NexTech AR Solutions Corp. (OTC: NEXCF) (CSE: NTAR) (FSE:N29), a technology company focused on bringing augmented reality (“AR”) to the masses through its web-enabled AR platform for eCommerce, announced a non-brokered private placement of 3 million units for gross proceeds of up to C$1.8 million. The Company plans to use the offering’s proceeds to hire additional sales people, pursue M&A opportunities, and for general working capital purposes.
NexTech offers a web-enabled AR platform with Artificial Intelligence (AI) and analytics to the various industries, including cannabis, eCommerce, education and healthcare. The Company’s technology offers eCommerce sites a universal 3D shopping solution and is already integrated with Shopify, Magento and WordPress.
So far this year, NexTech made three acquisitions: AR eCommerce, Hootview and Infinite Pet, and signed a Letter-of-Intent in May to acquire an eCommerce business. Once the deal is closed, NexTech’s AR-enabled eCommerce division would have a trailing 12-month revenue run rate of US$6.5 million and US$1.5 million in EBITDA. For 2019, NexTech provided revenue guidance of US$9.3 million and over $2 million in EBITDA from the AR-enabled eCommerce division with additional revenue expected from its AR SaaS business.
You can access today’s Video-of-the-Day here: NexTech_video_52319
