Nextech (CSE: NTAR) (OTCQB: NEXCF) (FSE: N29) today announced that after further consideration, it has determined to pursue a direct spinout of its ARitize Maps platform through a wholly-owned subsidiary of the company (“Subco”). According to the update, the transaction is anticipated to proceed by way of plan of arrangement pursuant to which the ARitize Maps platform and associated assets will be spun out into a new Subco, but will be subject to final tax and legal structuring considerations. “These positive changes to our spin-out structure are expected to result in less dilution to Nextech and allow our shareholders to receive a larger number of dividended shares of the spun-out entity. As previously announced, under the PC1 transaction, we anticipated a minimum of 1,600,000 dividend shares,” said Evan Gappelberg, CEO of Nextech. “Now, however, with a direct listing on the CSE, we anticipate being able to distribute 3,200,000 shares of the spun-out entity to Nextech shareholders as a dividend or return of capital on a pro-rata basis. This ARitize Maps spin-out and the possibility of additional future spin-outs are intended to unlock the value of the technology that we have been incubating and building inside Nextech for the last 3 years. I believe that these highly focused spin-out companies will garner more investors’ attention and will increase Nextech’s shareholder value.”
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About Nextech AR Solutions Corp.
Using breakthrough artificial intelligence (“AI”), Nextech is able to quickly, easily and affordably ARitize (transform) vast quantities and varieties of existing assets at scale making products, people and places ready for interactive 3D use, giving creators at every level all the essential tools they need to build out their digital AR vision in the metaverse. Its platform agnostic tools allow brands, educators, students, manufacturers, creators, and technologists to create immersive, interactive and the most photo-realistic 3D assets and digital environments, compose AR experiences, and publish them omnichannel. With a full suite of end-to-end AR solutions in 3D commerce, education, events, and industrial manufacturing, Nextech is well positioned to meet the needs of both commercial brands and other metaverse contributors. Nextech funds the development of its AR and metaverse growth initiatives through its e-commerce platforms, which currently generate most of its revenue. For more information about the company, visit www.NextechAR.com.
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