Nextech AR
Announces Plans For IPO Spin-Out Of
3D
Design Studio Toggle3D, Targeting The $11 Billion CAD Market Shift
to 3D-Commerce
Toggle3D is Nextech's Second Spin-Out Following the Successful
Debut of ARway
TORONTO, ON, Canada
-- December 14, 2022 -- InvestorsHub NewsWire
-- Nextech
AR Solutions Corp. ("Nextech" or the "Company")
(OTCQB:
NEXCF) (CSE:
NTAR) (FSE: N29) is pleased to announce today that it has
determined to pursue a direct spinout of its
Toggle3D design
studio SaaS Software platform through a wholly-owned subsidiary of
the Company ("Subco"). The transaction is currently anticipated to
proceed by way of plan of arrangement (the "Arrangement") pursuant
to which the
Toggle3D and
associated assets will be spun out into a new Subco, but will be
subject to final tax and legal structuring considerations. Nextech
shareholders will receive Toggle3D (Spinco) Shares distributed
directly to the shareholders of Nextech on a pro-rata
basis.
Visit the Toggle3D
website -
click here
On October 26th, 2022
Nextech successfully completed the spin-out of
ARway (ARWY: CSE)
(ARWYF:OTC)
on the Canadian Securities Exchange ("CSE") which unlocked
tremendous shareholder value in a very short amount of time. The
Company believes that by spinning out
Toggle3D it will
unlock additional shareholder value. With the successful spin-out
structure of ARway the Company plans to have similar terms and
conditions for the spin-out of
Toggle3D. Further
detail of this arrangement will be disclosed shortly.
Evan Gappelberg, CEO of
Nextech AR commented, "The spin-out of ARway on October 26th has
proven to be a tremendously successful way to unlock value for
Nextech shareholders. Now we are announcing that we are going to do
the same thing with Toggle 3D. We believe there is a tremendous
amount of value currently trapped inside Nextech and these
spin-outs are aimed at unlocking that value by listing pure play
technology companies. We believe that Toggle 3D is now commercially
ready with a laser focused team, and will be well received by the
market. Creating value for Nextech shareholders of which I am the
single largest with 10.7mill shares has always been a major focus
of mine. This Toggle3D spin-out and the possibility of additional
future spin-outs are intended to unlock the value of the technology
that we have been heavily investing in, incubating and building
inside Nextech for the last 4-years." He continued, "After 16 years
of walking around with a smartphone in our pockets the next
generation of devices is about to emerge in the form of Computer
glasses. Once launched computer glasses will become the device of
choice in 2023 and beyond causing everything 3D to go up in value
practically overnight. We believe that a 3D spatially aware world is the
next evolution of our computer driven world. We see it becoming a major focus of
investors in 2023 when Apple Computer releases a pair of computer
glasses which perfectly positions, Nextech, ARway and now
Toggle3D."
Further Details of the Arrangement
Further details about the
proposed Arrangement will be provided in a disclosure document to
be prepared and filed in connection therewith. Investors are
cautioned that, except as disclosed in the disclosure document to
be prepared in connection with the Arrangement, any information
released or received with respect to the foregoing matters may not
be accurate or complete and should not be relied upon.
About Toggle 3D:
Launched in September, Toggle3D is an AR enhanced standalone
web application which enables product designers, 3D artists,
marketing professionals and eCommerce site owners to create,
customize and publish high-quality 3D models and experiences
without any technical or 3D design knowledge required. The Company
believes that
Toggle3D is the
first platform of its kind, and this break-through SaaS product is
a potential game changer for the manufacturing and design industry,
as it provides a viable solution to convert large CAD files into
lightweight 3D models at affordable prices and at scale.
According to BIS Research, the CAD market, quantified by the
amount spent on the creation of CAD files, is projected to reach
$11 Billion dollars by 2023.
Since its
Beta launch,
Toggle3D has been successfully
attracting and working with early adopters as the development of
the platform continues. This early adopter group includes
manufactures, production agencies, design agencies, industrial
software companies and XR startups. These users are looking for a
3D modeling creation workspace for use-cases such as prototyping,
design decision-making, content population in XR scenes and
marketing applications.
The user
personas are business owners, graphic designers, 3D artists,
product designers, marketing teams, and operations teams that are
all either looking to replace their legacy platforms because they
are no longer meeting their needs, are new to the 3D ecosystem, or
are facing 3D creation bottlenecks and are looking for a more
scalable solution.
Introducing Toggle3D
Video -
click here to watch
Design
Studio Demo -
click here to watch
Toggle3D
Video -
click here to watch
Product Development
Updates:
-
Material Creation
Template Powered by Machine Learning (ML): Toggle will be releasing a new
template in the platform for material creation powered by ML. This
has been a feature heavily requested by many early adopters and
something that is currently a long process in any of the legacy
systems. Recreating a material from scratch today can take anywhere
from 120-240 minutes depending on its complexity and the artist's
experience. Now imagine if you have 5X or even 10X materials on a
simple object it could take days to finish. In Toggle3D, we have
developed a break-through PBR material creation flow that reduces
the time from hours or days to minutes. From start to finish it lets anyone
transform a 2D reference image into a high-quality realistic PBR
material with no technical experience necessary from the
user. This is possible
due to the generation and training of advanced learning algorithms
that have been brewing in Nextech AR's research and development hub
for some time now.
-
Supports NEW File
Formats & Expanding CAD Conversion
Capabilities: Toggle3D will be
able to welcome new file format imports and will introduce
improvements to its CAD file management. With the goal of
simplifying this process, we are employing logic that allows parts
from CAD conversions to be automatically named, grouped and
filtered in a way that decreases the file organization flow effort
by more than 200%!.
-
Advanced Editing
Features:
We have introduced
three NEW tools:
-
A Lighting
Environment: This is
a pre-set lighting library that allows users to change
between environments to see how materials would look in different
settings.
-
Advanced Material Property Editing: Users
can adjust the roughness, glossiness, transparency, and intensity
of a material finish to best match their desired output. This can
be done on any materials in the preset
library, or any materials created in the new
template.
-
Adjustment of UV Settings: This allows
a user to change the way a texture looks on the model regarding
size, rotation and position of the pattern.
-
NEW
Branding Underway: Toggle 3D has a new logo and is
undergoing a UX/UI lift that streamlines the user
workflow.
Top Three Competitive Advantages of Toggle 3D Versus 3D Legacy
Software Generating
$11 Billion In Revenue
1. NO Learning Curve:
What makes Toggle3D
different from the legacy 3D design software is its ease-of-use and
democratization of 3D design. The goal is for anyone with no prior
technical or 3D design experience to be able to hop into the
platform and create a high-quality 3D visual in minutes. This is
unlike legacy 3D modeling systems, that require months to truly
feel comfortable with. Users would first be required to learn and
understand the industry lingo, learn what the tools do and then
learn how to use them in the legacy software. Meanwhile, we have
streamlined this process in Toggle3D by "humanizing" 3D design
terminology, creating templates to guide creation and simplifying
the tools using machine learning to transfer the complexity out of
the user experience into the backend platform, and instead allow
more room for creativity.
2. Web-based:
Toggle3D is a web-based
design studio which means the user can access everything on the
browser and start designing instantly. No desktop downloads
involved, no updates to keep track of, and no system requirements
to worry about. All the templates are organized into project panels
that a user can access anywhere and seamlessly navigate between.
This is different from how legacy software were built back in the
day with the software package being broken out into multiple
desktop apps that would require the user to understand system
compatibility, download, sync, and learn
independently.
3. Collaboration:
Toggle3D will allow
advanced, in-app collaboration. These new sets of features will
allow multiple users to work at the same time and on the same
project resulting in quick feedback and decision making
cross-department, and team. These tools will allow businesses to
adopt 3D organization-wide and unlock the power of group iteration.
Users could set up workflows, permissions, and version history to
keep up with real-time design changes. These advanced collaboration
cycles are harder to set up in desktop apps and may sometimes
slowdown or isolate the design workflow.
Forward-looking
Statements
This
press release contains forward-looking information and may also
contain statements that may constitute "forward-looking statements"
within the meaning of applicable Canadian securities legislation
(collectively, "forward-looking information"). Such forward-looking
information is not representative of historical facts or
information or current condition, but instead represent the beliefs
and expectations regarding future events about the business and the
industry and markets in which the Company operates, as well as
plans or objectives of management, many of which, by their nature,
are inherently uncertain. Generally, such forward-looking
information can be identified by the use of terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or may contain statements that certain actions, events
or results "may", "could", "would", "might" or "will be taken",
"will continue", "will occur" or "will be achieved".
Forward-looking information contained herein may include but is not
limited to, references to the potential Arrangement, including the
anticipated timing and structure thereof. Factors that could cause
actual results to differ materially from such forward-looking
information include, but are not limited to, general market
conditions, availability of financing, regulatory, court and
shareholder approvals and the results of the Company's operations.
Forward-looking information is not a guarantee of future
performance and involve risks, uncertainties and assumptions which
are difficult to predict and readers are cautioned that the
Arrangement may not be completed on terms as presently proposed or
at all. Accordingly, readers should not place undue reliance on
forward-looking information, which are qualified in their entirety
by this cautionary statement. The Company does not undertake any
obligation to release publicly any revisions for updating any
voluntary forward-looking information, except as required by
applicable securities law.
Nextech3D ai (CSE:NTAR)
Historical Stock Chart
From Nov 2024 to Dec 2024
Nextech3D ai (CSE:NTAR)
Historical Stock Chart
From Dec 2023 to Dec 2024
