Nextech3D.ai Rebrands as the Company Enters the Age of AI

Via InvestorWireNexTech AR Solutions Corp. ("Nextech3D.ai'' or the "Company") ( OTCQX: NEXCF ) ( CSE: NTAR ) (FSE: EP2), an Augmented Reality (AR), Artificial Intelligence-Powered 3D model supplier for Amazon and other major e-commerce retailers is excited to announce that it has rebranded to better reflect its current technology and business. As previously reported, the Company believes that its generative AI has given it a competitive edge and is driving the Company toward becoming cash-flow positive.

The Company's CTO Nima Shasar, who is an AI and computer vision expert, has significantly expanded his team with three new full-time AI scientists to bolster its AI development and keep pace with its ambitious AI growth plans for 2023.

Nima Sarshar, commented, "The new advances in generative AI have made it possible to make meaningful advances in creating 3D digital-replicas from ordinary 2D photos. Nextech is uniquely positioned to take advantage of these advances; over the years we have built tens of thousands of high-quality, fully textured, photo-realistic 3D assets, with hundreds of thousands of individual parts, that we are now harvesting to train our stable-diffusion AI models and more. Our first clean dataset with 70,000+ 3D objects and more than 2.2M synthetically rendered reference photos are now ready for training. This is still a small portion of all the parts and assets in our model library, and yet, it is already larger than the largest publicly available 3D dataset called ShapeNet with its 51K models of varying quality."

The Company's portfolio of new brands are:

Nextech3D.ai
Arway.ai
Toggle3D.ai

Nextech3D.ai CEO Evan Gappelberg comments, "We have been able to create incredibly powerful artificial intelligence that really changes the game, between what we have been able to produce with a human versus what's happening now with our generative AI-Powered 3D model factory." He continues, "We effectively have transitioned from a diversified Augmented Reality Company and pioneering metaverse Company to a leading AI-powered 3D modeling for e-commerce company. We believe that we have a competitive advantage in the $100 billion TAM 3D market and that anyone in our industry that doesn't embrace the disruptive power of generative AI will find themselves at an enormous and insurmountable disadvantage from both a cost and innovation perspective."

With a new wave of generative AI systems, such as ChatGPT, the world is entering a period of generational change where entire industries have the potential to be transformed. The Company believes that to be an industry leader in any industry, a clear and compelling AI strategy is needed. With its breakthrough AI focused on 3D modeling coupled with today's rebranding, plus its Amazon relationship, Nextech3D.ai is the leader and has a massive opportunity in the 3D modeling space. As recently announced, Nextech3D.ai has launched breakthrough AI to scale its 3D model production capabilities , which positions the Company for breakout revenue growth in 2023 and beyond. The Company has also achieved a major generative AI breakthrough in 3D model texture creation . Nextech3D.ai is using its newly developed AI to power its diversified 3D/AR businesses including Arway.ai, Toggle3D.ai and Nextech3D.ai.

The Company has been preparing this rebranding for quite some time and waited for the moment when the AI mega-trend went mainstream. The company believes that AI has now gone mainstream which is evident by ChatGPT going viral and both Microsoft , and Google-parent Alphabet, throwing their significant financial might behind AI. This is a pivotal moment in history for Nextech3D.ai business and its portfolio of Companies as they are positioned to grab their fair share of this massive emerging market and quickly leverage AI in its quest to drive towards profitability in a new era of AI-powered business and technology.

The Company has affected the business name registration of Nextech3D.ai with the applicable corp. regulatory authorities, the stock symbols will remain the same.

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

NexTech AR Solutions Corp.
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)

About Nextech AR
NexTech AR Solutions ( OTCQX: NEXCF ) ( CSE: NTAR ) (FSE: EP2) is a diversified augmented reality, AI-powered 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 Nextech AR spun out its spatial computing platform, "ARway" as a stand alone public Company. Nextech AR retained a control ownership in ARway Corp. with 13 million shares, or a 50% stake, and distributed 4 million shares to Nextech AR Shareholders. ARway is currently listed on the Canadian Securities Exchange (CSE:ARWY), in USA on the (OTC: ARWYF) and Internationally on the Frankfurt Stock Exchange (FSE: E65). ARway Corp. is disrupting the augmented reality wayfinding market with a no-code, no beacon spatial computing platform enabled by visual marker tracking.

On December 14, 2022 Nextech AR announced its second spinout of Toggle3D, an AI-powered 3D design studio to compete with Adobe. Toggle3D is expected to be public in the first half of 2023.

To learn more about ARway, visit https://www.arway.ai/

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.

Wire Service Contact
InvestorWire (IW)
Los Angeles, California
www.InvestorWire.com
212.418.1217 Office
Editor@InvestorWire.com

News Provided by GlobeNewswire via QuoteMedia

NexTech AR Solutions NTAR:CNX CSE:NTAR Emerging Tech Investing

NTAR:CNX

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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

Nextech3D.ai Rebrands as the Company Enters the Age of AI

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