TORONTO, Oct. 12, 2022 (GLOBE NEWSWIRE) — via InvestorWire — 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 3D model services is pleased to announce the closing of multiple new 3D modeling deals for ecommerce, providing the Company with a rapidly growing base of ARR (annual recurring revenue) and MRR (monthly recurring revenue). The Company is experiencing rapidly accelerating demand for its state-of-the-art AI-powered ARitize 3D technologies. In addition, Map D has signed on with a number of event providers, furthering Nextech’s reach into the event technology space.
Nextech AR CEO Evan Gappelberg commented, “We are in negotiations for a record number of contracts with the biggest names in ecommerce for 3D models that total hundreds of thousands of 3D models with delivery dates starting in 2022 Q4 extended into 2023, which is unprecedented. We see an acceleration of demand for our entire suite of Web3 products. We are simultaneously signing on new clients to ARitize 3D, expanding into new industries, while renewing with existing clients for more 3D models. Our 3D/AR product offering is now being recognized as providing a game changing ROI for the global ecommerce ecosystem.” He continued, “Over the past four years but especially in the past eighteen months we have positioned ourselves as the lowest cost, most scalable and highest quality 3D model provider by leveraging our AI and ML technologies which are patent pending. We believe 3D models are now accepted as the standard in e-commerce. 3D models are estimated to have a TAM of $100 billion which is going to keep us very busy producing 3D models for the foreseeable future.”
Winning new contracts, combined with renewals and expansion of existing contracts is driving the rapid growth for the Company’s 3D model and augmented reality business in ecommerce. Nextech is pleased to see growth in the following industries:
Nextech has signed a contract with Vaqra, a unique online fashion retailer to create 3D models of their top-selling fashions, highlighting how innovative 3D modelling can be for clothing.
Vu3D Tours, an immersive technology experiences provider, has signed with Nextech to provide 3D models for laptops, TVs, phones, etc., showcasing Nextech’s ability to provide high-quality models for complicated electronics with small components.
Outdoor Furniture / Equipment
Continually expanding on the outdoor furniture and equipment 3D modelling, Nextech has signed with Bunnings, a large Australian hardware retailer, to do 3D models of BBQs along with a variety of other SKUs; Everdure by Heston Blumenthal has contracted for SKUs of their top-line BBQs; Ezooza, an Italian outdoor home goods store, has renewed for a large number of SKUs; North by North, a bamboo furniture manufacturer, has renewed their contract with Nextech for additional SKUs. Nextech is seeing definite growth in this category with new and renewal business.
Office Group, an office furniture retailer in South Africa, has renewed their contract for 3D models with Nextech.
As Good As Gold Australia has contracted with Nextech for 3D models of gold bars. Another new and unique contract is for a 3D model of a meteorite with Top Meteorite, showcasing the complexity and details that Nextech’s 3D models are able to provide. A premier provider of fans, Vornado, has also signed on for additional 3D model SKUs. William Wood Mirrors, a specialty UK mirror manufacturer, has increased its contract for complex mirror SKUs with Nextech, in order to meet increased demand in their specialty market.
Nextech has signed a renewal 3D modelling deal with City Grounds, a bicycle retailer, for additional SKUs – 5 SKUs. This follows multiple sports-related ARitize 3D deals, including MGI Golf, Marketer Deutschland, Head, Himibike, Salamander Paddle Gear, Never Summer, The Perfect Mound, Source for Sports, Joyride Bikes and others.
Artika, an online retailer of home lighting solutions, has renewed a monthly subscription for 3D models, contributing to Nextech’s MRR. This signing follows Nextech’s previous announcement of Lighting Plus extending their original contract for more 3D SKUs, reflecting increasing demand and positive ROI in the lighting market for 3D models.
Nextech expanded its reach and partners with marketing and other agencies to provide models for 3rd party clients. The latest signing in this area is with Indonesia’s leading ecommerce enabler for a variety of SKUs for their clients, reflecting the growing demand for 3D models worldwide. These signings highlight that more and more retailers are asking for 3D models in the ecommerce space, and their marketing agencies are reaching out to Nextech for solutions for their clients.
Nextech AR’s self-serve event management software solution, Map D, has seen rapid growth in new and renewal business in the event space. Recently, Map D has contracted with the following events:
- Rampartcorp – Range Day 2023
- Texas ASLA 2023 Annual Conference
- Uniform Retailers Association (URA) – URA 17th Annual Trade Show
- 59th Piedmont Craftsmen’s Fair
- American Tradeshow Services (ATS) – 2023 Equity & IBD Event
- Florida Library Association 2023 Annual Conference
- Tradeshow Logic – AHA Rural Health Care 2023
- New England Cannabis Conventions (NECC)
- Red River Valley Fair 2023
- Love Run Philadelphia Health & Fitness Expo 2023
- Temecula Valley Balloon and Wine Festival 2023
- Cowtown 2023
- Iowa Communications Alliance – 2023 Annual Meeting & Expo
- MN, TN, WI Podiatric Medical Associations – 2023 WPMA Annual Scientific Conference, 2023 TPMA Annual Scientific Conference, and the 2023 Twin Cities Foot & Ankle Conference
- 2023 NAEP Annual Meeting
- St. Thomas Home Show 2023
- Michigan Municipal League – CapCon 2023 Annual Expo
- American Academy of Physical Medicine and Rehabilitation (AAPM&R) – 2023 AAPM&R Job and Fellowship Fair
- Home Builders Association of Western Michigan – Home & Garden Show 2023
- Independent Insurance Agents and Brokers of South Carolina (IIABSC) – IIABSC 2022 Annual Conference
These events are just a small sampling of the large number of contracts that Map D has signed in the event space in September and October 2022. The Company believes that with that Map D will continue to gain traction and expand into the event space, especially with the most recent integration of ARway’s spatial computing technology for wayfinding.
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 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
About Map D
Map D is a self-serve event management software solution. Map D provides clients with an extensive set of features and tools for managing almost any kind of event you can imagine. Whether someone is looking for an easy way to sell floor plan space or services at trade shows, expos, or festivals or to manage speaker and schedule details during conferences or meetings, Map D does it all and updates in real time to make it easier to communicate with event goers. Map D is a tool that makes an event manager’s job easier by automating or crowd sourcing complicated logistics while simplifying the sales processes and adding new revenue opportunities. Most clients spend 2-4 hours on setting up their event in Map D, then the rest is automated so they can sit back and collect sales, or point event participants to a single web address for all the information they may need. Map D also can provide a companion native mobile app which in the future will double as a AR wayfinding app, for in-person events or serve as a self-contained virtual venue for attendees, exhibitors, sponsors, speakers, or anyone else participating in an event.
For further information, please contact:
Investor Relations Contact
866-ARITIZE (274-8493) Ext 7201
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.
Nextech funds the development of its AR and Metaverse growth initiatives through its e-Commerce platforms, which currently generate most of its revenue. Nextech’s e-commerce 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 e-commerce platforms serve as an incubator for developing and testing Nextech’s leading edge AR, AI and machine learning applications for powering next-generation e-commerce technology.
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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.