NexTech to Acquire Company that Produced $2.2 million in Revenue in 2018

NexTech AR Solutions (OTCQB:NEXCF), a company who provides augmented reality services with artificial intelligence (AI) to the online cannabis retail industry, signed a LOI to acquire an eCommerce company that generated $2.2 million in revenue in 2018. NexTech is to purchase the company for $1,850,000 in cash. This marks NexTech’s third acquisition in 2019 alone.

As quoted in the press release:

“This LOI sets the stage for our third acquisition in 2019 and upon closing would push our eCommerce division toward a projected USD $5 million in consolidated revenue and $1 million in EBITDA for 2019,” said Evan Gappelberg, CEO of NexTech. “Since going public we have been focused on both launching our AR platforms around our three verticals, AR eCommerce, AR university, and AR live streaming, and a growth-by-acquisition strategy that we continue to execute on.”

Upon closing this acquisition NexTech will:

• Accelerate the launch of existing and exciting new AR and AI technologies.

• Advance and significantly enhance our knowledge of the AR customer journey through analyzation of real-time data from our analytics installed on site.

• Enable the fast integration of a broad range of AR and AI capabilities onto the site, creating a one-of-a-kind eCommerce AR/AI showcase for consumers and prospects.

Click here to read the full press release.