11:27:46 EDT Sat 24 Oct 2020
Enter Symbol
or Name

Login ID:
Nextech AR Solutions Corp
Symbol NTAR
Shares Issued 63,427,300
Close 2020-09-23 C$ 5.65
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Nextech AR reaches $900,000 in Sept. InfernoAR bookings

2020-09-23 09:39 ET - News Release

Mr. Evan Gappelberg reports


From Sept. 1 to Sept. 22, Nextech AR Solutions Corp. has already achieved $900,000 in new bookings for its InfernoAR video conferencing and virtual events business.

The company's video conferencing platform, InfernoAR, is gaining traction by signing a broad spectrum of new deals, like FenDigital, Soitec, Alamos Gold and Quartz, as well as signing new deals with repeat customers like Bell Canada, Ryerson University, Carnegie Mellon University, Boehringer and many more.

Evan Gappelberg, chief executive officer of Nextech AR, noted: "With over $900,000 in new bookings for InfernoAR in just three weeks and over $6-million in quotes out in the market, we are gaining significant momentum in Q3; expect that to continue to build into Q4 2020. We continue to believe we are in the right place at the right time with the right technology stack to prosper during this digital transformation. We have the only video conferencing platform that I'm aware of which includes the most immersive tech available, augmented reality (AR), giving us a significant competitive edge in this exploding market." He continues: "As a result of having the right product mix, we are currently experiencing a rapid increase in business and, in turn, hiring more talent to support our growing business. We started 2020 with just 20 employees while our current headcount is now 115, which is a testament to how fast our business is scaling. We are just at the beginning of what we believe to be a multiyear growth spurt in demand for AR, video conferencing and virtual events from businesses, governments and schools. With video being the new voice during this virtual gold rush, we will continue to push more interactive and immersive video-centric features and innovations creating long-term value and sustainability for our business and shareholders."

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 (CAGR). With Nextech's InfernoAR platform having augmented reality, artificial intelligence, 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.

The global health crisis has helped to usher in a new digital transformation marked by accelerating adoption of various technologies, including the rapid rise in demand for video and virtual events, as well for augmented reality solutions. The company is uniquely positioned to benefit from this transformation and is seeing a surge in demand for its products and services across governments, schools and businesses.

About InfernoAR

InfernoAR supports clients that require integration with enterprise systems, custom workflow, cognitive search and discovery, interactive features, and secure multicontent delivery network (CDN) streaming in front of and behind the firewall. The platform services Fortune 500 businesses like Johnson and Johnson, Viacom, Polycom and others. It is super secure with token authentication allowing the CDNs to reject serving videos to unauthorized users, by taking the JWT authentication to the edge security is pushed closer to the user and load is taken off the core application. InfernoAR has been providing top products and service in the video streaming space for over 10 years.

Recent company highlights in 2020

Sept. 11, 2020: Nextech is now an approved Microsoft partner creating enormous new business opportunities for the company. This partnership provides access to the Azure Marketplace so that InfernoAR can be sold directly through the marketplace.

Sept. 9, 2020: The company acquired fast-growing e-commerce software platform Next Level Ninjas. Next Level Ninjas matches brands and product testers on its VIP Product Testers site, helping brands gain business momentum. The platform works across multiple e-commerce platforms, including Amazon, eBay, Shopify, Walmart, Jet and Etsy. It services nine Amazon marketplaces: United States, Canada, Japan, Australian and five European Union marketplaces (United Kingdom, Germany, France, Italy and Spain).

Sept. 3, 2020: TAG Digital Health a member TAG has chosen InfernoAR for its Nov. 1 event at a cost of $50,000 for the initial event. There will be sponsorship opportunities with virtual booths and AR. TAG hosts more than 150 events each year and serves as an umbrella organization for 24 professional societies.

Aug. 27, 2020: Carnegie Mellon University has chosen Nextech's InfernoAR platform for a virtual series beginning in September, 2020.

Aug. 25, 2020, Q2 2020 highlights:

  • Revenue grows 290 per cent to $3.5-million;
  • Gross profit grows 484 per cent to $2.1-million with a 61-per-cent margin;
  • Working capital of $5.6-million;
  • Total bookings of $3.7-million.

Aug. 11, 2020: The company announced that it has begun a major expansion of its AR e-commerce business. In the past 60 days, the company has signed new distributor deals with major brands such as Dyson, Philips Norelco, Mr. Coffee, VitaMix, MetroVac, Breviel and Cusinart. These new distribution deals position the company to take full advantage of the new shop from home (SFH) paradigm shift in e-commerce, as well as leverage its full augmented reality technology stack into these brands, which includes its WebAR, ARitize360 app and its three-dimensional (3-D)/AR advertising network. The company expects these new products to have a significant impact on future revenues.

July 30, 2020: Ryerson University, a globally recognized leader in higher education with over 46,000 students, have partnered to launch RALE, the Ryerson augmented learning experience platform, based on Nextech's InfernoAR. The technology licence agreement has an initial value of $250,000 with the potential for more revenue tied to additional AR services.

July 17, 2020: The company launched a new immersive video conferencing software called ScreenAR.

July 13, 2020: The company is launching a new video conferencing software into its InfernoAR platform (September, 2020). The new video conferencing features will integrate collaborative classroom learning, one-to-one networking and traditional video conferencing directly into the platform letting users seamlessly launch and manage both collaborative experiences and large audience events directly from InfernoAR.

July 8, 2020: The company is pleased to announce that it has filed to uplist its stock to the Nasdaq Capital Market.

July 2, 2020: The company 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 AR/virtual reality (VR) to large brands partnering with Facebook, Huawei and Microsoft.

June 18, 2020: The 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 NHL, NBA, MLB and NFL.

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, Boehringer 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 1, 2020: Chief executive officer Mr. 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 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 two-dimensional (2-D) ads.

May 14, 2020: Q1 revenue grows 177 per cent to $2.5-million, gross profit grows 267 per cent to $1.3-million and working capital of $3.5-million.

May 12, 2020: InfernoAR platform was integrated with all major video platforms, including the company's previously announced integration with Zoom, Microsoft Teams and 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 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.

The company is pursuing four verticals:

  • InfernoAR, an advanced augmented reality and video learning experience platform for events, is a software-as-a-service (SaaS) 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, artificial intelligence, 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.

We seek Safe Harbor.

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