TORONTO, March 07, 2023 (GLOBE NEWSWIRE) — via InvestorWire — Nextech AR Solutions Corp. (“Nextech3D.ai” or the “Company”) (OTCQX: NEXCF) (CSE: NTAR) (FSE: EP2), an Augmented Reality (AR), Artificial Intelligence-Powered 3D model supplier for Amazon and other major e-commerce retailers is excited to announce that it has rebranded to better reflect its current technology and business. As previously reported, the Company believes that its generative AI has given it a competitive edge and is driving the Company toward becoming cash-flow positive.
The Company’s CTO Nima Shasar, who is an AI and computer vision expert, has significantly expanded his team with three new full-time AI scientists to bolster its AI development and keep pace with its ambitious AI growth plans for 2023.
Nima Sarshar, commented, “The new advances in generative AI have made it possible to make meaningful advances in creating 3D digital-replicas from ordinary 2D photos. Nextech is uniquely positioned to take advantage of these advances; over the years we have built tens of thousands of high-quality, fully textured, photo-realistic 3D assets, with hundreds of thousands of individual parts, that we are now harvesting to train our stable-diffusion AI models and more. Our first clean dataset with 70,000+ 3D objects and more than 2.2M synthetically rendered reference photos are now ready for training. This is still a small portion of all the parts and assets in our model library, and yet, it is already larger than the largest publicly available 3D dataset called ShapeNet with its 51K models of varying quality.”
The Company’s portfolio of new brands are:
Nextech3D.ai
Arway.ai
Toggle3D.ai
Nextech3D.ai CEO Evan Gappelberg comments, “We have been able to create incredibly powerful artificial intelligence that really changes the game, between what we have been able to produce with a human versus what’s happening now with our generative AI-Powered 3D model factory.” He continues, “We effectively have transitioned from a diversified Augmented Reality Company and pioneering metaverse Company to a leading AI-powered 3D modeling for e-commerce company. We believe that we have a competitive advantage in the $100 billion TAM 3D market and that anyone in our industry that doesn’t embrace the disruptive power of generative AI will find themselves at an enormous and insurmountable disadvantage from both a cost and innovation perspective.”
With a new wave of generative AI systems, such as ChatGPT, the world is entering a period of generational change where entire industries have the potential to be transformed. The Company believes that to be an industry leader in any industry, a clear and compelling AI strategy is needed. With its breakthrough AI focused on 3D modeling coupled with today’s rebranding, plus its Amazon relationship, Nextech3D.ai is the leader and has a massive opportunity in the 3D modeling space. As recently announced, Nextech3D.ai has launched breakthrough AI to scale its 3D model production capabilities, which positions the Company for breakout revenue growth in 2023 and beyond. The Company has also achieved a major generative AI breakthrough in 3D model texture creation. Nextech3D.ai is using its newly developed AI to power its diversified 3D/AR businesses including Arway.ai, Toggle3D.ai and Nextech3D.ai.
The Company has been preparing this rebranding for quite some time and waited for the moment when the AI mega-trend went mainstream. The company believes that AI has now gone mainstream which is evident by ChatGPT going viral and both Microsoft, and Google-parent Alphabet, throwing their significant financial might behind AI. This is a pivotal moment in history for Nextech3D.ai business and its portfolio of Companies as they are positioned to grab their fair share of this massive emerging market and quickly leverage AI in its quest to drive towards profitability in a new era of AI-powered business and technology.
The Company has affected the business name registration of Nextech3D.ai with the applicable corp. regulatory authorities, the stock symbols will remain the same.
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For further information, please contact:
Investor Relations Contact
Lindsay Betts
investor.relations@Nextechar.com
866-ARITIZE (274-8493) Ext 7201
Nextech AR Solutions Corp.
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
About Nextech AR
Nextech AR Solutions (OTCQX: NEXCF) (CSE: NTAR) (FSE: EP2) is a diversified augmented reality, AI-powered technology company that leverages proprietary artificial intelligence (AI) to create 3D experiences for the metaverse. Its main businesses are creating 3D WebAR photorealistic models for the Prime Ecommerce Marketplace as well as many other online retailers. The Company develops or acquires what it believes are disruptive technologies and once commercialized, spins them out as stand-alone public Companies issuing a stock dividend to shareholders while retaining a significant ownership stake in the public spin-out.
On October 26, 2022 Nextech AR spun out its spatial computing platform, “ARway” as a stand alone public Company. Nextech AR retained a control ownership in ARway Corp. with 13 million shares, or a 50% stake, and distributed 4 million shares to Nextech AR Shareholders. ARway is currently listed on the Canadian Securities Exchange (CSE:ARWY), in USA on the (OTC: ARWYF) and Internationally on the Frankfurt Stock Exchange (FSE: E65). ARway Corp. is disrupting the augmented reality wayfinding market with a no-code, no beacon spatial computing platform enabled by visual marker tracking.
On December 14, 2022 Nextech AR announced its second spinout of Toggle3D, an AI-powered 3D design studio to compete with Adobe. Toggle3D is expected to be public in the first half of 2023.
To learn more about ARway, visit https://www.arway.ai/
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.
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