Nextech AR Solutions (OTCQB: NEXCF) (NEO: NTAR) (CSE: NTAR) (FSE: N29), a Metaverse company and leading provider of augmented reality (“AR”) experience technologies and services, is evaluating its operations with a renewed laser focus on its Web 3.0 Software as a Service (“SaaS”) business; the company provides leading-edge 3D, augmented reality solutions. The company’s Web 3.0 solutions are designed to help users increase sales, decrease product returns and improve advertising results, delivering billion-dollar value to its clients, which include Kohl’s, CB2, Crate and Barrel, NAPA Auto Parts and others. The company anticipates transitioning to a pure-play Web 3.0 services business, which will involve winding down its legacy Ecommerce businesses; those businesses include Vacuumcleanermarket.com, Trulyfesupplements.com and infinitepetlife.com. That change is effective immediately, the company announced. This transition is expected to result in savings of $8 to $10 million in annual expenses this year, as well as the generation of $1 to $2 million from the sale of its Ecommerce business inventory. Moving forward, the company will be focusing completely on generating revenue from its technology services and renewable software licenses business, including evaluating additional ways to enhance shareholder value through further development of its offerings. “We are extremely excited about the growth prospects of our 3D modeling and AR business in 2022 and beyond and see this transformation as the next logical step in our stated goal to be the 3D model factory for the metaverse,” said Nextech AR CEO Evan Gappelberg in the press release. “Nextech continues to gain traction in the 3D technology space by signing new deals and building its MRR and ARR. With this winding down of our Ecommerce business, we can now focus solely on our fastest-growing business, which is our 3D technology products becoming a pure play technology company.”
To view the full press release, visit https://ibn.fm/xRBt3
About Nextech AR Solutions Corp.
Nextech AR Solutions is the engine accelerating the growth of the Metaverse. Using breakthrough artificial intelligence (“AI”), Nextech AR 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, and giving creators at every level all the essential tools they need to build out their digital AR vision in the Metaverse. The company’s 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 AR is in a unique position to meet the needs of the world’s biggest brands and all Metaverse contributors. For more information about the company, please visit www.NextechAR.com.
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