TORONTO, ON / ACCESSWIRE / May 21, 2024 / Nextech3D.AI (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a frontrunner in generative AI-powered 3D modeling technology for major e-commerce entities such as Amazon, Miele, P&G, Kohls, and Wesfarmers Group's "Bunnings," today announces its strategic pivot towards becoming a specialized AI 3D firm. The company has divested its Map Dynamics business, a non-core floor plan mapping software unit, to ARway (OTCQB:ARWYF)(CSE:ARWY), in exchange for or 4 million shares valued at over $1mill based on Fridays closing price of $0.26/share. This transaction brings Nextech3D.ai's ownership stake in ARway to almost 50% allowing it to share in a substantial amount of ARway's and Map D's upside without having to manage the business itself day to day. This move streamlines Nextech3D.ai's operations, allowing the company to focus exclusively on its high margin-profitable generative AI-powered 3D modeling technology. The closing is expected to happen in the first half of June.
The divestiture not only advances Nextech3D.ai's position in 3D modeling and AI technology but also enhances ARway's financial standing, contributing approximately $1.2 million in revenue and about $250,000 in free cash flow, bolstering its growing spatial mapping operations creating a win-win combination for shareholders of both companies.
This strategic move allows the company to focus on further developing its core competencies in 3D and generative AI and underline Nextech3D.ai's commitment to leading the evolution of digital commerce through advanced 3D and AI modeling technologies.
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For further information, please contact:
Investor Relations Contact
Julia Viola
investor.relations@nextechar.com
Nextech3D.ai
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
About Nextech3D.ai
Nextech3D.ai or the "Company," (OTCQX: NEXCF) (CSE: NTAR) (FSE: 1SS), is a versatile augmented reality and AI technology company that utilizes its proprietary artificial intelligence (AI) to craft immersive 3D experiences at scale for E-COMMERCE. The Company's primary focus lies in creating high-quality 3D WebAR photorealistic models for Amazon and various other online retailers with patented 2D-3D technology. Nextech3D.ai has adopted a unique approach to creating shareholder value beyond its operating business of creating 3D models.
The Company also develops or acquires disruptive AI-technologies, which are subsequently spun out to shareholders as standalone public companies. This spin-out strategy allows Nextech3D.ai to issue stock dividends to its shareholders while maintaining significant ownership in the public spin-out, without dilution to the parent company Nextech3D.ai.
Notably, Nextech3D.ai successfully spun out "ARway," (OTCQB: ARWYF | CSE: ARWY | FSE:E65 ) its spatial computing platform, as a standalone public company on October 26, 2022. The Company retains a 49% stake with 13 million shares in ARway Corp. while distributing 4 million shares to Nextech shareholders.
Similarly, Nextech3D.ai accomplished its second spin-out launching Toggle3D.ai, (OTCQB: TGGLF | CSE: TGGL | FSE: Q0C ) an AI-powered 3D design studio aimed at competing with Adobe. The Company retains a 44% stake with 13 million shares in Toggle3D.ai Corp.
Forward-looking Statements
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" 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: Nextech3D.ai
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