Nextech3D.ai Receives $2 Million in Cash From $400 million FinTech Ratio Tech
With access to a $400 million credit facility, Ratio is able to fund Nextech3D.ai Accounts Receivables With Zero dilution For The Foreseeable Future
TORONTO, ON / ACCESSWIRE / May 18, 2023 / Nextech3D.AI (formally "Nextech AR Solutions Corp'' or the "Company") (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 it has received an initial $2,000,000 cash infusion from FinTech Ratio Tech representing zero-dilutive funding. The $2,000,000 in cash was paid against future invoices that the Company has contracts for but has not yet been paid for. The Company views this new relationship with Ratio as a substantial long-term positive for shareholders as it provides almost unlimited access to a non-dilutive capital source for its purchase orders, some of which are contracts with 12-36 month terms. This new access to non-dilutive capital on these long-dated purchase orders has greatly enhanced Nextech3D.ai's financial flexibility.
Evan Gappelberg, CEO of Nextech3D.ai comments "The Company is pleased to have Ratio Technology as its partner and to be able to secure this $2million in growth capital at such a critical time in our growth curve, especially without selling a single share of stock, warrants or even granting options. This non-dilutive capital represents a major win for shareholders and sets the stage for rapid growth without dilution." He continues "This $2million in growth capital is going to be used primarily to continue to build out our breakthrough generative AI. With our breakthrough generative AI for 3D modeling, we expect to see rapidly improving profit margins in the second half of 2023, which when combined with access to non-dilutive capital positions us for being able to self-fund our growth, which is our goal in 2023 and beyond."
The Company has not issued any security or securities including common shares, options or warrants in connection with this $2,000,000 cash infusion. The interest rate is prime plus 3.5%.
With Nextech's breakthrough Generative-AI technology, the Company believes it has revolutionized the 3D modeling industry, and gained a major competitive edge solidifying its leadership position in the global 3D model space for ecommerce. Nextech3D.ai is making it possible to create photo-realistic 3D models as digital replicas of real-world products at scale for large enterprise customers in the ecommerce market.
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(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" as a stand alone public Company. Nextech3D.ai 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 OTCQB (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 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/
For further information, please contact:
Investor Relations Contact
866-ARITIZE (274-8493) Ext 7201
CEO and Director
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.
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