22:46:05 EDT Thu 24 Sep 2020
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Nextech AR Solutions Corp
Symbol NTAR
Shares Issued 63,427,300
Close 2020-08-04 C$ 6.07
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Nextech AR wins $90,000 ScreenAR contract

2020-08-04 08:27 ET - News Release

Mr. Evan Gappelberg reports


Nextech AR Solutions Corp. has been selected to provide the InfernoAR platform, ScreenAR, and event design services for CRevolution 2020 from ICM Credit in Mexico Nov. 10 to Nov. 12, 2020. The initial value of the contract is $90,000 with the potential for additional revenue through the sale of augmented reality booths, and ScreenAR services.

Luis Eduardo Perez, president, ICM Credit, comments, "Crevolution is the most disruptive event in the global financial industry, when moving to a digital environment, we had the need to maintain that innovative spirit in our proposal, which is why we believe that Inferno, with its multiple functionalities and friendly interactivity, will allow our guests to have a memorable experience that will undoubtedly make them remember this event much more than previous editions."

This event represents Nextech's first Spanish-speaking virtual event targeted at the Latin American market, where demand for virtual events continues to grow. According to Grandview Research, the global virtual events market in 2020 is $90-billion and expected to hit over $400-billion by 2027 growing at a 23-per-cent compound annual growth rate. With Nextech's InfernoAR platform having augmented reality, AI (artificial intelligence), end-to-end encryption and built-in language translation into 64 languages, the company is well positioned to rapidly take market share in this market as the growth accelerates globally.

Evan Gappelberg, Nextech chief executive officer, comments: "We are excited to work with Luis Eduardo and his team at ICM. Their vision for how to take the successful CRevolotion event program to an all-digital experience, speaks of their commitment to their attendees and exhibitors, and to their leadership position in the financial industry." He continues: "The virtual events market is witnessing extremely high demand as most companies have adopted a work-from-home (WFH) policy due to the lockdown imposed by COVID-19. The stay-at-home measures have resulted in increased opportunities for Nextech as corporations are extensively using video conferencing platforms for business and client meetings."

As part of the pre-event marketing to the CRevolution 2020 program, Nextech will provide six weekly webinar workshops on the InfernoAR platform to registered attendees.

About Nextech AR Solutions Corp.

Nextech is one of the leaders in the rapidly growing augmented reality market estimated to grow from $10.7-billion (U.S.) in 2019 and projected to reach $72.7-billion (U.S.) by 2024 according to Markets & Markets Research; it is expected to grow at a CAGR of 46.6 per cent from 2019 to 2024.

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