April 28, 2022 -- InvestorsHub NewsWire -- Nextech AR Solutions Corp. (“Nextech” or the
“Company”) (OTCQB:
NEXCF) (NEO:
NTAR) (CSE:
NTAR) (FSE: N29), a Metaverse Company and leading provider of
augmented reality (“AR”) experience technologies and services is
pleased to announce it has signed an ARitize
3D contract for 3D modeling and custom decorator with
a major auto parts distributor, Genuine Parts Company.
Genuine Parts Company, founded in 1928, is a global service
organization engaged in the distribution of automotive and
industrial replacement parts. The Company serves hundreds of
thousands of customers from a network of more than 10,000 locations
across North America, Europe, and Australasia and has approximately
50,000 employees.
The Company's ARitize 3D technology allows
for large enterprise, medium and small ecommerce businesses to
convert 2D images into 3D models at scale, using Nextech’s AI
driven technology. Nextech has already signed deals and had success
in the automotive industry, using its ARitize
CAD technology to create models of
the Ford Mustang Mach-E and Ford Escape SE Hybrid. Nextech AR
offers scalability, affordability, ease of use, and the highest
quality 3D models.
ARitize 3D has been gaining market traction and
will continue to expand into new industries and product
types. Announced
last month, Nextech has rapidly expanded its offerings for 3D
models and AR for ecommerce business into adult, fashion, nap pods,
flooring, dog wear, jewelry, scooters, sports equipment, furniture
and more. Ecommerce businesses are recognizing that the future of
ecommerce rests in product visualizations through 3D models, as it
has been proven to increase conversions and reduce returns. With
this latest contract, Nextech expands into auto parts, which
provides a substantial revenue opportunity.
An April 2021 market
study published by Global Industry Analysts Inc., (GIA)
the premier market research company, released its report titled
"Auto Parts
And Accessories - Global Market Trajectory & Analytics"
highlighting the size of the Auto Parts and Accessories market
globally. Amid the COVID-19 crisis, the global market for Auto
Parts and Accessories was estimated at US$1.9 Trillion in 2020, and
is projected to reach a revised size of US$2.3 Trillion by
2026.
As the auto parts industry continues to grow, demand for the
ability to convert large amounts of files quickly and create 3D
models at scale in this industry continues to rise. Nextech
believes that with its ARitize
3D and ARitize
CAD products, it has an elite
end-to-end solution that is uniquely positioned in the market to
meet the rapidly growing global demand in the auto parts industry
for these models. ARitize CAD is a potential
game changer for auto parts manufacturers as they now have a viable
solution to convert large CAD files into lightweight 3D models at
affordable prices and at scale. This can eliminate product
photography costs, and will allow the consumer to see a high
quality 3D model of the auto part from every angle. This can have a
significant impact on ROI by increasing conversions and reducing
returns by ensuring the buyer is purchasing the correct auto
part.
Nextech AR’s CEO Evan Gappleberg comments, “This 3D modeling
contract for the auto parts industry is a big win as we are always
competing with other 3D solutions providers on businesses when it
comes to a big brand. This is just the start of what we believe is
a long term relationship. Being able to provide scalable 3D/AR
solutions for this trillion dollar industry at what we believe is
the lowest cost and highest quality, the most scalable solution
sets the stage for tremendous upside in this category.” He
continues, “I believe that with this deal, 3D models in the
automotive industry will move from a 'nice to have' to 'must have'
and with Nextech having the 3D model factory that can scale, we are
turning our platform into a “must have” solution for ecommerce in
the automotive industry.”
About ARitize 3D
ARitize 3D is your one-stop-shop AR solution with automated 3D
model creation at an unbeatable price. Our Artificial Intelligence
(AI) will turn your existing 2D product images into high-quality 3D
and Augmented Reality experiences. It's fast, it's easy and it will
transform your ecommerce website! 3D content creation is included
in monthly hosting fees. Our AI powered platform is a game changer!
What can 3D/AR do for you? Increase conversions, reduce product
returns, increase customer engagement, and attract more
customers.
Transform your online store into a dynamic virtual showroom.
Allow your customers to see your products from every angle and
position them in their own space prior to purchasing, leading to
more conversions and fewer returns. It's an exciting, immersive
shopping experience that keeps customers more engaged, better
informed and helps your brand stand out from the competition. Click
here to Learn
More
ARitize 3D is the One-Stop-Shop 3D + AR solution for ecommerce
that is:
- Affordable - lowest cost provider
- Scalable - fastest, seamless , high quality
- Frictionless - requires low implementation effort
- AI & ML powered - automated 3D model creation
- End to End - from model creation to CMS & AR
visualization
About Genuine Parts Company
Founded in 1928, Genuine Parts Company is a global service
organization engaged in the distribution of automotive and
industrial replacement parts. The Company's Automotive Parts Group
distributes automotive replacement parts in the U.S., Canada,
Mexico, Australasia, France, the U.K., Ireland, Germany, Poland,
the Netherlands, Belgium, Spain and Portugal. The Company's
Industrial Parts Group distributes industrial replacement parts in
the U.S., Canada, Mexico and Australasia. In total, the Company
serves its global customers from an extensive network of more than
10,000 locations in 17 countries and has approximately 52,000
employees. Further information is available at www.genpt.com.
To learn more, please follow us on Twitter, YouTube, Instagram, LinkedIn,
and Facebook, or visit our website: https://www.Nextechar.com.
About Nextech AR
Nextech AR Solutions is the engine accelerating the growth of
the Metaverse. Using breakthrough AI, Nextech AR is able to
quickly, easily and affordably ARitize (transform) vast quantities
and varieties of existing assets at scale making products, people
and places ready for interactive 3D use, giving creators at every
level all the essential tools they need to build out their digital
AR vision in the Metaverse. Our platform agnostic tools allow
brands, educators, students, manufacturers, creators, and
technologists to create immersive, interactive and the most
photo-realistic 3D assets and digital environments, compose AR
experiences, and publish them omnichannel. With a full suite of
end-to-end AR solutions in 3D Commerce, Education, Events, and
Industrial Manufacturing, Nextech AR is in a unique position to
meet the needs of the world’s biggest brands and all Metaverse
contributors.
Nextech funds the development of its AR and Metaverse growth
initiatives through its e-Commerce platforms, which currently
generate most of its revenue. Nextech's e-commerce platforms
include: vacuumcleanermarket.com (“VCM”), infinitepetlife.com
(“IPL”) and Trulyfesupplements.com (“TruLyfe”), VCM and product
sales of residential vacuums, supplies and parts, and small home
appliances sold on Amazon. These e-commerce platforms serve as an
incubator for developing and testing Nextech's leading edge AR, AI
and machine learning applications for powering next-generation
e-commerce technology.
Forward-looking Statements
The CSE and the NEO have not reviewed and do 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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