Nextech AR Solutions Completes Acquisition of Threedy.ai, Inc.
Vancouver, British Columbia – (COMMERCIAL THREAD) – Nextech AR Solutions Corp. (“Nextech” or the “Company”) (OTCQB: NEXCF) (NEO: NTAR) (CSE: NTAR) (FSE: N29), a leading diverse provider of augmented reality (“AR”) experience in technologies and services, is pleased to announce the closing of the previously announced acquisition of Threedy.ai, Inc. (“Threedy”), an artificial intelligence (“AI”) 3D modeling for a Silicon Valley-based e-commerce company , California.
âI am delighted to officially welcome Nima, Max and the Threedy team to Nextech,â commented Evan Gappelberg, founder and CEO of the company. âWe look forward to completing the work already underway to create a disruptive, fully integrated, AR / AI-enabled and scalable 3D modeling platform for the benefit of our existing and new e-commerce customers. ”
Upon closing of the acquisition, the Company issued 3,877,551 common shares into the capital of the Company at an agreed value of US $ 2.45 per share (C $ 3.01 per share), for total consideration in US $ 9.5 million shares. The Common Shares will be subject to certain contractual trading restrictions for a maximum period of 23 months from the date of issue.
About – Nima Sarshar, Ph.D, director of visual computing and AI technology, Nextech; formerly CEO of Threedy.ai, Inc.
Former full associate professor of software engineering, turned serial entrepreneur, with over 50 peer-reviewed scientific papers and patents. Author of âNetwork-aware source coding and communicationâ by Cambridge University Press. Co-founder and CTO of Haileo, a premier visual search AI company, CTO of inPowered, a leading AI content marketing platform. Most recently, he led the Machine Learning Scientist at Apple (AAPL).
About – Max Hwang, MSc, Senior Vice President, Engineering, Nextech; formerly Threedy.ai, Inc. CTO
Software Director with over 25 years of Silicon Valley experience with expertise in enterprise software systems design and global team management. BA in Computer Science and Economics from UC Berkeley MSc in System Software Development Management from Carnegie Mellon University. Serial entrepreneur and first employees of Interwoven (IPO and acquired by HP), Recommind (acquired by OpenText), Baynote (acquired by Kibo Commerce). Most recently, the founder and CEO of Code Above Lab Inc., a Silicon Valley software consultancy, with clients such as Adobe, Cloudera, Teradata and Navinfo.
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About Nextech AR
Nextech develops and operates augmented reality (“AR”) platforms that transport three-dimensional (“3D”) product visualizations, human holograms and 360 Â° portals to its audience, changing e-commerce, digital advertising, hybrid virtual events (events organized in a digital format combined with in-person presence) and learning and training experiences.
Nextech is focused on developing AR solutions, but most of the company’s revenue currently comes from three e-commerce platforms: vacuumcleanermarket.com (âVCMâ), infiniepetlife.com (âIPLâ) and Trulyfesupplements.com (“TruLyfe”). VCM and sale of home vacuum cleaner products, supplies and parts, and small household appliances sold on Amazon.
NEO 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”, “in the future” or variations of such words and phrases or statements indicating that certain actions, events or results ” will âoccur. Forward-looking statements regarding the awareness of investors of the Company are based on the Company’s estimates and are subject to known and unknown risks, uncertainties and other factors which may cause results, levels of activity, performance or achievements. actuals of Nextech 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. Therefore, 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.