Nextech3D.ai Files to Uplist on NASDAQ Capital Market and Signs Large Enterprise Renewal and Expansion Contract with Major Retailer for over 1000+ 3D Models

Formally Changes Name To Nextech3D.ai

Nextech3D.ai (the "Company") (formally "Nextech AR Solutions Corp'') (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a Generative AI-Powered 3D model supplier for Amazon, P&G, Kohls and other major e-commerce retailers is pleased to announce that the Company has filed to change its name to "Nextech3D.ai'' to better reflect its ongoing AI-powered business and intends to list its common shares on the to NASDAQ Capital Market. The Company plans to keep its Canadian CSE listing and be dual-listed in the USA and Canada as well as in Frankfurt. To this effect, the Company recently confidentially submitted a draft registration statement on Form F-1 to the U.S. Securities and Exchange Commission for purposes of a potential future offering of its securities in the United States. The Company is also pleased to announce a large enterprise customer that is part of the Wesfarmers, Stock symbol: WFAFY (OTCMKTS)one of Australia's largest listed companies whose businesses include Bunnings, Kmart Group, Officeworks and others, has renewed and expanded its contract for over 1,000+ 3D models. This renewal follows the renewal and expansion contract with a major ecommerce brand for 3000 3D models, as well as the enterprise renewal contract with an S&P 400 company for over 5000 3D models. The Company believes that these enterprise renewal contracts, in addition to its multi-year supply agreement with Amazon, strengthens Nextech3D.ai's position in the 3D models for the ecommerce industry

About Nextech3D.ai

(formally "Nextech AR Solutions Corp" or the "Company") (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2) is a diversified augmented reality, AI technology company that leverages proprietary artificial intelligence (AI) to create 3D experiences for the metaverse. Its main businesses are creating 3D WebAR photorealistic models for the Prime Ecommerce Marketplace as well as many other online retailers. The Company develops or acquires what it believes are disruptive technologies and once commercialized, spins them out as stand-alone public Companies issuing a stock dividend to shareholders while retaining a significant ownership stake in the public spin-out.

On October 26, 2022 Nextech3D.ai spun out its spatial computing platform, "ARway.ai" as a stand alone public Company. ARway.ai is disrupting the augmented reality wayfinding market with a no-code, no beacon spatial computing platform enabled by visual marker tracking. Nextech3D.ai retained 13 million shares in ARway and distributed 4 million shares to Nextech3D.ai shareholders. ARway.ai is currently listed on the Canadian Securities Exchange (CSE:ARWY), in USA on the OTCQB (OTC:ARWYF) and Internationally on the Frankfurt Stock Exchange (FSE: E65).

On June 14, 2023, the Company completed its second spinout of Toggle3D.ai, a groundbreaking SaaS solution that utilizes generative AI to convert CAD files, apply stunning 4K texturing, and enable seamless publishing of superior 4K 3D models. Nextech3D.ai retained 13 million shares in Toggle3D.ai and distributed 4 million shares to Nextech3D.ai shareholders. Toggle3D.ai is trading on the Canadian Securities Exchange (CSE:TGGL) and in the USA (OTC:TGGLF).

To learn more, please follow us on Twitter, YouTube, Instagram, LinkedIn, and Facebook, or visit our website: https://www.Nextechar.com.

For further information, please contact:

Investor Relations Contact
Lindsay Betts
investor.relations@Nextechar.com
866-ARITIZE (274-8493) Ext 7201

Nextech3D.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. Nextech 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: Nextech3D.ai

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Nextech3D.ai NTAR:CNX OTCQX:NEXCF Artificial Intelligence Investing

NTAR:CNX

Nextech3D.ai is Participating In The Supplier Network of GlassDollar, Which Extends Nextech3D.ai Reach to Large Corporations, Such As Siemens, LG, BSH, Infineon

Nextech3D.ai (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a leading provider of patented 2D-3D Generative AI-powered 3D modeling technologies to major e-commerce brands like Amazon, Miele, P&G, Kohls, and Wesfarmers Group's "Bunnings", has announced a collaboration with GlassDollar. This collaboration highlights the demand for Nextech3D.ai's innovative solutions from large corporations-including CAD to 3D texturing, 3D photo rendering, data analytics, generative AI, spatial computing, and 3D cloud hosting. Through this collaboration Nextech3D.ai is participating in the supplier network of GlassDollar, which extends Nextech3D.ai reach to large Corporations, such as Siemens, LG, BSH, Infineon and more

Nextech3D.ai, along with its subsidiaries Toggle3D.ai and ARway.ai, is excited to be invited to bring its advanced technologies to this collaboration. This collaboration serves to both enhance GlassDollars product offerings to meet the specific needs of GlassDollar's clients while establishing potential new relationships and revenue streams for Nextech3D.ai.

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Nextech3D.ai Selects AWS as its Primary Cloud Provider to Drive Innovation in the 3D Modeling For Ecommerce Industry With Cutting Edge AI

Leading 3D Modeling Supplier uses AWS's generative AI and machine learning capabilities to accelerate its technology

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Nextech3D.ai Receives Notice From USPTO to be Granted Patent for CAD 3D Model Part Assembly & Segmentation

Company Expanding its Portfolio of AI Patents for 3D Modeling and CAD

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Nextech3D.ai Expands Offering to Ecommerce Imagery: Unveils Cutting-Edge 3D Model-AI Photo Rendering Services, Transforming 2D Photos into Dynamic Product Visuals

New ecommerce expansion with AI 3D-Photography Tools

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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

Company	Patent	Date Filed	Status / Issued
NEXTECH	THREE-DIMENSIONAL (3D) MODEL GENERATION FROM TWO-DIMENSIONAL (2D) IMAGES - covers core AI algorithms for creating 3D models automatically from 2D photos and is the core of Threedy tech	July 2022	issued April 2, 2024
NEXTECH	EFFICIENT CREATION OF 3D MODEL AND APPLICATION - covers the virtual assembly line concept that helps scale 3D content creation from 2D photos	March 2022	Pending
NEXTECH	MATERIAL ESTIMATION FOR 3D MODELING AND APPLICATION - covers the AI/ML techniques for creating 3D textures and materials automatically from 2D reference photos	March 2022	Pending
NEXTECH	AUTOMATICALLY EXTRACTING TILEABLE UNITS FROM IMAGES- describes a method for compressing large textures with regular patterns to significantly reduce the size of the texture files	March 2022	Pending
NEXTECH	AUTOMATIC BACKGROUND REMOVAL FOR HUMAN TELEPRESENCE- covers the technologies built into our HoloX app to create holograms without requiring a green screen	May 2023	Pending
NEXTECH	THREEDIMENSIONAL (3D) MODEL GENERATION   FROM CAD DATA - covers core artificial    intelligence algorithms   for creating 3D models   automatically from 2D   photos	March 2022	Issued
ARWAY	GENERATING 3D DIGITAL TWIN FROM PROPERTY FLOORPLAN IMAGES FOR NAVIGATION SYSTEMS - covers the framework for generating a virtual representation of a floorplan from floorplan images, in accordance with some embodiments.	March 2023	Pending
ARWAY	DEVICE LOCALIZATION BASED ON TWO-DIMENSIONAL (2D) REFERENCE IMAGES - covers integration of visual markers, such as QR codes or other identifiable 2D objects in the physical environment, with an online map database.	June 2023	Pending
TOGGLE / NEXTECH	GENERATIVE AI FOR 3D MODEL CREATION FROM 2D PHOTOS USING STABLE DIFFUSION WITH DEFORMABLE TEMPLATE CONDITIONING - creating 3D models from 2D reference photos, either as a whole, or part-by-part by evolving differentiable, deformable templates to convert into 3D parts, conditioned on one or more reference photos of the part.	March 2023	Provisional filed

Nextech3D.ai Files to Uplist on NASDAQ Capital Market and Signs Large Enterprise Renewal and Expansion Contract with Major Retailer for over 1000+ 3D Models

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