Nextech AR Solutions (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), a diversified augmented reality, AI technology company that leverages proprietary artificial intelligence (“AI”) to create 3D experiences for the metaverse, has announced that it will pursue a direct spinout of its generative AI-powered Toggle3D platform. The company anticipates the transaction will happen through a new wholly owned subsidiary; the plans are subject to final tax and legal structuring considerations. “The spin-out of ARway Corporation (CSE: ARWY) (OTC: ARWYF) (FSE: E65) on October 26, 2022, has proven to be a tremendously successful method to unlock value for Nextech shareholders,” said Nextech AR CEO Evan Gappelberg in the press release. “As of Feb. 1, 2023, ARway is trading at $1.25 with 26.5 million shares issued, which is worth $33.1 million. Nextech still retains ownership of 13 million shares, which are worth $16 million dollars from essentially zero prior to the spin out. Now we are announcing that we are going to do the same thing with Toggle3D. We believe there is a tremendous amount of shareholder value currently trapped inside Nextech, and these spinouts are aimed at unlocking that value by listing pure-play technology companies. We believe that Toggle3D is now commercially ready to disrupt the $11 billion CAD market, and once it’s spun out, we believe that just like ARway, it will create value for Nextech shareholders. This Toggle3D spinout and the possibility of additional future spinouts are intended to unlock the value of the technology that we have been heavily investing in, incubating and building inside Nextech for the last four years.”
To view the full press release, visit https://ibn.fm/OD62q
About Nextech AR Solutions Corp.
Nextech AR Solutions is a diversified augmented reality, AI technology company that leverages proprietary artificial intelligence 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 standalone public companies issuing a stock distribution to shareholders while retaining a significant ownership stake in the public spinout. On Oct. 26, 2022, Nextech spun out its spatial computing platform, ARway, as a standalone public company. Nextech retained a control ownership in ARway Corp. with 13 million shares, or a 50% stake, and distributed 4 million shares to Nextech shareholders. ARway Corp. is disrupting the augmented reality wayfinding market with a no-code, no-beacon spatial computing platform enabled by visual marker tracking. For more information about Nextech, please visit www.NextechAR.com.
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