20:51:29 EDT Tue 11 Aug 2020
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or Name

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Nextech AR Solutions Corp
Symbol NTAR
Shares Issued 63,427,300
Close 2020-07-09 C$ 7.44
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Nextech AR applies for Nasdaq listing

2020-07-09 08:11 ET - News Release

Mr. Evan Gappelberg reports


Nextech AR Solutions Corp. has filed to uplist its stock to the Nasdaq Capital Market.

Evan Gappelberg, chief executive officer of Nextech, comments: "We have worked very hard to be able to meet the requirements for Nasdaq and believe that we check all the boxes. Our plan to move to a national exchange reflects our capital raising success, as well as the success and momentum in growing our video conferencing software platform InfernoAR and augmented reality business. We believe that listing on Nasdaq will help broaden our shareholder base, increase appeal to institutional investors, indexes and ETFs, and provide shareholders with better liquidity."

Kashif Malik, chief financial officer of Nextech, comments, "I'm excited for the prospect of being listed on such a prestigious exchange as Nasdaq and have been working with our council and Nasdaq to ensure that we meet the criteria to be approved and to get our Form 40-F registration statement and Form F-X to the SEC."

After extensive discussions with the company's council and the Nasdaq, it believes it will meet the requirements for listing Nextech's common stock on the Nasdaq Capital Market. Although the timing is not certain and there can be no guarantee that the company gets approved to be listed the company is expecting the process to take 60 days.

Before any listing of the company's common stock on the Nasdaq Capital Market can occur, Nasdaq will need to give final approval of the company's listing application. The company believes it currently meets all listing requirements for listing on the Nasdaq Capital Market. Notwithstanding the foregoing, no assurance can be given that the company's common stock will ultimately be listed on the Nasdaq Capital Market.

As part of the company's compensation plan it has issued 50,000 stock options to a consultant to the company at a strike price of $6.20 with three-year vesting terms.

Recent company highlights in 2020

  • July 2, 2020: hired Arnaud Amet as director of sales for Europe. Mr. Amet, situated in Paris, France, comes from regional and global sales and marketing roles in Microsoft (MSFT) where he worked for over a decade ending in 2015. He also has significant experience with his own start-up in sales and marketing of augmented reality/virtual reality to large brands partnering with Facebook (FB), Huawei and Microsoft.
  • June 29, 2020: signed a contract to supply its InfernoAR video conferencing and virtual events platform to the Dallas Independent School District (Dallas ISD).
  • 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: company announces 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: 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: 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: InfernoAR virtual events platform 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: InfernoAR integration with Cvent Solutions optimizing 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: Q1 revenue grows 177 per cent to $2.5-million, gross profit grows 267 per cent to $1.3-million, working capital of $3.5-million.
  • May 12, 2020: InfernoAR platform integration 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.

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