Nextech's Generative AI Driving Exponential Growth For Portfolio of 3D/AR Technologies for Ecommerce
Record 3D Model Demand in Ecommerce Continuing In 2023
TORONTO, ON / ACCESSWIRE / January 17, 2023 / Nextech AR Solutions Corp. ("Nextech" or the "Company") (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a Metaverse Company and leading provider of augmented reality ("AR") experience technologies, wayfinding technologies and 3D model services is pleased to announce the expansion contract with thousands of 3D model products for Majid Al Futtaim, a branding partner for world-class fashion and retail brands with more than 100 stores across the MENA region, including some of the world's most desirable brands, such as Crate & Barrel, Abercrombie & Fitch, Hollister, AllSaints, and lululemon Athletica. The Company is also pleased to announce that it now supplies 3D models for Procter & Gamble, an S&P 500 company, as well as Bunnings (owned by Wesfarmers), which has 381 locations, the largest retailer of home improvement supplies in Australia and New Zealand.
These latest 3D modeling contracts are further evidence of the global demand for 3D models due to the high ROI. Nextech anticipates the 3D model mega-trend gaining even more traction in 2023, as the mass adoption of 3D models continues. Nextech is currently in discussions with other major retailers and is anticipating a record number of new deals for 3D models in 2023.
Nextech has recently signed both new and renewal contracts for 3D model for a variety of industries:
Vornado Air LLC, a premium supplier of fans, heaters, humidifiers, air purifiers, steamers and more have signed on for 3D models of their most popular products.
Home Leisure Direct, a game room products provider of pool tables, arcade machines, pinball, table tennis, etc. has signed on for a number of unique and complex 3D models to promote their games.
Speciality Outdoor Furniture / Equipment
Babmar, the most trusted brand name in weather-resistant, handwoven outdoor furniture, along with Everdure by Heston Blumenthal, Ezooza, North by North, and others. Nextech continues to see growth in this category, and will continue to expand this segment into 2023.
These contracts follow recently announced news for other specialty product retailers such as Prineta, As Good As Gold Australia, and Top Meteorite showcasing the complexity and details that Nextech's 3D models are able to provide.
The adoption of complex 3D models is accelerating as online retailers see the value of highlighting these products to customers, which increases sales since consumers can now accurately see these items in their space, as well as reducing returns.
MGI Golf, a supplier of golf caddies and other related golf products, originally signed on for a 3D model of their golf cart and has requested another contract for more models. This latest signing is for 3D model SKUs of their other golf caddy products.
The sports equipment segment continues to grow for Nextech, as the Company also recently signed a 3D modelling deal with Skate One, Bunnings (bicycle line), as well as a renewal 3D modelling deal with City Grounds, a bicycle retailer for additional SKUs. This follows multiple sports-related ARitize 3D deals, including Marketer Deutschland, Head, Himibike, Salamander Paddle Gear, Never Summer, The Perfect Mound, Source for Sports, Joyride Bikes and others.
Furniture / Home Goods
Material Comforts Inc - (MC) Poly & Bark, a premium American furniture and home decor online retailer has renewed for another term, and it is anticipated that additional SKUs will be requested.
William Wood Mirrors, an eCommerce retailer of specialty mirrors, originally signed on for complex 3D models in mid-2022 and has been increasing its model orders steadily. This latest deal represents the 7th signed contract for additional 3D model SKUs.
The Timber Line, an exclusive collection of locally made, handcrafted timber items for the household has signed on for a number of 3D models of their most popular SKUs, enabling customers to see what the product will look like in their homes before purchasing, leading to more satisfied customers and less chance of product return.
The furniture and home goods market for Nextech continues to be strong. These deals follow recently announced contracts with Seville Classics, a global leader in home organization and storage solutions; Summit International Flooring, a premier flooring supplier and many others.
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About Nextech AR
Nextech AR Solutions (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 Nextech AR spun out its spatial computing platform, "ARway" as a stand alone public Company. Nextech AR 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 (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 AR announced its second spinout of Toggle3D, an AI-powered 3D design studio to compete with Adobe. Toggle3D is expected to be public in the first half of 2023.
To learn more about ARway, visit https://www.arway.ai/
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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.
SOURCE: Nextech AR Solutions Corp.
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