Nextech (CSE: NTAR) (OTCQB: NEXCF) (FSE: N29), together with its wholly-owned subsidiary ARWAY Ltd. and PC 1 Corp. (TSX.V: PCAA), today announced entry into a binding letter agreement. The agreement outlines the general terms and conditions of a proposed transaction pursuant to which PC 1, a capital pool company listed on the TSX Venture Exchange, will enter into a business combination pursuant to which it shall acquire the assets of ARWAY. The principal asset of ARWAY is an application currently called ARitize Maps, a no-code web based end-to-end metaverse creator platform. “We are now and have always been focused on increasing shareholder value, and, through the spin out of the ARitize Maps application through one of our newly commercialized business units, I believe we are immediately creating shareholder value,” said Evan Gappelberg, CEO of Nextech. “The spin out will result in ARitize Maps being the principal asset of a stand-alone public company, in which Nextech will continue to be a significant shareholder. As a result, I do believe this new technology will get the recognition it deserves and see a positive revaluation, thereby benefiting Nextech shareholders through their continued indirect ownership interest in the technology.”
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About Nextech AR Solutions Corp.
Using breakthrough artificial intelligence (“AI”), Nextech 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. Its 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 is well positioned to meet the needs of both commercial brands and other metaverse contributors. For more information about the company, visit www.NextechAR.com.
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