NexTech AR Provides Update on Acquisition of Work From Home (WFH) Virtual Events Webcasting Software Company Jolokia
NEW YORK and TORONTO, April 23, 2020 (GLOBE NEWSWIRE) -- NexTech AR Solutions (NexTech) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), the leader in augmented reality for eCommerce and AR learning applications, is pleased to update its shareholders on its binding LOI announced March 16th 2020 to acquire remote video training, live streaming software company Jolokia; whose customers include, Johnson & Johnson, Viacom, Toyota, CBS, Polycom and others. The Jolokia platform generated $1mill USD in SaaS revenue for 2019.
NexTech has been working with Jolokia on new business use cases and created the “InfernoAR” new product page on the NexTech website seen here: DEMO
With corporate meetings and events going virtual through online collaboration and web conferencing tools, NexTech has developed a method to seamlessly integrate 3D photo realistic holograms of people and products to these virtual events through its ARitize App. Whether you need to host a full-featured conference, a keynote for a major product announcement, a virtual booth to welcome your partners, investors, and advocates, or remote training sessions, NexTech is able to help you reach the heart of your audience, with our unique AR touch.
Try our demonstration video - DEMO AR IN VIDEO LEARNING
Pete Mastin, CEO of Jolokia comments, “With the integration of NexTech’s augmented reality holograms, our Inferno platform is well positioned as the world's most advanced Video Learning Experience Platform (LXP). Combining live broadcasting with Interactive Video, Artificial Intelligence and Holograms, corporations are now able to rapidly deliver immersive, engaging learning experiences anywhere”. He continues, “We are very excited to merge with NexTech AR as we believe the combination of our Inferno Platform with NexTech’s formidable tech stack will create a new generation of Learning & Development products that will gamify the learning experience in a way that has not been seen before.”
Evan Gappelberg, CEO of NexTech commented, “On January 28th we announced that we started working with the team at Jolokia to integrate our AR into their Video Learning Experience Platform. The NexTech team quickly cracked the code on the integration of our AR into their platform, creating an enormous opportunity for both companies”. Gappelberg continues, “Imagine watching a training video, going to a virtual conference or webinar and being able to take what you are seeing on screen and put it in the room with you as a 3D/AR experience. Haing AR seamlessly work in video training, virtual conferences or webinars provides us with competitive differentiation and a very timely addition to our AR omni-channel offerings. With the spread of the Coronavirus all governments, Learning Institutions and Corporations are forcing a huge paradigm shift in society to remote work, and training and learning remotely creating massive new demand which should lead to explosive adoption for this platform. We expect to see a big upside in this deal for NexTech shareholders”.
With the Global Coronavirus pandemic disrupting all large gatherings, demand for remote training is surging which will undoubtedly drive awareness and adoption of the company’s video conferencing, live streaming and remote training platform with integrated AR features. Many global companies including Google, Microsoft, Twitter, Hitachi, Apple, Amazon, Chevron, Salesforce and Spotify have all rolled out mandatory work-from-home policies amid the spread of COVID-19. The fast-spreading COVID-19 has increased demand for Jolokia’s software as schools close, conferences and business and leisure travel are all cancelled and more employees work from home. The work-from-home trend had already started with ZOOM’s (ZM) popularity before the Coronavirus. Now that the Coronavirus has emerged, demand has surged which should drive demand for the merged company’s remote-work AR tools which include: AR-virtual conferences, AR-live streaming, AR-webcasting, and AR-remote training.
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About NexTech AR Solutions Corp.
NexTech is one of the leaders in the rapidly growing AR industry, estimated to hit $120 billion by 2022, according to Statista. NexTech, the first publicly traded “pure-play” AR company, began trading on the CSE on October 31st, 2018. NexTech has a two-pronged strategy for rapid growth including growth through acquisition of eCommerce businesses and growth of its omni-channel AR SaaS platform called ARitize™.
The company is pursuing four multi-billion-dollar verticals in AR.
ARitize™ For eCommerce; The company launched its technologically advanced webAR for eCommerce early in 2019 and has been rapidly signing up customers onto its SaaS platform. Customers include Walther Arms, Wright Brothers, Mr. Steak, and Budweiser. NexTech has the first ‘full funnel’ end-to-end eCommerce solution for the AR industry including its 3D product capture, 3D ads for Facebook and Google, ‘Try it on’ technology for online apparel, 3D and 360-degree product views, and ‘one click buy’.
ARitize™ University; having launched in June 2019, the app-based solution allows companies and educational establishments to leverage all of their existing 2D assets - YouTube videos, PDF documents, PowerPoint decks, images, etc. - and then overlay immersive 3D-AR experiences on top of that content for an interactive training experience that drives productivity.
ARitize™ Hollywood Studios; the studio has created a proprietary entertainment venue for which it is producing immersive content using 360 video, and augmented reality as the primary display platform.
ARitize™ 3D-AR-360 Advertising Platform: launched in Q1 2020 the ad platform will be the industry's first end-to-end solution whereby the company will leverage its 3D asset creation into 3D, 360, AR ads. In 2019, according to IDC, global advertising spend will be about $725 billion.
On behalf of the Board of NexTech AR Solutions Corp.
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