Mr. Evan Gappelberg reports
NEXTECH AR SECURES $600,000 CREDIT LINE WITH ROYAL BANK OF CANADA
Nextech AR Solutions Corp. has secured a $600,000 lending facility with the Royal Bank of Canada.
Kashif Malik, chief financial officer of Nextech, commented: "This credit facility further strengthens our financial capabilities as we continue to scale and add to our already healthy cash and inventory position of over $7.5-million -- our highest ever -- providing a solid foundation to support the company's rapid growth plans. With this credit facility along with our
financing last week, we are well positioned and laser focused on executing on our strategy in 2020."
The company will report results for the second quarter April 1, 2020, to June 30, 2020, in August, 2020.
The facility can be drawn at any time by Nextech for working capital requirements and general corporate purposes, and bears interest at RBC's prime rate plus 2.00 per cent.
Recent company highlights in 2020:
June 22, 2020: The company signed a one-year contract to provide its InfernoAR virtual events video conferencing platform services to Real Asset Media. The initial contract value is for $135,000 with the potential for substantial additional revenue as augmented reality use cases emerge.
June 19, 2020: Nextech closed a private placement of 1,528,036 units priced at the market price of $2.10 per unit for gross proceeds of $3,208,875. This financing provides the company with a healthy cash and inventory position of over $7.5-million -- its highest ever.
June 18, 2020: The company announced that it has signed a partner supplier agreement with
BDA LLC. BDA Sports will be using the InfernoAR virtual event platform for its signature annual Think Tank 2020 program for teams in the National Hockey League, National Basketball Association, Major League Baseball and National Football League.
June 10, 2020: The company signed a partner agreement and contract to provide its InfernoAR virtual events platform services to Skybridge World Dubai clients. Skybridge is a leading events, exhibition and marketing solutions provider to global corporations whose clients include: Emirates Glass, IBM, Lilly, Henkel, Amgen and many others. Nextech and Skybridge have already solidified their partnership and signed up their first customer, Bohringer Ingelheim.
June 4, 2020: The company launched its new ARitize360 app now live and available for a free download on both iOS and Android. The app's 3-D scan technology will add to the revenue-generating power of its AR e-commerce solution and its recently launched 3-D/AR advertising platform.
June 3, 2020: The company achieved record revenue and gross profit for the month of May, 2020. Both revenue and gross profit showed dramatic increases in May. Notably, compared with May, 2019, the company's revenue increased 169 per cent to $1.3-million while gross profit grew 290 per cent to $800,000, representing the highest revenue and gross profit ever achieved in a single month.
June 1, 2020: Chief executive officer Evan Gappelberg purchased 100,000 shares. It was reported that on May 5, 2020, he purchased 929,885 common shares of Nextech common stock; this is his fourth buy for the year 2020.
May 25, 2020: The company signed a contract to supply its augmented reality solutions to a $30-billion market capital, publicly traded global technology company.
- May 22, 2020: The company announced very positive results for its recently launched 3-D/AR ad network, which went live on
Feb. 4, 2020. Using the company's 3-D/AR ads resulted in a 300-per-cent increase in sales conversions, a 32-per-cent increase in click-through rate (CTR) and a 23-per-cent-lower cost per click than traditional 2-D ads.
May 21, 2020: The InfernoAR virtual events platform was chosen to supply a $13-billion capital, publicly traded global insurance company, for its global leadership two-day summit starting June 6.
May 19, 2020: Inferno AR integration with Cvent Solutions optimizes the entire InfernoAR event management value chain. Integration with CVENT will broaden the utility and increase the appeal of the platform by helping end-users seamlessly register and become more productive while using the platform.
- May 14, 2020: First quarter revenue grew 177 per cent to $2.5-million; gross profit grew 267 per cent to $1.3-million; and working capital was $3.5-million.
May 14, 2020: The InfernoAR platform was integrated with all major video platforms including its previously announced integration with Zoom, Microsoft Teams, Skype, and new integrations with Cisco Webex, BlueJeans, Google Hangouts, Google Meet and GoToMeetings. These critical integrations continue to extend the capabilities of the platform, broaden the utility of the platform and help end-users become even more productive while using the platform.
About Nextech AR Solutions Corp.
Nextech is one of the leaders in the rapidly growing AR industry, estimated to hit $120-billion by 2022, according to Statista. Nextech, the first publicly traded pure-play AR company, began trading on the Canadian Securities Exchange on Oct. 31, 2018. Nextech has a two-pronged strategy for rapid growth including growth through acquisition of e-commerce businesses and growth of its omnichannel AR SaaS (software as a service) platform called ARitize.
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