Nextech3D.ai Announces The Closing of Map Dynamics Sale to ARway.ai To Focus on Patented High-Margin Generative AI-powered 3D Modeling Technology

Rhea-AI Summary

Nextech3D.ai (OTCQX:NEXCF) closed the sale of its Map Dynamics business to ARway.ai for $1.2 million in stock. This strategic move allows Nextech3D.ai to focus exclusively on its patented, high-margin generative AI-powered 3D modeling technology used by major e-commerce companies like Amazon and Miele. The divestiture streamlines operations and bolsters Nextech3D.ai's position in the 3D modeling and AI sectors. Additionally, ARway.ai gains approximately $1.2 million in revenue and $500,000 in free cash flow, enhancing its spatial mapping business.

Positive

• Nextech3D.ai divested a non-core business unit, improving focus on high-margin 3D modeling technology.
• The sale generated $1.2 million in stock, strengthening Nextech3D.ai's financial position.
• Enhanced focus on patented AI-powered 3D modeling technology, a profitable core competency.
• Streamlined operations aim to improve efficiency and market positioning.
• ARway.ai benefits from the acquisition with $1.2 million in revenue and $500,000 in free cash flow, potentially increasing the value of the received shares.

Negative

• Sale proceeds are entirely in stock, which may involve volatility and liquidity risks.

TORONTO, ON / ACCESSWIRE / May 28, 2024 / Nextech3D.AI (OTCQX:NEXCF)(CSE:NTAR)(FSE:1SS), a frontrunner in generative AI-powered 3D modeling technology for major e-commerce entities such as Amazon, Miele, P&G, Kohls, and Wesfarmers Group's "Bunnings," today announces its has closed its previously announced sale of Map Dynamics to ARway.ai as a strategic pivot towards becoming a specialized AI 3D firm. The company has divested its Map Dynamics business, a non-core floor plan mapping software unit, to ARway (OTCQB: ARWYF / CSE:ARWY), in exchange for $1.2 million or 4 million shares in ARway, entirely in stock. This move streamlines Nextech3D.ai's operations, focusing exclusively on its profitable AI-driven 3D modeling patented technology.

The divestiture not only advances Nextech3D.ai's position in 3D modeling and AI technology but also enhances ARway's financial standing, contributing approximately $1.2 million in revenue and $500,000 in free cash flow, bolstering its growing spatial mapping operations.

This strategic reorganization and focus on core competencies underline Nextech3D.ai's commitment to leading the evolution of digital commerce through advanced 3D modeling technologies.

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For further information, please contact:

Nextech3D.ai
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)

About Nextech3D.ai

Nextech3D.ai or the "Company," (OTCQX: NEXCF) (CSE: NTAR) (FSE: 1SS), is a versatile augmented reality and AI technology company that utilizes its proprietary artificial intelligence (AI) to craft immersive 3D experiences at scale for E-COMMERCE. The Company's primary focus lies in creating high-quality 3D WebAR photorealistic models for Amazon and various other online retailers with patented 2D-3D technology. Nextech3D.ai has adopted a unique approach to creating shareholder value beyond its operating business of creating 3D models.

The Company also develops or acquires disruptive AI-technologies, which are subsequently spun out to shareholders as standalone public companies. This spin-out strategy allows Nextech3D.ai to issue stock dividends to its shareholders while maintaining significant ownership in the public spin-out, without dilution to the parent company Nextech3D.ai.

Notably, Nextech3D.ai successfully spun out "ARway," (OTCQB: ARWYF | CSE: ARWY | FSE:E65 ) its spatial computing platform, as a standalone public company on October 26, 2022. The Company retains a 49% stake with 13 million shares in ARway Corp. while distributing 4 million shares to Nextech shareholders.

Similarly, Nextech3D.ai accomplished its second spin-out launching Toggle3D.ai, (OTCQB: TGGLF | CSE: TGGL | FSE: Q0C ) an AI-powered 3D design studio aimed at competing with Adobe. The Company retains a 44% stake with 13 million shares in Toggle3D.ai Corp.

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.

SOURCE: Nextech3D.ai

View the original press release on accesswire.com

FAQ

What did Nextech3D.ai sell to ARway.ai?

Nextech3D.ai sold its Map Dynamics business to ARway.ai for $1.2 million in stock.

Why did Nextech3D.ai sell Map Dynamics?

The sale allows Nextech3D.ai to focus exclusively on its patented, high-margin generative AI-powered 3D modeling technology.

How will the sale of Map Dynamics impact Nextech3D.ai?

The divestiture streamlines Nextech3D.ai's operations, strengthening its position in 3D modeling and AI sectors.

What are the financial benefits of the Map Dynamics sale for ARway.ai?

ARway.ai gains approximately $1.2 million in revenue and $500,000 in free cash flow, enhancing its spatial mapping business.

What is the stock symbol for Nextech3D.ai?

The stock symbol for Nextech3D.ai is NEXCF.