NexTech Announces Preliminary Fourth Quarter and Full Year Results,
Company is Targeting 10x Revenue Growth in 2020
NEW YORK, NY and TORONTO, ON, July 23, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – NexTech AR Solutions Corp. (the “Company” or “NexTech”) (OTC: NEXCF) (CSE: NTAR) (FSE:N29) is a rapidly growing AR technology company targeting three multi-billion dollar verticals in the AR industry which all drive revenue from its omni-platform called “Aritize”.
The company is pleased to announce preliminary fourth quarter and year end results which ended on May 31st 2019.
For the year ending May 31st 2019 the company reported; gross revenue of $1,632,196 with a gross profit of $787,464
Company is targeting 10X revenue growth for calendar year 2020 Gross margin target in 2020 towards 60-70% with more software revenue added to the mix Company is targeting going cash flow positive in the fourth quarter of calendar year 2019 Six new product launches targeted for September of 2019 and continuing quarterly into 2020 will continue to drive growth in its AR e-commerce division
Unaudited quarterly results;
Fourth quarter gross revenue ending May 31st 2019; Revenue of $1,035,334 with gross profit of $525,776 or a 50.7% gross margin Third quarter gross revenue ending February 28th 2019; Revenue of $531,185 gross profit of $208,750 or a 39% gross margin 6 months gross revenue ending November 30th 2018; Revenue of $65,677 gross profit of $52,938 or an 80% gross margin
NexTech was incorporated in January 2018 and has an exclusive license to a portfolio of patents #7,054,831, #7,266,509 and patent pending applications #15351508, #62457136, #62559487, related to interactive gaming, interactive advertising, and augmented reality (“AR”) technology.
A Three Pronged Approach:
AR Hollywood Studios
Expected to launch in Q4 2019, the studio has created a proprietary entertainment venue for which it is producing immersive content using augmented reality as the primary display platform. Heading up AR Studios is Paul Duffy, inventor of the human hologram and President of NexTech AR Solutions. Advising the AR Studio team is Barry Sandrew, Ph.D., a visual effects pioneer and serial entrepreneur who invented digital colorization of black and white movies, as well as a process for converting 2D feature films to 3D. The NexTech engineering teams in Dallas and Austin are building out the software that will drive both AR content creation and its distribution.
Having launched in June 2019, the app-based solution allows companies and educational establishments to leverage all of their existing 2D assets - YouTube videos, PDF documents, PowerPoint decks, images, etc. - and then overlay immersive 3D-AR experiences on top of that content for an interactive training experience that drives productivity. It also utilizes complex algorithms to recognize and relate content to each other, allowing it to create micro-learning courses and recommend relevant training content to each individual user.
Aritize™ For eCommerce:
The company launched its technologically advanced webAR for e-commerce early in 2019 and has been rapidly signing up customers onto its SaaS platform, with notable customer wins like Walther Arms, Wright Brothers, Mr. Steak, Budweiser and many more. Nextech has the first ‘full funnel’ end-to-end eCommerce solution for the AR industry including its 3D product capture, 3D ads for Facebook and Google, ‘Try it On’ technology for online apparel, 3D and 360-degree product views, and ‘one click buy.’ With a web enabled AR solution, Nextech has eliminated the biggest friction point of AR, which was that a consumer first had to download an app to experience AR in commerce.
Gartner reports 100 million consumers will shop in augmented reality online and in-store by 2020. NexTech is building out its AR and AI eCommerce offerings, which include using AI to create a guided and knowledgeable curator that can be programmed to be used for eCommerce or for education in the medical device market.
NexTech is growing rapidly through acquisitions as well as by bringing a next-generation web-enabled augmented reality (AR) platform with Artificial Intelligence (AI) and analytics to the Cannabis industry, eCommerce, education, training, healthcare and video conferencing to the market. Having integrated with Shopify, Magento and Wordpress, its technology offers eCommerce sites a universal 3D shopping solution. With just a few lines of embed code, the company’s patent-pending platform offers the most technologically advanced 3D AR/AI technology anywhere. NexTech’s ARitize™ eCommerce solution is a monthly SaaS subscription platform that enables retailers to transform 2D images into true 3D AR experiences.The company has created the AR industry’s first end-to-end affordable, intelligent, frictionless, scalable platform.
On behalf of the Board of NexTech AR Solutions Corp.
CEO and Director
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, “will be”, “expected” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements regarding the use of proceeds, the AR Hollywood Studio launch date and consumer forecast for AR online shopping are based on the Company’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of NexTech to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures and other costs. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. NexTech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
For further information, please contact: Evan Gappelberg Chief Executive Officer firstname.lastname@example.org