VANCOUVER, British Columbia, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Nextech AR Solutions Corp. (OTCQB:NEXCF) (CSE:NTAR) (FSE:N29), a Metaverse company and leading provider of augmented reality experience technologies, wayfinding technologies and 3D modeling services, plans to spinoff its Toggle3D and associated assets to a subsidiary, with an IPO exchange listing planned for early 2023. Current shareholders will receive shares of the new company, following a plan of arrangement, which is subject to final tax and other legal considerations.
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This follows the highly successful spin out of ARway Corporation in October, which traded as high as $2.95. With ARway currently trading at $2.00, Nextech’s holdings of 13 million shares of ARway are also contributing about $26 million to Nextech’s market capitalization.
Launched in September, Toggle3D is an AR enhanced standalone web application which means the user can access everything on the browser and start designing instantly. No desktop downloads involved, no updates to keep track of, and no system requirements to worry about. All the templates are organized into project panels that a user can access anywhere and seamlessly navigate. This enables product designers, 3D artists, marketing professionals and eCommerce site owners to create, customize and publish high-quality 3D models and experiences without any technical or 3D design knowledge.
The company believes that Toggle3D is the first platform of its kind, and this break-through SaaS product is a potential game changer for the manufacturing and design industry, as it provides a viable solution to convert large CAD files into lightweight 3D models at affordable prices and at scale.
According to a recent report by Research and Markets, the world’s largest market research store, the global computer aided design market is expected grow from US$9.89 billion in 2022 to US$17.47 billion by 2030, a compound annual growth rate of 6.9%.
The shares are trading at $0.97. For more information, please visit the company’s website at www.NextechAR.com. Investor Relations is handled by Lindsay Betts, who can be reached at 866-274-8493 Ext 7201 or by email at investor.relations@nextechar.com.
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