Nextech AR
Announces Record $6.7 Million 3D Model Purchase Order From a NASDAQ
100 Technology Company
The
Company is experiencing accelerated growth in orders for its 3D
model business for e-commerce
TORONTO, O.N,
Canada -- October 18, 2022 -- InvestorsHub NewsWire
-- Nextech
AR Solutions Corp.
("Nextech" or the "Company") (OTCQB:
NEXCF) (CSE:
NTAR) (FSE: N29), a Metaverse Company and leading provider of
augmented reality ("AR") experience technologies, wayfinding
technologies and 3D model services is pleased to announce it has
received its single largest purchaser order to date of $6.7 million
from a NASDAQ 100 technology company. The 3D models related to this
$6.7 million order are to be delivered in the calendar year 2023.
With the previously announced $700,000 3D model order to be
delivered in Q4, 2022 the total new orders recently announced
equals $7.4 million. These new 3D model orders set the stage for
record growth in its 3D modeling business for the foreseeable
future.
While $6.7 million is the most
substantial 3D modeling order Nextech AR has received to date, the
Company is still in negotiations for additional significant 3D
modeling contracts from large enterprise customers, which it
expects to announce shortly. These large enterprise orders
demonstrate the Company's technical proficiency as a 3D model
provider and leadership position in the transformation of the $5.5
trillion e-commerce industry from 2D to 3D. The Company is
anticipating that its proprietary AI and computer vision expertise
will play a major role in the growth of its future production of
mass quantities of 3D models, which the Company estimates to be in
the hundreds of millions.
CEO Evan Gappelberg commented, "The
transformation from 2D online shopping to 3D is only in the first
or second inning, similar to Artificial Intelligence,
Robotics, Energy Storage, DNA Sequencing, Blockchain
Technology, and other
disruptive technologies. We are very fortunate to be positioned as
one of the leaders in 3D technology transforming the $5.5 trillion
e-commerce industry. We are now delivering mass quantities of 3D
models to the highest standards, for the most demanding customers.
We expect that global demand for 3D models will rapidly grow and
then accelerate at a breakneck pace from 2023 into 2024. We see
this massive demand for 3D models accelerating now because large
enterprise e-commerce businesses have seen a positive ROI for 3D
models and know that to remain competitive they will need 3D
models. He continued, "Nextech AR has worked tirelessly over the
past four years to cement itself as a leader in 3D model making at
scale for large enterprise global customers and it is just now
starting to pay off as evidenced by this $6.7 million order. The
transition from flat 2D photos to 3D models is now in full swing
presenting a massive opportunity which we plan to take full
advantage of."
Recent
3D Modeling News Highlights
Earlier this year
Nextech announced that it was in the testing phase with large
enterprise accounts; it is evident that these accounts are now
converting to large multi-year orders for 3D models. Winning new
contracts, combined with contract renewals and expansion of
existing contracts is driving the rapid growth of the Company's 3D
model and augmented reality business in e-commerce.
About ARitize
3D
ARitize 3D is your one-stop-shop AR
solution with automated 3D model creation at an unbeatable price.
Our Artificial Intelligence (AI) will turn your existing 2D product
images into high-quality 3D and Augmented Reality experiences. It's
fast, it's easy and it will transform your eCommerce
website.
With a 3D model, clients can
interact with the product to see every detail: turn it, spin it,
zoom in, zoom out, leading to 40% lower product returns, 93% higher
click-through rate and a 90% reduction in product photography
costs. The Company believes that this value creation and ROI are
leading to the rapidly growing demand for the Company's 3D
technology. Transform your online store into a dynamic virtual
showroom. 3D models allow customers to see products from every
angle and position them in their own space prior to purchasing.
It's an exciting, immersive shopping experience that keeps
customers more engaged, and better informed and helps your brand
stand out from the competition.
ARitize 3D is the One-Stop-Shop 3D
+ AR solution for eCommerce that is:
-
Affordable
- lowest cost provider
-
Scalable
- fastest, seamless , high
quality
-
Frictionless
- requires low implementation
effort
-
AI & ML powered
- automated 3D model
creation
-
End to End
- from model creation to CMS &
AR visualization
To learn more about ARway, please
follow on Social Media: Twitter,
YouTube,
Instagram,
LinkedIn,
and Facebook,
and visit our website: www.arway.ai
For further information, please
contact:
Investor
Relations Contact
Lindsay Betts
investor.relations@Nextechar.com
866-ARitize (274-8493) Ext
7201
About Nextech
AR
Nextech AR Solutions is the engine
accelerating the growth of the Metaverse. Using breakthrough AI,
Nextech AR is able to quickly, easily and affordably ARitize
(transform) vast quantities and varieties of existing assets at
scale making products, people and places ready for interactive 3D
use, giving creators at every level all the essential tools they
need to build out their digital AR vision in the Metaverse. Our
platform agnostic tools allow brands, educators, students,
manufacturers, creators, and technologists to create immersive,
interactive and the most photo-realistic 3D assets and digital
environments, compose AR experiences, and publish them omnichannel.
With a full suite of end-to-end AR solutions in 3D Commerce,
Education, Events, and Industrial Manufacturing, Nextech AR is in a
unique position to meet the needs of the world's biggest brands and
all Metaverse contributors.
Nextech funds the development of
its AR and Metaverse growth initiatives through its eCommerce
platforms, which currently generate most of its revenue. Nextech's
eCommerce platforms include: vacuumcleanermarket.com ("VCM"),
infinitepetlife.com ("IPL") and Trulyfesupplements.com ("TruLyfe").
VCM and product sales of residential vacuums, supplies and parts,
and small home appliances sold on Amazon. These eCommerce platforms
serve as an incubator for developing and testing Nextech's leading
edge AR, AI and machine learning applications for powering
next-generation eCommerce technology.
To learn more, please
follow us on
Twitter,
YouTube,
Instagram,
LinkedIn,
and
Facebook, or
visit our website:
https://www.Nextechar.com.
Forward-looking
Statements
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" or variations of
such words and phrases or statements that certain actions, events
or results "will" occur. Forward-looking statements regarding the
completion of the transaction are subject to known and unknown
risks, uncertainties and other factors. There can be no assurance
that such statements will prove to be accurate, as 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.
