech's 'full
funnel' end-to-end eCommerce solution for the AR industry includes
offering 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.' The platform is affordable, scalable,
customizable, and most importantly, easy to integrate within an
existing web interface, making NexTech one of the leaders in the
rapidly growing AR industry, estimated to hit $120 billion by 2022,
according to Statista.
About NexTech AR Solutions Corp.
NexTech is
bringing a next generation web enabled augmented reality (AR)
platform with Artificial Intelligence (AI) and analytics to the
Cannabis industry, eCommerce, education, training, healthcare and
video conferencing. Having integrated with Shopify, Magento
and Wordpress,
its technology offers eCommerce sites a universal 3D shopping
solution. With just a few lines of embed code, the Company's
patent-pending platform offers the most technologically advanced 3D
AR, AI technology anywhere. Online
retailers can subscribe to NexTech's state of the art, 3D AR/AI
solution for $79/mo. The Company has created the AR industry's
first end-to-end affordable, intelligent, frictionless, scalable
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
Media
contact:
Erin
Hadden
FischTank
Marketing and
PR
ehadden@fischtankpr.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, level 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.