Nextech Expands its Tech
Stack with ARWAY’s Cloud - 3D Mapping Technology
VANCOUVER, BC, Canada -- August 26, 2021 -- InvestorsHub
NewsWire -- Nextech AR
Solutions Corp. (“Nextech” or the “Company”) (OTCQB:
NEXCF) (NEO: NTAR) (CSE:
NTAR) (FSE: N29), a diversified leading provider of augmented
reality (“AR”) experience technologies and services, is pleased to
announce that it has closed the previously
announced acquisition of U.K. based spatial computing company
ARWAY Ltd. (“ARway”) in an all-stock transaction and will hire key
founders Baran Korkmaz and Nikhil Sawlani. This acquisition
provides Nextech AR with a spatial mapping platform critical to
building “mini-metaverses”, which the Company is actively pursuing
and believes is a market opportunity as big as the metaverse
itself.
Industry leaders such as Facebook, Epic Games, Microsoft and others have all
identified the Metaverse as the future of the internet and
computing itself. ARway AR cloud and 3D mapping technologies
combined with Nextech's scalable solutions for AR e-commerce, AR
advertising, HoloX Human Holograms and AR Portals put Nextech in a
leadership position in the race to the Metaverse.
To highlight this, Nextech’s CEO Evan Gappelberg and Founder of
newly acquired ARway Baran Korkmaz sat down to discuss Nextech's
vision for "mini-metaverses"; ARway's spatial mapping technology
and what this acquisition means for Nextech's future… Watch the
livestream event here
With the announcement of the acquisition on August 10th,
Evan Gappelberg, CEO of Nextech AR Solutions noted, “The potential
for Nextech to be first to market with mini-metaverses, spatial
maps as NFT’s in the metaverse and leveraging our creator platform
HoloX to populate the metaverse with content at scale is super
exciting to me. With (Nextech's) global sales and marketing
machine, our combined AI teams and our existing AR tech and
resources as a public company, I feel confident that we will
quickly take a leadership position in the AR
metaverse!”
Baran Korkmaz, CEO Co-founder of ARway furthered
Gappelberg's sentiment when the acquisition was announced, “I
believe this will be a historic moment in the development of the
Metaverse, a vision that started over four years ago with ARway.
Unifying human-machine understanding by connecting the digital and
physical world to empower people to connect and share in deeper,
more meaningful ways. And this vision is now becoming a reality
with our new family at Nextech."
ARway CEO and Co-founder Baran Korkmaz will be joining
Nextech AR as Product Manager, AR, and ARway Co-founder Nikhil
Sawlani will be joining as Software Engineer, AR.
Upon closing of the acquisition, the Company issued
609,666 common shares in the capital of the Company at an agreed
value of CAD$2.06 per share. The common shares will be subject to
certain contractual restrictions on trading for a period of up to
23 months from the date of issuance.
Watch a
preview of ARway’s 3D mapping technology. This video showcases
the 3D mapping of Westfield London's atrium (size of a football
pitch). The mapping was completed in under two minutes, using
ARway’'s new spatial mapping engine. This technology is critical in
scaling the creation of 3D maps to support geo-location based AR
experiences, and will assist in executing the company’s vision of
“mini-metaverses” (malls, university campuses, theme parks, stores,
corporate headquarters, etc). Once the 3D maps are created, AR
experiences such as wayfinding, human holograms, ads, products and
more can populate the “mini-metaverse” at scale and provide
immersive, engaging experiences for consumers. Watch
Now
Preview what the 3D-Spatial Map looks like: Watch
Now
About ARway
A spatial mapping platform critical to building the Metaverse. It
is a Unity based platform that uses AI to scan and recognize
surroundings for hyper-accurate location based 3D mapping. ARway
provides users with an Augmented Reality Software Kit (SDK) to
frame the digital world in a few minutes and combines robust
mapping technologies for location persistent AR experiences across
ARkit, ARcore and Microsoft Azure Spatial Anchors, delivered on
cross-platforms Unity today, Unreal, Android Studio and Xcode/Swift
soon, which unlocks true spatial computing within a single toolkit
for iOS, Android and Hololens.
ARway has been creating persistence location experiences such as
indoor navigation, guided tours, treasure hunts and many more with
its No-code platform and has developed an ecosystem with over 1000+
developers, having created 3D maps in over 60 countries, with
notable customers such as the British Telecom, Bosch, AirAsia, HCG
Hospital, The City of London and the Guildhall School of Music and
Drama, Nomtek.
On behalf of the Board of Nextech AR Solutions
Corp.
“Evan Gappelberg”
CEO and Director
“Bradley Gittings”
investor.relations@nextechar.com
Forward-looking Statements
The 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
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.
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