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Nextech AR Signs Large Enterprise 3D Modeling Deal For Ecommerce
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Positive)
Tags
Rhea-AI Summary
Nextech AR Solutions Corp (OTCQB: NEXCF) has closed a significant deal with a multinational e-commerce brand to produce 2,500 3D models using its ARitize 3D technology. This contract is expected to enhance the company's Monthly Recurring Revenue (MRR) and demonstrates the increasing demand for 3D modeling and AR visualization in e-commerce. Nextech's CEO, Evan Gappelberg, highlighted that this contract positions the company for growth in 2022, as it aims to transition 3D models from an optional feature to a necessity in online retail.
Positive
Secured a large contract to produce 2,500 3D models, enhancing Monthly Recurring Revenue (MRR).
Demonstrates strong demand for 3D modeling and AR visualization in e-commerce.
Positioning for growth in 2022 with a focus on scalable solutions for large enterprises.
Negative
None.
Company is seeing rapidly growing demand for Its 3D modeling and AR Visualization solutions in Ecommerce
VANCOUVER, British Columbia--(BUSINESS WIRE)--
Nextech AR Solutions Corp. (“Nextech” or the “Company”) (OTCQB: NEXCF) (NEO: NTAR) (CSE: NTAR) (FSE: N29), a Metaverse Company and leading provider of augmented reality (“AR”) experience technologies and services is pleased to announce the closing of an large enterpriseARitize 3Ddeal with a multinational e-commerce brand. This deal provides the Company with a growing base of MRR (Monthly Recurring Revenue) and showcases the accelerating demand of Nextech's state-of-the-art ARitize 3D factory which is powered by AI and ML. The Company is contracted to produce 2,500 3D models to be distributed through the client’s online subsidiaries globally. This new contract is foundational for the Company as it not only shows validation of Nextech’s 3D modeling at scale, but also validates the very strong and growing demand for 3D models and AR visualizations in ecommerce globally.
To rapidly grow it’s accounts in 2022 the Company is preparing to come out of it’s beta launch of ARitize 3D SaaS Offering For Ecommerce. This opens up the technology to anyone with an ecommerce site, allowing them to offer webAR and 3D shopping experiences on their website. Whether the customer wants to create 5 models or 5000 models, they just have to sign up, enter a credit card payment method, and enable webAR for their website. The Company believes that it is first to market with this SaaS 3D WebAR solution for ecommerce.
The Company's ARitize 3D technology allows for large enterprise, medium and small ecommerce businesses to scale their 3D model production using Nextech’s AI driven technology in a cost effective way. The Company believes that with the combination of ARitize 3D and Nextech’s ARitize CAD which enables manufacturers to convert CAD files into 3D AR models at scale the Company has a major competitive edge in the 3D modeling market.
Nextech AR’s CEO Evan Gappleberg commented, “This enterprise 3D modeling contract for an initial 2500 models is a huge win for Nextech, and clearly highlights the future trajectory of our technology. By being able to provide scalable 3D/AR ecommerce solutions for the world’s largest multinational companies at what we believe is the lowest cost and highest quality, the most scalable solution really does change the game for our Company. He continues “I believe that this is just the beginning as we have many more enterprise deals in our pipeline which we expect to close in Q1. Beyond enterprise we are seeing strong demand all through the ecommerce space. I believe that 2022 is the year that 3D models move from a “nice to have” to “must have” in ecommerce and we have the 3D model factory that can scale, turning our platform into a “must have” solution for ecommerce.”
Nextech AR Solutions is a Metaverse Company that develops and operates augmented reality (“AR”) platforms, transporting three-dimensional (“3D”) product visualizations, human holograms and 360° portals to its audiences altering e-commerce, digital advertising, hybrid virtual events (events held in a digital format blended with in-person attendance) and learning and training experiences.
Nextech focuses on developing AR solutions for the Metaverse, however most of the Company’s revenues are derived from three e-Commerce platforms: 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.
Forward-looking Statements
The CSE and the NEO have not reviewed and do 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.
