Company:NexTech AR Solutions Corp.

Short description: Canadian augmented reality tech company for ecommerce, advertising and education

NexTech AR Solutions

Type of site	Public
Traded as	OTCQB: NEXCF
Founded	January 12, 2018 (2018-01-12)
Headquarters	Vancouver , British Columbia, Canada
Area served	Worldwide
Founder(s)	Evan Gappelberg
Key people	Evan Gappelberg (CEO) Paul Duffy (Chairman) Eugen Winschel (COO) Andrew Chan CPA, CA. (CFO)
Services	Augmented reality Metaverse Virtual events Holograms
Revenue	C$ 25.93 million (Dec 2021)
Operating income	C$ $34.89 million (2021)
Net income	$32.65 million (2021)
Total assets	$29.5 million (2021)
Total equity	$29.5 million (2021)
Employees	270 (2022)
Subsidiaries	InfernoAR, Threedy.ai Inc., AR Ecommerce LLC, Next Level Ninjas LLC, Map Dynamics LLC, InfinitePetLife, edCetra Training Inc.
Website	www.nextechar.com

Nextech AR Solutions Corp. (stylized as NexTech AR or simply NexTech) is a Canadian augmented reality, metaverse and communications technology company headquartered in Vancouver , British Columbia. It provides videotelephony and augmented reality services through a cloud-based peer-to-peer software platform and is used for teleconferencing, remote work, e-commerce, advertising, distance education, and social relations.

Timeline

2018

Evan Gappelberg, Co-founder and CEO of EG Products, who already had more than two decades of experience working on Wall Street, set up NexTech to take advantage of the quickly emerging megatrends of augmented reality and hologram technology. Paul Duffy, the Chief Architect & UX Officer / Co-Founder of Arht Media Inc. (an augmented reality / holographic technology platform), joined the Gappelberg's team almost immediately after its founding, bringing to the company a solid foundation with which to add to its tech stack.

After an initial drive towards bringing its tech into the newly booming medical and recreational marijuana market, NexTech began to diversify and to expand its focus into other verticals, which included releasing its ARitize™ app, which is its web-enabled augmented reality e-commerce solution. It was during this quarter that it also listed on the Frankfurt Stock Exchange.

After filing patents for its rapidly expanding and innovative technology, NexTech started to see its Ecommerce AR Solution become integrated with aspects of the platforms of Shopify, WordPress and Magneto. This was followed by the launch of its AR Developer Program, “ARitize Studio”, a Unity plugin developer-focused program that allowed developers to be able to create their own channels, and showcase their talents. By the end of 2018, they had begun integrating IBM Watson's Machine Learning (ML) algorithms into its patent pending web enabled AR platform.

2019

The start of 2019 saw NexTech integrate with the platforms of ParcelPal, Cannvas Kiosk, CGTrader, and the launch of its 3D Advertising Platform for Facebook. This was followed by the launch of it 3D Google Ads Platform, entering into an agreement with Walther Arms Inc, most famous as the manufacturer of James Bond's Walther PPK, to Aritize™ its entire product line, and the approval and availability of its products on Walmart.com.

Shortly after bringing AR tech to Budweiser's 75 anniversary celebration, it announced its uplisting to the TSX Venture Exchange, the day after which, it announced a technological breakthrough that enabled dynamic 3D renderings of complicated objects through its Web AR platform. This included an upgraded GLTF ("3rd object") renderer with enhanced lighting options to suit a vast array of products with different textures and finishes (especially beneficial to the jewelry industry).

In June 2019, in an interview with Newsfile, Gappelberg was quoted as saying: ..."Half of the U.S. workforce will soon be remote, meaning businesses need solutions that can effectively train employees without seeing them in person. Education is also becoming more remote and mobile, with more than six million students taking online classes. There has never been more demand for AR in education and training than there is now, and NexTech has the most advanced solution on the market to meet those needs"... At that time, NexTech launched its ARitize™ University platform to provide on-demand immersive workplace training and educational experiences.

In late September, NexTech announced the launch of the world’s first self-service 3D AR publishing platform called ARitize™, making it possible to optimize conversions, reduce returns, and increase sales leads with one easy-to-use AR platform for eCommerce. ..."Augmented reality has transcended the demo stage, becoming a vital part of today's product and retail strategies," said Gappelberg, "The race is on to ARitize™ or, convert 2D objects into 3D immersive demonstrations with SNAP, Apple and Samsung all racing to be first to market with new 3D mobile scanning and viewing devices"... Towards the end of 2019, NexTech integrated with Facebook Messenger and signed a Web-AR deal with E-comm site Weby Corp.

2020 and COVID-19

Early January saw NexTech report that it had achieved record revenue and gross profit for the month of December 2019 and Q4. This was followed by February announcements by Rosen Law Firm, The Schall Law Firm, Glancy Prongay & Murray LLP, Howard G. Smith, Bragar Eagel & Squire, and Pomerantz Law that they were investigating claims against NexTech AR Solutions Corp. and encouraged investors with losses to contact their firms. It was during this time the Gappelberg and his wife purchased 35,728 common shares of his company's stock. ..."While I recognize the severity of the economic disruption with the spread of the Coronavirus, I also recognize the opportunity it presents and that the effects will be temporary. If history is any guide the market rebound will likely be a ‘V’ shaped rebound. Personally, I don’t believe our current share price reflects our strong leadership position and growth potential in 2020 and beyond, which is why my family and I continue to invest personal funds in company shares"... This was followed by Gappelberg and his wife buying another 100,000 shares of stock in his company and soon after, the cessation of press releases from law firms claiming investigations into NexTech.

As lockdowns across the world began due to the spread of COVID-19, NexTech reported a boost in demand for its products. This coincided with Amazon.com making headlines with the news that it was hiring 100,000 workers to help with the crush of demand during the coronavirus outbreak. On March 24, NexTech announced that it had integrated Zoom into Jolokia’s Inferno platform. NexTech had a binding LOI to acquire remote video training, live streaming software company Jolokia; whose blue-chip customers included Merck, Toyota, ViacomCBS, Polycom and others.

April and May saw NexTech report record revenue, another purchase of 929,855 shares of the company by Gappelberg, and the integration of Microsoft Teams, Skype, Google Hangouts, and Cisco Webex into its Inferno AR Virtual Events platform. As international lockdowns deepened and continued, NexTech saw a dramatic increase in demand for its Virtual Events Platforms. New contracts over the next several months included several dozen companies and institutions from around the world, including Skybridge World Dubai, Real Asset Media, Dallas Independent School District, National Association of Medicaid, ICSOBA, Ryerson University, Canadian Urban Transit Association, Grundfos, and UNESCO. On September 11, NexTech became an approved Microsoft partner. Towards the end of 2020, NexTech saw continued growth with a contract with Restaurants Canada for that country's largest foodservice tradeshow, which had to go virtual / the launch of its music industry AR ap "AirShow", allowing musicians as human holograms to be beamed into a person's home / and a major expansion into the Asia-Pacific market with the hiring of seasoned technology industry veterans. The new global expansion saw the hiring of security and IT infrastructure expert Felix Ritscher as its Head of Information Technology and Security, and a strategic partnership between NexTech and COEX, Seoul’s largest and Korea’s busiest convention and exhibition center. NexTech closed out 2020 with a flurry of activity, which included acquiring event management platform, Map Dynamics, hosting the Houston Ballet's virtual Nutcracker Market, signing multiple deals in Southeast-Asia, launching a new AI division, expanding into China, uplisting to the NEO Exchange, and launching its "Genie In A Bottle" holograms.

2021

With the company rapidly expanding its portfolio of Fortune 500 companies, NexTech added former president of Microsoft Online Inc. Hareesh Ashi to its executive staff as president of its 3D/AR advertising network. This was soon after followed by an announcement that Microsoft’s Azure Cloud Services platform would become a standard offering across its virtual experience platforms and consumer apps. At the end of January, they signed a contract with the Canadian Society of Physician Leaders, the Canadian Surgery Forum, and were selected by the Student Veterans of America’s (SVA) 2021 National Conference to virtually host their conference, which included keynote speakers Gary Vaynerchuk and First Lady Jill Biden. Shortly after, NexTech was asked to join the Interactive Advertising Bureau (IAB) AR Board. In early November, Nextech announced that it would be the leading 3D model factory for the world with its patent pending Threedy AI technology that would begin to rapidly populate the Metaverse. They also announced that it would coincide with the newly available “ARitize Metaverse Studio” as a SaaS platform.

2022

In April 2022, Nextech announced they have signed a ARitize 3D modelling and custom decorator deal with US automotive parts and distribution company The Genuine Parts Company. In the following month of May 2022, Next tech AR signed annual 3D modelling contracts multiple contracts across different industries, and thus increased their annual and monthly revenues. The industries include, furniture and home stores Habitt and Surplus Furniture & Mattress Warehouse, Cannabis product store Cheech and Chong’s Takeout, appliance store Kotuiko, Lighting store Lighting Plus and Sports equipment store Salamander Paddle Gear.

See also

• List of video telecommunication services and product brands
• Impact of the COVID-19 pandemic on science and technology

External links

• Business data for Nextech AR Solutions Corp.:
  • • OTCMKTS Google Finance
  • Yahoo! Finance
  • US Bloomberg
  • Reuters
  • SEC filings