NexTech Raises $1,580,000 In Management Led Round
July 12 2019 - 7:41AM
InvestorsHub NewsWire
NexTech Raises $1,580,000 In Management Led Round
CEO Evan Gappelberg Invests
$857,000
New York, NY and Toronto, ON, Canada -- July 12, 2019 --
InvestorsHub NewsWire -- NexTech AR Solutions Corp. (the
“Company” or “NexTech”) (OTC: NEXCF) (CSE: NTAR) (FSE:N29), a
rapidly growing technology and emerging growth company focused on
bringing augmented reality (“AR”) to the masses, is pleased to
announce that it has raised $1,580,000 with an expected closing
date of 7/15/19. The Company plans to use the net proceeds of the
offering to hire additional sales people, pursue M&A
opportunities, and for general working capital
purposes.
- Evan Gappelberg- CEO invested $857,000
- Reuben Tozman- COO $30,000
- Paul Duffy- President invested $7,000
NexTech is currently pursuing three multi-billion dollar
verticals in the AR industry which all drive revenue from its
omni-platform called “Aritize”.
Aritize™ For eCommerce:
The company launched its technologically advanced webAR for
e-commerce early in 2019 and has been rapidly signing up customers
onto its SaaS platform, with notable customer wins like Walther
Arms, Wright Brothers, Mr. Steak, Budweiser and many more. 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.’ With a web enabled
AR solution, NexTech has eliminated the biggest friction point of
AR, which was that a consumer first had to download an app to
experience AR in commerce.
Aritize™ University
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. It
also utilizes complex algorithms to recognize and relate content to
each other, allowing it to create micro-learning courses and
recommend relevant training content to each individual user.
AR Hollywood Studios
The studio has created a proprietary entertainment venue for
which it is producing immersive content using augmented reality as
the primary display platform. Heading up AR Studios is Paul Duffy,
inventor of the human hologram and President of NexTech AR
Solutions. Advising the AR Studio team is Barry Sandrew, Ph.D., a
visual effects pioneer and serial entrepreneur who invented digital
colorization of black and white movies, as well as a process for
converting 2D feature films to 3D. The NexTech engineering teams in
Dallas and Austin are building out the software that will drive
both AR content creation and its distribution. The Studio is
expected to launch its first product in the fourth quarter of
2019.
Advisory Board members and employees were issued options that
vest over three years at an exercise price of $0.60 CDN.
Charlie Fink was issued 100,000 options
Artem Tokariev issued 50,000 options
Mike Barsdale issued 50,000 options
As insiders of NexTech participated in this Offering, it is
deemed to be a “related party transaction” within the meaning of
Multilateral Instrument 61-101 Protection of Minority Security
Holders in Special Transactions (“MI 61- 101”). NexTech is relying
on the exemptions from the formal valuation and minority approval
requirements contained in Sections 5.5(a) and 5.7(1)(a) of MI
61-101, on the basis that the fair market value of the transaction
does not exceed 25% of NexTech’s market
capitalization.
All securities issued are subject to a four-month hold period
from the date of issuance. The securities offered have not
been registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements.
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 SaaS platform. 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”, “plans” or variations of such words and phrases or statements
that certain actions, events or results “will” occur.
Forward-looking statements regarding the use of proceeds of the
Offering and the filing of a material change report 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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