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Nextech AR Solutions Corp
Symbol NTAR
Shares Issued 63,427,300
Close 2020-09-15 C$ 5.49
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Nextech AR wins $280,000 contract for InfernoAR

2020-09-15 08:15 ET - News Release

Mr. Evan Gappelberg reports

NEXTECH'S INFERNOAR CHOSEN BY UK CONSTRUCTION AND MEDIA COMPANY FENESTRATION DIGITAL FOR FIVE VIRTUAL TRADE SHOWS

Fenestration Digital, one of the United Kingdom's leading construction and media platforms, has chosen Nextech AR Solutions Corp.'s InfernoAR for five virtual trade show events in 2020/2021 contracted at over $280,000. The events will have sponsorship opportunities with virtual booths and augmented reality, potentially increasing the value of the deal significantly.

Fenestration Digital is the leading U.K. industry body for the window industry, which is worth $7-billion a year in the U.K. alone. Fenestration Digital provides a comprehensive media platform, guidance and awards covering the UK fenestration industry.

Lee Clarke, chief executive officer of Fenestration Digital, comments: "FenDigital decided to partner with Nextech after a rigorous selection process for five initial virtual trade shows in 2020/[20]21. We are thrilled with the InfernoAR platform and the guidance offered so far by the Nextech team. We see Nextech as the best in the world at virtual events and augmented reality and the perfect partner to reflect our position as the leader of the U.K.'s fenestration industry."

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-per-cent compound annual growth rate. 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.

Evan Gappelberg, chief executive officer of Nextech, comments: "We are super excited to announce this deal since it is both international and marks our largest single client win to date. We are now seeing larger deals as well as deal flow from repeating customers which is a true testament of our InfernoAR platform and of our team delivering on our mission to be best in class. We are experiencing significant business momentum in North America and in the EMEA (Europe, the Middle East and Africa) region. We continue to execute on our business plan which is to invest in our business with the rapid buildout of our AR and video conferencing technology as well as the rapid hiring of talent to meet the ever-growing demand for our products and services."

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 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.

The company is pursuing four verticals:

  • InfernoAR, an advanced augmented reality and video learning experience platform for events, is a software-as-a-service 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 $90-billion and expected to reach more than $400-billion by 2027, growing at a 23-per-cent 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 e-commerce: The company launched its SaaS platform for WebAR in e-commerce early in 2019. Nextech has a full funnel end-to-end e-commerce solution for the AR industry including its Aritize360 app for 3-D product capture, 3-D/AR ads, its Aritize white label app, its try-it-on technology for on-line apparel, 3-D and 360-degree product views, and one-click buy.
  • ARitize 3-D/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 3-D asset creation into 3-D/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.

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