TORONTO--(BUSINESS WIRE)--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 and services is transforming its operations with a renewed laser-focus on its Web 3.0 SaaS business providing leading edge 3D/Augmented Reality solutions.
As the $5.5 trillion global e-commerce market (source: Statista 2022) is transitioning to Web 3.0 technologies such as 3D models/AR, bridging the gap between the physical world, and what was once a flat 2D online e-commerce experience. Nextech’s Web 3.0 solutions, help increase sales, decrease product returns, and improve advertising results, leading to potentially billions of dollars in value, and bottom line impact for its global brand clients which include Kohl’s, CB2, Crate and Barrel, NAPA Auto Parts and many others.
The transformation will result in the following:
- Transition to pure-play Web 3.0 services business, and winding down of its legacy Ecommerce business, Vacuumcleanermarket.com, Trulyfesupplements.com and infinitepetlife.com, effective immediately.
- This wind down of legacy ecommerce assets is anticipated to save the Company $8-$10MM in annual expenses based on 2021 annual figures.
- The company expects that it will generate an additional $1MM - $2MM in cash from the sale of the inventory in the Ecommerce business which will bolster Nextech’s cash position.
- The Company will be solely focusing on generating revenue from its technology services and renewable software licenses business going forward.
- The company is exploring additional ways to enhance shareholder value through spin-outs as previously announced of ARitize Maps and other activities.
Nextech AR CEO Evan Gappelberg commented, “We are extremely excited about the growth prospects of our 3D modeling and AR business in 2022 and beyond and see this transformation as the next logical step in our stated goal to be the 3D model factory for the metaverse. Nextech continues to gain traction in the 3D technology space by signing new deals and building its MRR and ARR. With this winding down of our Ecommerce business we can now focus solely on our fastest growing business which is our 3D technology products becoming a pure play technology company. He continues “Our renewable software licences is the fastest growing segment with over 300% growth year-over-year which we expect to continue. We anticipate continued demand and growth in our 3D and AR technology for the foreseeable future.”
From 2019-2022 the company was able to use its Ecommerce businesses as a sandbox for learning about the 3D modeling and Augmented Reality business; today however its 3D modeling business and AR business has matured so that it no longer is needed for this. In addition, severe supply chain issues are preventing the business from restocking its top selling products, which is hindering ecommerce business growth as seen in the reduction in sales in the last few quarters. In light of the growing 3D modeling business and the difficult climate for gaining inventory due to supply chain issues, the company is reorganizing and becoming a pure play technology company.
Nextech’s remaining technology services are comprised of the following products:
ARitize Maps (spin-out announced)
ARitize Maps (previously ARway) is a creator portal, SDK and mobile app, that brings to market a all-in-one no code real-world Metaverse creation tool, with self-generating augmented reality (“AR”) mapping solutions for consumers and brands alike. The ARitize Maps offering is paired with a no-code web based Creator Portal and SDK to form the Metaverse Experience Builder Platform (MEBP), launching to early adopters in July 2022. Creators can map, author and publish various Metaverse experiences ranging from AR wayfinding, to an array of pre- loaded AR experiences for exclusive branded activations.
With the ARitize Maps mobile app, anyone can spatially map their location within minutes, and populate it with interactive 3D content, augmented reality navigation, audio, text, images and more. Nextech provides a number of pre-loaded 3D objects, and creators can also upload their own OBJ/GLB files, and create their own 3D objects to populate their Metaverse. The platform has a Visual Position System (“VPS”) which Nextech refers to as Mapping and Localization where users can map and enable VPS in any area through the platform. Occlusion, Depth Sensing and segmentation are also available. Users can share their Metaverse with others, creating a new level of immersive interactivity for social, branding, advertising, gaming and more Metaverse experiences.
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 with a 3D model: 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 is 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, 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
ARitize CAD enables the conversion of CAD files into 3D/AR models at scale. CAD is a function of product engineering. Industrial designers, working for product manufacturers, use CAD software (e.g., AutoCAD, SolidWorks, etc.) to design many of the products in the modern world. Using ARitize CAD, those files can be converted to 3D/AR models with the creation of photo realistic, fully textured 3D models from raw CAD models and reference images. This technology creates optimized 3D meshes that are suitable for 3D and AR applications.
An ARitize Swirl is a swirling (rotating) 3D asset on the header or page of an ecommerce website. In a few simple steps, any customer can create a fully interactive ARitize Swirl 3D/AR banner using their existing 3D models and embed them into their ecommerce website to create 6X higher purchase intent, increase conversions and click- through rates. The ARitize Swirl self-serve creator tool is an upsell opportunity for existing ARitize 3D clients, and allows for the creation and management of 3D and AR banners for their ecommerce websites, highlighting the products that clients wish to promote.
ARitize Social Swirl
ARitize Social Swirl is a social media AR filter designed to promote and visualize ecommerce products in an interactive and shareable way. Available for Instagram, Meta, and Snapchat, ARitize Social Swirls are designed to create new engagement opportunities for customers. ARitize Social Swirl is a managed service where Nextech creates ads for clients with their existing 3D models, or from Nextech’s existing list of AR templates, to be advertised on the client’s Instagram, Facebook and Snapchat. Nextech also creates custom filters to match client’s branding. When users click on the ad, they can see the product in 3D in their space, giving the user the ability to experience and interact with the product, before sending them to the client’s website to purchase the product.
ARitize Decorator enables customers to virtually preview home furnishing and decor in a desired location, using just a simple 2D photo of a room. The solution uses Nextech's AI to analyze a room layout automatically and then parses out room surfaces, reconstructs the scene, and allows 3D objects to be seamlessly placed inside a 2D photo, as if they were part of the room.
ARitize Holograms is Nextech's human hologram creator mobile app. Currently available in the apple iOs store. ARitize Holograms lets you CREATE, SHARE and VIEW holograms on your smartphone device. It is as easy as creating a video. No green screen or technical equipment required; anyone can create themselves as a human hologram in minutes. CPG (CPG = Consumer Packaged Goods) is an Augmented Reality hologram experience, triggered by a visual anchor such as a QR code placed on product packaging, in-store aisles or end-cap displays. This interactive AR hologram takes smart packaging to a new level with exciting 3D objects, innovative visual effects and engaging episodic content.
Map D is a self-serve virtual events platform that allows organizers to create, host, and manage live events for over 100,000 attendees both online and in our branded native event application. The platform supports live video, chat, networking, and analytics, reporting for associations, conferences, trade shows, webinars, summits, forums, workshops, and hybrid events.
With ARitize Labs, higher education institutions can bring classrooms to life with immersive and engaging augmented learning labs. Using Nextech’s ARitize Play app, students are welcomed into a virtual learning lab, where they can interact and learn in 3D, mimicking a traditional lab environment. The Nextech AR platform allows users to design, build and publish native AR experiences for delivery through a learning platform. These learning experiences provide students the opportunity to learn through pre-recorded AR learning objects on their smartphones, tablets and AR headsets.
With ARitize Portals, users can transport themselves into new environments using augmented reality. Users can place the portal in their space using a smartphone, then walk through the portal to enter a new world. Users can look up, down, and around 360 degrees to view completely new surroundings through augmented reality.
Formerly known as ARitize360. ARitize Capture allows the user to create 3D augmented reality photo realistic models right from their smartphone. The main purpose is to turn products into 3D models to enhance the user experience and create engagement with the products. Users can experience the product from every angle, zooming into the minutest of details and product features.
Formerly known as the standalone app called ARitize. ARitize Play is a mobile app that lets users experience immersive augmented reality technology. This app is used to scan QR codes that launch exciting augmented reality experiences for consumers and users of all ages. Users can engage in these immersive experiences, which include 3D AR products, portals, AR labs, human holograms, and more.
Wall Street Reporter Livestream
Nextech AR Solutions CEO Evan Gappelberg will present today at the “NEXT SUPER STOCK Live!” event hosted by the Wall Street Reporter. He will discuss the spinout of the Company’s groundbreaking augmented reality and spatial mapping platform for the Metaverse, ARitize Maps.
Date: Thursday, June 16, 2022
Time: 1:00 PM Eastern Time (US and Canada)
Attend here: https://www.wallstreetreporter.com/next-superstock-online-investor-conference/
This event is a follow up to last week’s livestream event and presentation of the ARitize Maps product by Nextech AR President, Paul Duffy. To watch a replay of the event - click here
Nextech AR invites individual and institutional investors, as well as advisors and analysts, to attend Evan Gappelberg’s livestream presentation on Thursday June 16, 2022.
The livestream will also be archived and available for replay. NEXT SUPER STOCK Live! is Wall Street Reporter’s flagship investor conference series featuring presentations by a select group of companies which are at key inflection points, and at the threshold of explosive growth.
On behalf of the Board of Nextech AR Solutions Corp.
CEO and Director
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.
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.