ARway.ai Selected to Participate at Apple Vision Pro Developer Labs

ARway.ai ("ARway" or the "Company") (CSE:ARWY), (OTCQB:ARWYF) (FSE:E65) is an AI powered Augmented Reality Experience platform with a disruptive no-code, no beacon spatial computing solution enabled by visual marker tracking with centimeter precision announces the Company has been selected to participate at Apple's Vision Pro Developer Labs in Cupertino, California

In June, ARway.ai announced its plans to distribute its groundbreaking indoor navigation and 3D technology with the Apple ecosystem. The Company is currently executing this goal, as Apple's visionOS operating system natively supports the Unity 3D engine and RealityKit (formally ARkit) enabling ARway to seamlessly distribute its technology through existing and new applications in iOS.

It is anticipated that the adoption of "Apple Vision Pro" will be a massive boost for the augmented reality industry, opening up a new market opportunity for ARway's technology as the Company is a software solution provider for the Apple Vision Pro.

This one-day developer lab gives selected companies the opportunity to experience visionOS, iPadOS, or iOS apps running on Apple Vision Pro. With Apple's support at the lab, the Company can test and optimize ARway's offerings to be ready for the infinite spatial canvas. ARway.ai is proud to have been selected through this highly competitive selection process, which had limited openings available. Applications were reviewed by Apple and priority was given to new visionOS apps and existing iPadOS and iOS apps being enhanced for visionOS with relevant use cases aligned with Apple's release strategy. ARway.ai's use cases in indoor navigation and recent efforts have focused precisely on AR glasses integration, aligning the Company's vision and execution with the industry shift to 3D/AR.

Apple's Vision Pro is poised to set the industry standard for AR headsets, boasting groundbreaking technology as the first-ever wearable spatial computer. ARway currently delivers optimal performance on iOS devices and will seamlessly integrate into Apple's ecosystem.

ARway.ai Integration with AR Smart Glasses

Discover a New World With AR Smart Glasses Powered By ARway.ai
Learn more https://www.arway.ai/arwayai-ar-software-for-smart-glasses

ARway.ai effortlessly integrates with Magic Leap 2 and HoloLens 2 headsets. ARway.ai is also available on all smart glasses supporting OpenXR, MRTK3, RealityKit (Apple Vision Pro) and Unity.

ARway.ai is the only smart glasses software that enables large-scale location persistent AR experiences with 6DoF in indoor spaces with smart glasses. ARway.ai leverages AI to quickly create and share augmented reality experiences through AR smart glasses as well as mobile devices.

ARway.ai's technology enables 6DoF by accessing the AR smart glasses sensors and cameras. It eliminates any errors in motion so the augmented digital objects look and move in your real world as if they were really there. This means that the technology can be used in any environment, opening up immersive use cases where the hands-free capabilities of the user are important.

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To learn more about ARway, please follow on Social Media: Twitter, YouTube, Instagram, LinkedIn, and Facebook, and visit our website: www.arway.ai

About ARway.ai

ARway.ai (CSE: ARWY) (OTCQB: ARWYF) (FSE: E65) is a spatial computing platform powered by artificial intelligence (AI) providing an array of augmented reality (AR) experiences for indoor spaces. ARway's breakthrough no-code no-beacon IPNN allows for the easy creation of navigation, tours, information sharing, notifications, advertising and gamification. ARway works seamlessly as a cross platform solution on iOS/ Android. ARway's technology is optimized for both mobile devices and AR glasses: Apple's Vision Pro, Magic Leap and Microsoft's HoloLens. ARway has unlimited use cases for augmenting physical spaces, making it a valuable tool for creators, brands and companies in various industries. The complete ARway platform includes: the Web Creator Studio, the ARwayKit Software Development Kit (SDK) and a mobile app for iOs and Android.

Nextech 3D.ai
On October 26, 2022, ARway.ai. was spun-out from its parent Company, Nextech3D.ai (OTCQX: NEXCF) (CSE: NTAR) (FSE: EP2). Nextech retained a control ownership in ARway.ai. with 13 million shares, or a 50% stake. Nextech3D.ai is a Metaverse Company and leading provider of augmented reality ("AR") experience technologies and 3D model services. Nextech's AI-powered 3D modeling platform, "ARitize3D" has contracts with; AMZN, KSS, CB2, Genuine Parts & many others. To learn more about Nextech3D.ai, visit www.nextechar.com

For further information, please contact:

Investor Relations Contact
Julia Viola
investor.relations@arway.ai

ARway.ai
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)

Forward-looking Statements

The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. ARway.ai will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

SOURCE: Arway Corporation

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https://www.accesswire.com/783028/arwayai-selected-to-participate-at-apple-vision-pro-developer-labs

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ARway.ai Signs Deal with George Mason University for Augmented Reality Campus Navigation and Experience

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	31-Dec-23			31-Dec-22
ASSETS
Current
Cash & cash equivalents		907,847			3,777,117
Receivables		357,398			744,331
Contract asset		51,320			589,015
Finance lease receivable on sublease CP		199,933			-
Prepaid expenses		294,471			310,906
Inventory		-			45,289
Non current assets held for sale		-			501,188
Total current assets		1,810,969			5,967,846

Equipment		325,633			278,463
Deferred consideration		206,850			-
Right of use asset		-			829,278
Finance lease receivable on sublease		642,983			-
Intangible assets		-			3,313,741
Goodwill		-			6,746,378
Total assets		2,986,435			17,135,706

LIABILITIES
Current
Accounts payable and accrued liabilities		3,531,460			2,641,918
Deferred revenue		342,192			437,746
Lease liability		143,722			222,250
Liabilities associated with assets held for sale		-			92,532
Total current liabilities		4,017,374			3,394,446

Lease liability - non current		469,624			582,586
Deferred tax liabilities		-			29,974
Total liabilities		4,486,998			4,007,006

Shareholders' Equity
Share capital		91,909,495			83,271,707
Reserves		14,166,972			12,754,706
Accumulated Other Comprehensive Income		678,143			827,101
Shareholder's equity attributable to Nextech shareholders		(112,211,223	)		(85,898,862	)
Total common shareholders' equity		(5,456,613	)		10,954,652
Non controlling interest		3,956,050			2,174,048
Total equity		(1,500,563	)		13,128,700
Total liabilities and shareholders' equity		2,986,435			17,135,706

	YTD
	31-Dec-23			31-Dec-22
		$			$
Revenue		5,033,202			3,224,791
Cost of sales		(3,586,162	)		(1,593,076	)
Gross profit		1,447,040			1,631,715

Operating expenses:
Sales and marketing		4,546,502			5,013,367
General and administrative		9,362,610			13,377,575
Research and development		3,249,799			3,892,208
Stock based compensation		1,775,695			1,715,690
Amortization		2,105,689			2,655,652
Right of use amortization		55,728			76,905
Depreciation		87,824			122,930
Operating profit (loss)		(19,736,807	)		(25,222,612	)

Other income (expense):
Gain on sublease recognition		120,626			-
Loss on asset disposal		(85,679	)		-
Gain on liability		-			381,019
Impairment of intangible assets and goodwill		(7,575,263	)		(476,113	)
Foreign exchange gain (loss)		(14,393	)		1,345,593
Profit (Loss) before income taxes		(27,291,516	)		(23,972,113	)

Current income tax expense		-			(34,937	)
Deferred income tax recovery		29,974			672,148
Net income (loss) from continuing operations		(27,261,542	)		(23,334,902	)

Income (loss) from discontinued operations		(452,814	)		(4,043,424	)
Net loss		(27,714,356	)		(27,378,326	)

Other comprehensive income (loss)
Exchange differences on translating foreign operations, continuing operations		(148,958	)		(432,845	)
Comprehensive income (loss)		(27,863,314	)		(27,811,171	)

Net loss from C/O attributed to:
Parent		(25,109,547	)		(22,896,701	)
Non controlling interest - PL		(2,151,995	)		(438,201	)

Net loss from D/O attributed to:
Parent		(452,814	)		(4,043,424	)
Non controlling interest - PL		-			-

Comprehensive loss attributed to:
Parent		(25,711,319	)		(27,372,970	)
Non controlling interest		(2,151,995	)		(438,201	)


Loss per share from C/O - basic and diluted		(0.22	)		(0.24	)


Loss per share from D/O - basic and diluted		(0.00	)		(0.04	)

Weighted average number of common shares outstanding
Basic and diluted		114,085,494			100,201,691

	YTD
	31-Dec-23			31-Dec-22
Operating activities:
Net loss		(27,714,356	)		(27,378,326	)
Adjustment for:
Interest income from sublease		(39,903	)		-
Interest expense from lease		30,217			28,668
Stock based compensation		1,775,695			1,715,690
Amortization of intangible assets		2,105,689			2,655,652
Amortization of ROU		55,728			261,101
Depreciation of property and equipment		87,824			143,567
Gain on sublease recognition		(120,626	)		-
Loss on asset disposal		85,679			-
Gain on short-term investment		-			(381,019	)
Impairment of intangible assets & goodwill		7,759,360			3,178,426
Expenses paid by shares		648,891			1,917,837
Loss on PET disposal		173,534			-
Income tax expense (recovery)		-			-
Changes in non-cash working capital balances
Receivables		386,933			269,873
Contract asset		537,695			(202,813	)
Prepaid expenses		16,435			408,743
Inventory		45,289			2,954,342
Accounts payable and accrued liabilities		917,814			(24,574	)
Deferred revenue		(95,554	)		(171,255	)
Deferred tax liability		-			(673,290	)
Total operating cash flow		(13,343,656	)		(15,297,378	)

Cashflows from investing activities
Purchase of equipment		(227,250	)		(101,784	)
Payments received from sublease		66,554			-
Net cash provided by (used in) investing activities, continuing operations		(160,696	)		(101,784	)

Cashflows from financing activities
NTAR - Net proceeds from private placements		5,726,654			8,890,349
NTAR - Proceeds from Employee Pay Program		2,269,704			2,496,628
Proceeds from securities issuances to NCI		2,813,107			1,657,354
Repayment of loan		-			(90,896	)
Payments of lease liability		(203,762	)		(388,804	)
Net cash provided by (used in) financing activities, continuing operations		10,605,703			12,564,631

Effects of foreign exchange on cash		29,379			(616,272	)
Change in cash during the period		(2,898,649	)		(2,834,531	)
Cash, beginning of period		3,777,117			7,237,296
Cash, end of period, continuing operations		907,847			3,786,493

Cash, end of period, continuing operations		907,847			3,777,117
Cash, end of period, discontinuing operations		-			9,376

Taxes paid		-			27,005
Interest paid		30,217			30,910
Cash interest received		121,122			108,390

	Three months ended December 31
($000's)	2023	2022	($) Change
Product sales	5,450	5,893	(443)
Service revenue	4,350	1,310	3,040
Total sales and revenue	9,800	7,203	2,597

Gross margin - product sales	48 %	32 %	16 %
Gross margin - service revenue	-21 %	-50 %	29 %

EBITDA	(774)	(2,532)	1,758

Net loss	(2,123)	(3,292)	1,169

	Twelve months ended December 31
($000's)	2023	2022	($) Change
Product sales	16,342	21,588	(5,246)
Service revenue	12,124	3,233	8,891
Total sales and revenue	28,466	24,821	3,645

Gross margin percentage - product sales	41 %	49 %	-8 %
Gross margin percentage - service revenue	-23 %	-1 %	-22 %

EBITDA	(8,074)	(3,935)	(4,139)

Net loss	(16,784)	(9,915)	(6,869)

	Three months ended December 31			Twelve months ended December 31
($000's)	2023	2022	($) Change	2023	2022	($) Change
Net loss	(2,123)	(3,292)	1,169	(16,784)	(9,915)	(6,869)
Business acquisition costs and contingent consideration (gain) loss	(1,106)	(106)	(1,000)	(967)	104	(1,071)
Depreciation and amortization expense	1,052	1,233	(181)	4,413	4,564	(151)
Finance expense (income)	43	(124)	167	284	76	208
Stock-based compensation	187	454	(267)	1,048	1,556	(508)
Foreign exchange (gain) loss	(84)	5	(89)	165	164	1
Loss on loss of control of subsidiary	-	-	-	2,810	-	2,810
Loss from associate	271	-	271	527	-	527
Restructuring costs	4	-	4	441	-	441
Current income tax (recovery) expense	(3)	53	(56)	13	250	(237)
Deferred income tax expense (recovery)	985	(755)	1,740	(24)	(734)	710
EBITDA	(774)	(2,532)	1,758	(8,074)	(3,935)	(4,139)

ARway.ai Selected to Participate at Apple Vision Pro Developer Labs

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