NexTech Reports Record Breaking Revenue and Gross Profit for March
NexTech Reports Record Breaking Revenue and Gross Profit for
Performance Boosted by New
“Work From Home” “Shop From Home” Paradigm Shift
NEW YORK, NY -- April 9, 2020 -- InvestorsHub NewsWire
-- NexTech AR Solutions (the “Company”
or “NexTech”) (NEXCF) (CSE:NTAR) (N29.F), the industry leader in augmented reality, is
pleased to announce that it has achieved record revenue and gross
profit for the month of March 2020. Both revenue and gross profit
surged in March and is continuing to surge in April. Notably, the
company achieved $1,000,000 in booked revenue last month and the
highest revenue ever achieved in a single month, which represents a
270% increase in revenue year over year.
Evan Gappelberg, CEO of NexTech comments, “We had over
$3million in cash and inventory on hand at the end of March which
means the company is perfectly poised to ride out the COVID19 new
economy”. He continues, “As a diversified company we have multiple
business segments that are benefiting from the new work from
home (WFH) and shop from
home (SFH) paradigm shift that employers,
businesses and governments have instituted due to the Coronavirus.
We are fortunate to be experiencing a major surge in our AR
Ecommerce division to the point where we are hiring additional
personnel to handle the incoming orders. Also, we are in the market
and experiencing a lot of interest in our new Virtual Conference
offering which we believe will lead to meaningful new contract
revenue in the short term”.
- Sales have surged for the month of March
to record breaking revenue of over $1mill for the
- AR is right smack in the middle of
the SFH and WFH paradigm
- New Acquisition of Virtual Conference Training Platform with
Zoom integration and AR driving new business opportunities.
Expected closing on or around April 15th.
- The E-commerce business segment is
surging from the shop from home (SFH) new normal, new hires needed
to keep up with demand.
The Company has granted 1,020,000 stock options to
directors, officers, employees and consultants for the right to
purchase up to an aggregate of 1,020,000 common shares of the
Company (the “Options”). The Options vest over three years, at a
price of $1.34 per share, being the closing price of the last
trading day prior to the date of grant. All Options were granted in
accordance with the Company's stock option plan. The Company also
announces that the Board has approved the cancellation of 850,000
incentive stock options currently exercisable at $1.89.
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
multi-billion-dollar verticals in AR.
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™ 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
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:
expected to launch in 2020, 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
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
CEO and Director
For further information, please contact:
Chief Executive Officer
The CSE has not reviewed and does not accept
responsibility for the adequacy or accuracy of this
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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