Nextech3D.ai
Game-Changing Generative-AI CAD 3D Design Studio Toggle3D.ai Primed
For $7 Million June IPO
Nextech3D.ai
shareholders of record set to receive a 4,000,000 share stock
dividend
The
company will trade under the ticker symbol: TGGL
TORONTO, O.N,
Canada -- May 24, 2023 -- InvestorsHub NewsWire
-- Nextech3D.AI
(formally "Nextech AR
Solutions Corp'' or the "Company") (OTCQX:
NEXCF) (CSE:
NTAR) (FSE: EP2), a Generative AI-Powered 3D model supplier for
Amazon, P&G, Kohls and other major e-commerce retailers to
thrilled to announce the eagerly anticipated spin-off of
Toggle3D.ai. The
expected trade date for Toggle3D.ai (CSE:TGGL) is June 13, 2023 (subject to
approvals) of the Canadian Securities Exchange. Nextech
shareholders of record will be issued an exclusive dividend of
4,000,000 newly issued shares in the revolutionary Toggle3D.ai, on
a pro-rata basis.
Toggle3D.ai is a
groundbreaking SaaS solution that utilizes generative AI to convert
CAD files, apply stunning 4K texturing, and enable seamless
publishing of superior 4K 3D models, serving various industries
within the $160 billion CGI market. With its Augmented
Reality-based rapid prototyping web app, Toggle3D.ai empowers
designers, artists, marketers, and eCommerce owners to effortlessly
convert, texture, customize, and publish high-quality 3D models and
experiences, regardless of technical or 3D design
expertise.
After the IPO spin-out
Nextech3D.ai is going to retain 13 million shares or about a 50%
ownership stake in Toggle3D.ai. The Company is selling about
8,400,000 shares at $0.25 per unit (including a $0.50
warrant). The Company has raised $2.1mill
dollars giving Toggle3D.ai a $7.1 million post money
valuation.
The
spin-out of Toggle3D.ai follows Nextech's successful spin-out on
10/26/2022
of
ARway.ai, currently trading on the CSE as ARWY and on the OTCQB as
ARWYF.
Toggle3D.ai is
emerging as a standalone public company, initially trading on the
CSE as TGGL, with plans to expand its presence to the Frankfurt and
OTC markets in the near future. This strategic move not only drives
innovation but also unlocks substantial shareholder value,
reflecting Nextech's commitment to driving the industry
forward.
Timeline to IPO:
Annual General and Special
Meeting (AGSM) is scheduled to take place on
June 5, 2023
The final court hearing to approve
the plan of arrangement is scheduled for June 9, 2023
The expected trade
date for Toggle3D.ai (CSE:TGGL)
is
June 13, 2023 on the Canadian Securities Exchange
.
Toggle3D.ai Platform Improvements and Updates
As of May 17, 2023, the Toggle3D.ai
platform had a total of 2,204 sign-ups representing a 1533%
increase. Since the Beta launch, Toggle3D.ai3Dai has attracted a
variety of users such as designers, developers, 3D artists,
entrepreneurs and creators, reaching thousands of users on the
platform within a few months.
As of May 17, 2023, the Toggle3D.ai
platform had a total of 3334 active projects representing a 1664%
increase since Beta launch
Toggle3D.ai is expected to launch out
of Beta in June 2023
Sign-ups from major enterprise brands
including LG, Honeywell, VIZIO and more
Toggle3D.ai recently launched
breakthrough generative AI technology that facilitates the generation of 3D
materials from text prompts. In the text-to-3D Material Pipeline,
users can input a text prompt into the AI generator, and the system
creates multiple image variations of that prompt. The generated
images are then layered with texture maps to create a 3D
material.
Example
of
"Red
Crocodile Leather Fabric" Text Prompt to 3D Material Generation
Using AI-Generator:
Toggle3D.ai has
recently increased
the converting power of its CAD to POLY importer by over
10X, and is now
able to convert manufacturing files over 1000mb. These new features
will allow the company to close new revenue opportunities for
enterprise-level manufacturers looking to unleash their CAD files
for usage on the web.
In March, Toggle3D.ai
launched new machine learning (ML) and computer vision
technology for
the Toggle3D.ai platform. These powerful ML and computer vision
tools simplify and speed up production pipelines for web and XR
developers who need high-fidelity 3D models, but who often have
limited resources available due to large file sizes or hardware
limitations.
The rapid adoption of this technology
is continuing and positions Toggle3D.ai to become an industry
leader in the estimated
$160 Billion Global GGI Application Software market.
Toggle3D.ai, introduced
in September 2022, is a cutting-edge standalone web application
that combines augmented reality (AR) technology with user-friendly
features, allowing product designers, 3D artists, marketing
professionals, and eCommerce site owners to effortlessly create,
customize, and publish top-tier 3D models and immersive
experiences, even without prior technical or 3D design expertise.
The Company strongly believes that Toggle3D.ai represents a
groundbreaking solution, being the first platform of its kind, with
the potential to revolutionize the manufacturing and design
industry. It offers an affordable and scalable approach to
converting large CAD files into lightweight 3D models, making it a
game changer for businesses in this sector.
Toggle3D.ai Benefits Over 3D Legacy Software
NO Learning Curve
Toggle3D.ai stands out
from legacy 3D design software by eliminating the learning curve
and making 3D design accessible to everyone, regardless of their
technical background. Unlike traditional systems that require
months of learning, Toggle3D.ai simplifies the process by
humanizing design terminology, providing guided templates, and
using machine learning to make the tools user-friendly.
Web-based Collaboration
Being web-based, users
can access Toggle3D.ai instantly on their browsers without the need
for downloads, updates, or system compatibility concerns.
Additionally, the platform offers advanced in-app collaboration
features, enabling multiple users to work together on the same
project in real-time, facilitating quick feedback, decision-making,
and cross-department collaboration.
These collaborative tools
empower businesses to adopt 3D design organization-wide, enhancing
workflow efficiency and unleashing the potential of group
iteration.
Recent Toggle3D.ai News
Further
Details of the Arrangement
The
Directors and Officers of Toggle3D.ai on closing of the Arrangement
are anticipated to be as follows:
Evan
Gappelberg - Chief Executive Officer.
Mr.
Gappelberg, the dynamic Director and CEO of Nextech, is a seasoned
entrepreneur renowned for his ability to launch and lead successful
start-ups. With expertise in funding, operations, and public
markets, he brings a wealth of experience to the table. As the
visionary behind over 500 popular apps on Apple's iTunes and Google
Play stores, Gappelberg's entrepreneurial journey began even before
his impressive Wall Street career as a hedge fund manager and
Senior VP of Finance. With a remarkable track record and deep
knowledge of capital markets, he is a driving force in managing
Nextech's growth as a public company.
Belinda
Tyldesley – Director and Corporate Secretary.
Mrs.
Tyldesley is the President of Closing Bell Services, a consulting
company that provides corporate secretarial services. Mrs.
Tyldesley has extensive experience across all sectors of the
economy with regulatory compliance in all Canadian jurisdictions
and reporting issuers listed on the Toronto Stock Exchange (TSX),
the TSX Venture Exchange (TSX-V), Canadian Securities Exchange
(CSE) and the NEO Exchange (NEO), as well as providing legal
assistance and secretarial services. Mrs. Tyldesley holds an
Associate Diploma in Business Legal Practice from Holmesglen
College in Melbourne, Australia. She currently serves as the
Corporate Secretary and a director of Nextech and Arway.
Andrew
Chan – Chief Financial Officer.
Mr. Chan
has over 20 years of experience across finance, accounting,
business analytics, and strategy, focusing on the technology and
financial services sectors with half of his career serving
high-growth, public technology companies. After over a decade in
public accounting (including 9 years at Ernst & Young), Andrew
moved into senior finance positions with Real Matters Inc. (TSX:
REAL) and goeasy ltd. (TSX: GSY) – both offering technology
solutions for the financial services industry – where he was
involved in several financings, transactions and acquisitions with
an aggregate value of well over a billion dollars. Mr. Chan has
successfully integrated and led finance-related functional groups
including treasury and banking, corporate reporting and budgeting
and was instrumental in forging strong relationships with business
unit leaders to enable successful revenue forecasting and delivery.
He currently serves as the Chief Financial Officer of Nextech and
Arway. Mr.Chan is a Chartered Public Accountant (CPA, CA) and also
holds a Bachelor of Commerce degree specializing in accounting and
finance from the University of Toronto.
Jeff
Dawley – Director.
Mr.
Dawley is President and Co-Founder of Cybersecurity Compliance
Corp., a cybersecurity company, and previously served as the
Principal and Chief Financial Officer of BridgePoint Financial
Group, a litigation finance group of companies. Mr. Dawley
currently serves as a director of Nextech and Arway.
The
Arrangement is subject to court and shareholder approval of the
Arrangement, and standard closing conditions. The Arrangement
cannot close until the required shareholder and court approval is
obtained. There can be no assurance that the Arrangement will be
completed as proposed, or at all. 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
Nextech3D.ai
Nextech AR
Solutions Corp (OTCQX:
NEXCF) (CSE:
NTAR) (FSE: EP2) is an augmented reality and AI technology
company that harnesses cutting-edge proprietary AI to create
engaging 3D experiences for ecommerce brands. With a focus on
developing disruptive technologies, Nextech spins them out as
independent public companies, rewarding shareholders with stock
dividends while retaining a substantial ownership stake in each
spin-out.
In October
2022, Nextech3D.ai successfully spun out its spatial computing
platform, ARway, as a standalone public company. Nextech AR
maintained control with 13 million shares (50% stake) and
distributed 4 million shares to its shareholders. ARway Corp. is
revolutionizing the augmented reality wayfinding market with its
no-code, no-beacon spatial computing platform driven by visual
marker tracking. The company is listed on the CSE (ARWY), OTCQB
(ARWYF), and Frankfurt Stock Exchange (E65).
In another
groundbreaking move, Nextech announced on December 14, 2022, the
upcoming spin-out of Toggle3D.ai, an AI-powered 3D design studio
set to rival Adobe. Anticipated to go public in the first half of
2023, Toggle3D.ai promises to reshape the industry and captivate
investors with its innovative approach to AI-powered
design.
To learn more, please
follow Nextech3D.ai on
Twitter,
YouTube,
Instagram,
LinkedIn,
and
Facebook, or
visit our website:
https://www.Nextechar.com.
For further information,
please contact:
Investor Relations
Contact
Lindsay Betts
investor.relations@Nextechar.com
866-ARITIZE (274-8493)
Ext 7201
Nextech3D.ai
Evan
Gappelberg
CEO and
Director
866-ARITIZE
(274-8493)
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.
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