TEDxMalmö Chooses NexTech’s InfernoAR Platform for Interactive Virtual Events

Rhea-AI Summary

NexTech AR Solutions (NEXCF) announced its InfernoAR platform has been chosen by TEDxMalmö for its first virtual event on December 12, 2020. This partnership aims to emulate TED's in-person experience with performances and interactive content while ensuring participant safety. The global virtual events market is projected to grow from $90 billion in 2020 to over $400 billion by 2027. In recent highlights, NexTech reported $900,000 in new bookings between September 1-22, 2020, and established partnerships with major brands, enhancing its market position in augmented reality and virtual events.

Positive

• Partnership with TEDxMalmö for a virtual event, enhancing brand recognition.
• Projected growth in the global virtual events market, positioning NexTech favorably.
• Achieved $900,000 in new bookings in less than a month.
• Significant partnerships with major brands, enhancing business development.

Negative

• None.

VANCOUVER, British Columbia, Oct. 07, 2020 (GLOBE NEWSWIRE) -- NexTech AR Solutions (NexTech) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), an emerging leader in augmented reality for eCommerce, AR learning applications, AR-enhanced video conferencing and virtual events, is pleased to announce that its InfernoAR platform has been selected by TEDxMalmö for its first ever virtual event to be held on December 12th, 2020 in Sweden.

TEDxMalmö will be reflective of the traditional in-person events that the TED brand is known for, featuring performances, entertainment, TEDTalks, interactive content, Q&As with speakers and more. The event will be hosted entirely through NexTech’s InfernoAR platform to ensure the safety of participants, while also expanding its offering to the global community.

NexTech is currently working with TEDxMalmö to build a digital venue for the event that will keep attendees engaged while simplifying navigation throughout the various video presentations, breakout sessions, structured networking events, live entertainment, workshops and master classes.

Click here to get your tickets to TEDxMalmö
“To deliver an exemplary digital event, we need the best of the best which is why I reached out to NexTech. We need cutting-edge technology, a fully customisable platform and a team filled with top talents to make the TEDxMalmö digital event happen. I am certain that NexTech fulfills all those requirements,” said Saga Gardevärn, Founder of TEDxMalmö. “While it felt impossible at first to adjust, with NexTech we have managed to entirely change direction and shift focus from producing a physical event to one that is entirely digital. Together, TEDxMalmö and NexTech are working very hard on developing a platform that will be able to match a physical event and give our guests the chance to partake in the digital experience we’re offering while keeping them engaged, a unique challenge specific to events held through digital venues.”

Evan Gappelberg, CEO of NexTech comments, “We are thrilled to be working on this event with Saga and the TEDxMalmö team. We are experiencing tremendous momentum across all of our businesses and rapidly signing international deals with market leaders like TEDx who are choosing our InfernoAR over our competition because our platform simply is a better solution. TEDx puts on over 3000 annual events and we see this as the start of a long-term relationship with one of the biggest conference brands in the world.” He continues, “We see significant business opportunities to use AR at TEDx events with our newly acquired AirShow app. Turning keynote speakers into human holograms could become the new normal sooner than people think as COVID hastens the digital transformation of all businesses”.

According to Grandview Research the global virtual events market in 2020 is $90 billion and expected to reach more than $400 billion by 2027, growing at a 23% CAGR. With NexTech’s InfernoAR platform having augmented reality, AI, end-to-end encryption and built in language translation for 64 languages, NexTech is well positioned to rapidly take market share as the growth, and digital transformation accelerates globally.

Recent Company Highlights in 2020:

September 23rd, 2020: The company announced that from September 1st to September 22nd the company has already achieved $900,000 in new Bookings for its InfernoAR video conferencing and virtual events business.

September 16th, 2020: Grundfos, the largest pump manufacturer in the world, based in Denmark, with more than 19,000 employees globally and offices in 56 countries has chosen InfernoAR for both its Virtual summit for its UK team to highlight the company's focus on innovation and its Virtual summits for Norway and Sweden.

September 15th, 2020: Fenestration Digital, one of the UK’s leading construction & media platforms, has chosen InfernoAR for five virtual trade show events in 2020/21 contracted at over $280,000.

September 11th, 2020: NexTech is now an approved Microsoft Partner creating enormous new business opportunities for the company. This partnership provides access to the Azure Marketplace so that InfernoAR can be sold directly through the Marketplace.

September 9th, 2020: The company acquired fast-growing eCommerce software platform Next Level Ninjas. Next Level Ninjas matches brands and product testers on it’s VIP Product Testers site, helping brands gain business momentum. The platform works across multiple eCommerce platforms including Amazon, eBay, Shopify, Walmart, Jet and Etsy. It services nine Amazon marketplaces: US, CA, JP, AU and five EU marketplaces: UK, DE, FR, IT, ES.

September 3rd, 2020:
TAG Digital Health a member TAG has chosen InfernoAR for its November 1st event at a cost of $50,000 for the initial event. There will be sponsorship opportunities with virtual booths and AR. TAG hosts more than 150 events each year and serves as an umbrella organization for 24 professional societies.

August 27, 2020: Carnegie Mellon University has chosen NexTech’s InfernoAR platform for a virtual series beginning September 2020.

August 25, 2020 Q2 2020 highlights:

• Revenue grows 290% to $3.5 million
• Gross Profit grows 484% to $2.1 million with a 61% margin
• Working Capital of $5.6 million
• Total Bookings $3.7 million

August 11, 2020: Company announced that it has begun a major expansion of its AR ecommerce business. In the past 60 days the company has signed new distributor deals with major brands such as; Dyson, Philips Norelco, MR. Coffee, VitaMix, MetroVac, Breviel, and Cuisinart. These new distribution deals position the company to take full advantage of the new SFH (shop from home) paradigm shift in e-commerce as well as leverage its full augmented reality technology stack into these brands, which includes its WebAR, ARitize360 app and its 3D/AR advertising network. The company expects these new products to have a significant impact on future revenues.

July 30, 2020: Ryerson University, a globally recognized leader in Higher Education with over 46,000 students have partnered to launch RALE, the Ryerson Augmented Learning Experience platform, based on NexTech’s InfernoAR. The technology license agreement has an initial value of $250,000 with the potential for more revenue tied to additional AR services.

July 17, 2020: The company launched a new immersive video conferencing software called ScreenAR.

July 13, 2020: The company is launching a new video conferencing software into its InfernoAR platform (September 2020). The new video conferencing features will integrate collaborative classroom learning, one to one networking and traditional video conferencing directly into the platform letting users seamlessly launch and manage both collaborative experiences and large audience events directly from InfernoAR.

July 8, 2020: The company is pleased to announce that it has filed to uplist its stock to the Nasdaq Capital Market.

About NexTech AR
NexTech is one of the leaders in the rapidly growing Augmented Reality market estimated to grow from USD $10.7B in 2019 and projected to reach USD $72.7B by 2024 according to Markets & Markets Research; it is expected to grow at a CAGR of 46.6% from 2019 to 2024.

The company is pursuing four verticals:

InfernoAR: An advanced Augmented Reality and Video Learning Experience Platform for Events, is a SaaS video platform that integrates Interactive Video, Artificial Intelligence and Augmented Reality in one secure platform to allow enterprises the ability to create the world’s most engaging virtual event management and learning experiences. Automated closed captions and translations to over 64 languages. According to Grandview Research the global virtual events market in 2020 is $90B and expected to reach more than $400B by 2027, growing at a 23% CAGR. With NexTech’s InfernoAR platform having augmented reality, AI, end-to-end encryption and built in language translation for 64 languages, the company is well positioned to rapidly take market share as the growth accelerates globally.

ARitize™ For eCommerce: The company launched its SaaS platform for webAR in eCommerce early in 2019. NexTech has a ​‘full funnel’ end-to-end eCommerce solution for the AR industry including its Aritize360 app for 3D product capture, 3D/AR ads, its Aritize white label app its ‘Try it On’ technology for online apparel, 3D and 360-degree product views, and ‘one click buy’.

ARitize™ 3D/AR Advertising Platform: Launched in Q1 2020 the ad platform will be the industry's first end-to-end solution whereby the company will leverage its 3D asset creation into 3D/AR ads. In 2019, according to IDC, global advertising spend will be about $725 billion.

ARitize™ Hollywood Studios: The studio is in development producing immersive content using 360 video, and augmented reality as the primary display platform.

To learn more, please follow us on Twitter, YouTube, Instagram, LinkedIn, and Facebook, or visit our website: https://www.nextechar.com.

On behalf of the Board of NexTech AR Solutions Corp.
“Evan Gappelberg”
CEO and Director

For further information, please contact:

Evan Gappelberg
Chief Executive Officer
info@nextechar.com   

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”, “looking forward” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements regarding the Company increasing investors awareness are based on the Company’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of NexTech to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures and other costs.  There can be no assurance that such statements will prove to be accurate, as actual results and 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.

FAQ

What is NexTech AR Solutions' stock symbol?

NexTech AR Solutions trades under the stock symbol NEXCF.

When is the TEDxMalmö virtual event?

The TEDxMalmö virtual event is scheduled for December 12, 2020.

What recent bookings did NexTech report?

NexTech reported $900,000 in new bookings from September 1 to September 22, 2020.

How is the global virtual events market expected to grow?

The global virtual events market is projected to grow from $90 billion in 2020 to over $400 billion by 2027.

Who is partnering with NexTech for the virtual event?

NexTech is partnering with TEDxMalmö for their virtual event.