Nextech AR Solutions (NTAR.C), a Canadian developer of 3D commerce and metaverse solutions for business, announced today that its shareholders had approved the proposed spinout of the company’s Arway platform and associated assets to a wholly owned subsidiary (SpinCo).
The arrangement will result in Nextech receiving an aggregate of 16 million common shares of ARway and an aggregate of four million ARway shares being distributed directly to the shareholders of Nextech on a pro rata basis.
ARway is a no-code spatial computing platform, with an augmented reality indoor wayfinding solution for large, multi-purpose venues activated with visual marker tracking. ARway only requires end-users to scan a QR code with their smart phone to activate.
The platform includes a web creator platform giving creators advanced authoring capabilities compared with the mobile app, included the ability to upload their own OBJ/GLB files and create their own 3D projects.
There is also a mobile app for ARway, where anyone can spatially map their location within minutes using their smart phone, and populate it with interactive 3D content, augmented reality wayfinding, audio, text, images and more.
Lastly there is an ARwayKit SDK which contains code libraries and API information allowing developers to build their own white-label and private label mobile apps on both iOS and Android.
Nextech will continue to serve ecommerce clients with a selection of offerings including ARitize 3D Configurator which turns existing 2D product images or CAD files into 3D and AR content, allowing shoppers to change colors, parts and materials with the click of a mouse.
The company’s ARitize CAD converts CAD files to 3D models for marketing realistic digital products for training, demos, commerce, etc.
ARtize Decorator rounds out the ecommerce solution product line which allows customers to design a room completely with true-to-scale 3D models, giving them the ability to see everything as it will be prior to purchase.
Nextech will also service marketers with a leading-edge product line including ARitize Swirl which easily and economically adds 3D and AR banners to an ecommerce site, ARitize Holograms which allows users to create a hologram just using their smart phone and ARitize CPG which allows customers to easily create interactive experiences with smart packaging for POS, online and in-home experiences to increase buyer confidence.
Nextech reported $7.06 million CAD in cash and cash equivalents as of June 30, 2022 with $3.23 million in revenues in the three months ending June 30, 2022, for a total comprehensive loss of $8.99 million for the quarter.
The company currently trades for $0.77 per share, down 42.54% for the year, for a market cap of $76.93 million.
