VANCOUVER, Dec. 4, 2018 /PRNewswire/ - NexTech AR Solutions Corp. (the "Company" or "NexTech") (CSE: NTAR) (FSE:N29) is pleased to announce that it has exercised its option to acquire "edCetra" a premier eLearning on demand platform. Since signing an exclusive license agreement in May 2018, NexTech has been working on integrating augmented reality ("AR") into the "edCetra" platform which is now complete. The company is preparing the eLearning platform for a re-launch in January 2019, with the added augmented reality feature. NexTech sees education and training as another substantial opportunity where augmented reality can transform an entire industry.
"We believe that AR and VR will disrupt and spawn more than one multi-billion dollar industry with online education and training being one of the industries transformed" comments Evan Gappelberg, CEO of NexTech. He continues "with this acquisition we are now firmly positioned in three multi-billion dollar AR verticals: AR e-commerce, AR education, and AR Live Streaming which all run off our CRM platform creating one of the first AR ecosystems".
NexTech's e-learning platform "edCetra" has been used by Fortune 500 companies such as Imperial Oil, Bombardier and Staples, as well as the Library of Congress and others to educate and train employees. With this platform, NexTech is creating a much-needed augmented reality training and education platform for the cannabis industry, and also plans to expand into other industries in the future.
"The continuation of 'on demand' learning can definitely find its way in the promise of Augmented Reality. The technology that we've been building here at NexTech AR Solutions, married to the technology we were able to build at edCetra Training will most definitely impact generations to come. To have the opportunity to take our on demand educational system and fuse it with rapidly advancing augmented reality will create a platform that delivers content where you are, when you need it, in 3D, with live holograms as teachers. "Wild stuff!" comments Reuben Tozman, COO of NexTech.
According to Statistica, the use of augmented reality as a training and education tool is expected to be a major growth driver for the AR industry. NexTech's management anticipates the continued widespread adoption of AR in education and training and is moving quickly to market as one of the first next generation AR eLearning platforms.
Core features of the system include digital asset management, user administration, e-commerce and content delivery.
- Fully realized learning on demand system
- Supports multiple file types (video, image, text, PDF, FBX (3d models))
- Pay as you go, and subscription enabled
- Allows for multiple business models supporting retailers, wholesalers and publishers
- Set any price for any piece of content
- Out of the box reporting
As compensation for the sale, Reuben Tozman founder of edCetra will receive 300,000 shares of NexTech AR Solutions stock subject to escrow requirements and/or hold periods required by CSE policies and applicable securities laws. As a result of Reuben Tozman the Chief Operations Officer of NexTech AR Solutions being a control person, the Proposed Transaction constitutes a related party transaction under Canadian Multilateral Instrument 61-101 ("MI 61-101"). NexTech AR Solutions is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101 based on a determination that the securities of NexTech AR Solutions are listed on the Canadian Securities Exchange and that neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the Proposed Transaction, insofar as it involves interested parties, exceeds 25% of the market capitalization of NexTech AR Solutions.
About NexTech AR Solutions Corp.
NexTech is bringing augmented reality to the Cannabis market by turning 2D products into exciting 3D consumer experiences. NexTech is currently developing a proprietary and disruptive augmented reality (AR) advertising and education platform that uniquely engages by connecting brands and retailers through a fully immersive 3D AR experience called Native AR. NexTech launched its ARitize™ app in August 2018, which is capable of hosting many brand's 3D objects and augmented reality experiences. NexTech also owns a large and diverse revenue generating App Portfolio that is deployed on the iTunes and Google play store which it intends to ARitize™.
On behalf of the Board of NexTech AR Solutions Corp.
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", "looking forward" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the Company increasing investors awareness are based on the Company's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of NexTech to be 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. 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.