The Company would also like to announce the appointment of Nidhi Kumra, CA, CPA, to the Board of Directors and as the Audit Committee Chair Replacing Jeff Dawley
TORONTO, ON / ACCESSWIRE / June 29, 2023 / Nextech3D.AI (formally "Nextech AR Solutions Corp'' or the "Company") (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a Generative AI-Powered 3D model supplier for Amazon, P&G, Kohls and other major e-commerce retailers is pleased to announce a number of exciting new deals and renewals for its 3D modeling business, "ARitize3D'' which is continuing to drive its growth. Also, the Company is pleased to announce that it has surpassed over 37,700 3D models delivered to its customers in various e-commerce industries and sees significant growth potential ahead as hundreds of millions of products go 3D as merchants are pivoting from 2D flat photos to 3D experiences in the e-commerce marketplace.
With Nextech3D.ai's breakthrough generative-AI technology, the Company believes it has revolutionized the 3D modeling industry, and gained a major competitive edge solidifying its leadership position in the global 3D model market for e-commerce. Nextech3D.ai is making it possible to create photo-realistic 3D models as digital replicas of real-world products at scale for large enterprise customers in the global $5.5 trillion dollar ecommerce market.
Nextech3D.ai CEO Evan Gappelberg commented, "We are just getting rolling with our production for 3D models and are thrilled to announce that we have surpassed 37,775 3D models delivered to our customers. We continue to sign new deals, as we are redefining the shopping experience, bridging the gap between the physical and digital. Our advanced AI-powered 3D modeling technology enables e-commerce businesses to showcase their products in immersive 3D, providing valuable ROI to our customers with increased conversions and decreased returns. The massive global ecommerce ecosystem is pivoting from 2D photos to 3D models, and we strongly believe that we are only at the beginning of a megatrend opportunity, as Amazon alone has 300,000,000 products that need to go 3D. In 2023, we are very focused on scaling our business and becoming the dominant 3D model supplier for the global e-commerce industry."
Sampling of new and renewal deals representing a variety of industries:
- Transit Inc. - An automotive parts manufacturer and distributor has signed on for a variety of 3D models of their automotive parts. They have thousands of products, representing a lot of potential for future growth
- William Wood Mirrors - A manufacturer of mirrors and lighting has renewed their 8th contract with Nextech
- Arai Helmet - Handcrafted motorcycle helmet manufacturer with a large variety of unique helmets
- Hammer - German provider of a large number variety of fitness equipment has contracted with Nextech for more 3D models
- TecTake - A provider of outdoor furniture and camping items has contracted with Nextech for more 3D models
- Norma - A provider of firearms and weapons has signed on for 3D models of their most popular products
- Conforama - One of Europe's largest home furnishings is working with Nextech for 3D model proof of concepts for some of their most popular furniture products
- Decor Metall - A leading international provider of individual presentation solutions and POS concepts will renew with Nextech
- Armadillo Tough - Cabinet and storage solutions company and current client who has requested more 3D models of their cabinets
- Bolt Inc - a South Korean company currently contracted with Nextech for 3D models has requested even more models with exploded view
Update on 3D Model Production
Nextech3D.ai has been ramping up 3D model production since 2021. From Q1 2021 to Q2 2023, the total number of models produced has been 37,775.
Board of Directors and Audit Committee Changes
The Company would also like to announce the appointment of Nidhi Kumra, CA, CPA, to the Board of Directors and as the Audit Committee Chair.
Nidhi is an accounting and finance professional with over 15 years of experience in audit, finance & business operations. Nidhi graduated with a Bachelor of Business Administration from the Schulich School of Business. She has a Chartered Professional Accountant / Chartered Accountant (CPA, CA) designation. Nidhi started her career at KPMG where she worked for over 9 years and quickly rose to become a senior manager in the audit and assurance practice, working as a team leader of large private and public client engagements. She also served as VP Finance for a global marketing agency, and helped to lead a national implementation of an end-to-end ERP system across the enterprise. Previous to that, Nidhi led the finance team at Labatt Breweries, a subsidiary of AB InBev - a Fortune 500 Company. She was a key strategic partner working on the transformation of the business through system implementations, designing corporate budgets, and leading acquisition integrations. Most recently, Nidhi has served as CFO of entrepreneurial start up companies in CPG, technology and marketing sectors. She has served as a public company CFO where she helped the company grow through evaluation, analysis & acquisition of strategic investments. As a CFO, Nidhi has helped aid companies through strategic acquisitions, obtaining debt and equity investments, liquidation process, and sale process as well. She is focused on growing companies by applying her strengths in strategy, accounting, finance and tax.
Jeff Dawley has resigned as a member of the Board of Directors and as the Audit Committee Chair due to personal reasons, effective June 30, 2023. Mr. Dawley has confirmed that he has no disagreements with the Board and there is no other matter relating to his resignation that needs to be brought to the attention of the Company's shareholders. The Company and the Board of Directors would like to thank Mr. Dawley for his contributions and wish him well in his future endeavours.
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Nextech3D.ai (formally "Nextech AR Solutions Corp" or the "Company") (OTCQX:NEXCF) (CSE:NTAR) (FSE:EP2 is a diversified augmented reality, AI technology company that leverages proprietary artificial intelligence (AI) to create 3D experiences for the metaverse. Its main businesses are creating 3D WebAR photorealistic models for the Prime Ecommerce Marketplace as well as many other online retailers. The Company develops or acquires what it believes are disruptive technologies and once commercialized, spins them out as stand-alone public Companies issuing a stock dividend to shareholders while retaining a significant ownership stake in the public spin-out.
On October 26, 2022 Nextech3D.ai spun out its spatial computing platform, "ARway" as a stand alone public Company. Nextech3D.ai retained a control ownership in ARway Corp. with 13 million shares, or a 50% stake, and distributed 4 million shares to Nextech AR Shareholders. ARway is currently listed on the Canadian Securities Exchange (CSE:ARWY), in USA on the OTCQB (OTC: ARWYF) and Internationally on the Frankfurt Stock Exchange (FSE: E65). ARway Corp. is disrupting the augmented reality wayfinding market with a no-code, no beacon spatial computing platform enabled by visual marker tracking.
On December 14, 2022 Nextech announced its second spinout of Toggle3D, an AI-powered 3D design studio to compete with Adobe. Toggle3D went public on June 14 2023, listed on the Canadian Securities Exchange (CSE:TGGL).
For further information, please contact:
Investor Relations Contact:
866-ARITIZE (274-8493) Ext 7201
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" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as 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.
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