NexTech AR Solutions (NexTech) (OTCQB: NEXCF) (CSE: NTAR) (FSE:
N29), an emerging leader in augmented reality for eCommerce, AR
learning applications, AR-enhanced video conferencing and virtual
events, is pleased to announce that its InfernoAR platform has been
selected by Enterprise Florida, Inc. for its first-ever virtual
Florida International Trade Expo, taking place March 16-18, 2021.
Enterprise Florida, Inc. (EFI) is a public-private partnership
between Florida’s business and government leaders and is the
principal economic development organization for the state of
Florida. This contract's initial value is $200,000 and will be the
first in a 12-month initial deal between Enterprise Florida and
NexTech.
Enterprise Florida, Inc. has announced the first-ever Florida
International Trade Expo, a virtual showcase and matchmaker of
leading Florida export products and services. Taking place over
three days from March 16th to March 18th, 2021, Florida is the
first U.S. state to organize such a virtual trade event.
“Enterprise Florida’s international trade and development team
is the best in the nation, and this is another historic first for
our team,” said Enterprise Florida president and CEO Jamal Sowell,
who also serves as Florida’s Secretary of Commerce. “Earlier this
year we announced the new virtual trade show and business
matchmaking grant programs. Launching the Florida International
Trade Expo is the next step in making sure the state’s small
businesses continue to recover and grow.”
NexTech is working with Enterprise Florida to create an
inclusive and safe virtual event that enables small- and
medium-sized Florida manufacturers and providers to showcase their
products and services to potential distributors and buyers around
the world. Through InfernoAR, NexTech will provide B2B meeting
facilitation, networking and ‘matchmaking’ software that pairs
distributors with exhibitors. The Company’s end-to-end virtual
event platform also offers Enterprise Florida and its exhibitors
opportunities to incorporate AR objects and human holograms,
virtual event halls and 3D, volumetric recreations of exhibition
booths.
“We are honored to be working alongside the Enterprise Florida
team on this year’s Florida International Trade Expo. With COVID19
disrupting businesses it’s more important than ever for local
government entities and trade organizations to support economic
growth and development. Our InfernoAR platform provides a
technologically advanced, engaging and safe venue for Florida
businesses looking to expand their footprint.” says Evan
Gappelberg, CEO of NexTech AR, “We are seeing a tremendous amount
of business opportunities to incorporate AR offerings into
professional trade shows such as these -- from AR holograms of
business leaders to 3D, volumetric product demonstrations and
virtual booths. We see this expo and our continuing work with
Enterprise Florida serving as a model for how professional services
expositions can operate on a global, virtual scale moving
forward.”
International trade is one of the state’s most important
sectors. With commodity exports of $56 billion in 2019, Florida was
the seventh-largest export state in the U.S. last year. An
additional $43 billion in exports of services worldwide ranked the
state fourth in the U.S. One in five U.S. exporters is located in
the state, and 96 percent of Florida exporters are small or
medium-sized enterprises with 500 or fewer employees.
According to Grandview Research the global virtual events market
in 2020 is $90 billion and expected to reach more than $400 billion
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, NexTech is well positioned
to rapidly take market share as the growth, and digital
transformation accelerates globally.
Q3 key highlights:
- Record Q3 2020 Total Bookings
of $6.7 million* which exceeded all of 2019 revenue of
$6mill
- 331% growth over Q3 2019 revenue of
$1,561,425
- Record cash on hand of $16.3 million
- Raised $13.2 million, through underwritten
offering by Mackie Research of 2,035,000 shares at a price of
$6.50
- Hired Eugen Winschel
18 year SAP Executive as new COO
- Doubled the size of the company to 140 in Q3
from just 70 in Q2 - to continue to meet the rapid ramp up in
demand and increase the company's technological capabilities.
- Company became approved Microsoft partner
- Launched New Distribution Deals with Well
Known Consumer Brands, Including: Dyson, Philips Norelco, MR.
Coffee, VitaMix, Breviel and Cusinart
- Landed $250,000 AR contract with Ryerson
University
- Appointed Ori Inbar to its Board of Directors,
a recognized AR expert, having been involved in the industry for
over a decade as both a startup entrepreneur and a venture capital
investor through SuperVentures.
- Acquired the assets of Next
Level Ninjas for $720,000 cash consideration
- Launches “Screen AR” A New Augmented Reality
Immersive Video Conferencing Software To Accelerate Business
Opportunities
- Began building Collaborative Video
Conferencing Capabilities To Rival Zoom and Address Telemedicine
and EdTech Markets
- NexTech
filed to uplist its stock
to the Nasdaq Capital Market July 2nd.
About NexTech
ARNexTech 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:
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.
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.
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.
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 GappelbergChief Executive Officerinfo@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.
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