viewNextech AR Solutions Corp.

NexTech AR CEO and wife buy US$100K in company stock following market rout

Stocks are having their worst week since the 2008 crisis but Gappelberg sees an opportunity amid the tumult

Stocks falling graphic
Gappelberg purchased more than 35,000 shares at C$1.85 per share, bringing his total shares owned to 4.4 million

NexTech AR Solutions Corp (OTCMKTS:NEXCF) (CSE:NTAR) announced Friday that CEO Evan Gappelberg and his wife each purchased US$50,000 shares in company stock in the open market. 

Gappelberg purchased more than 35,000 shares at C$1.85 per share, bringing his total shares owned to 4.4 million. 

The move comes at the tail end of a disastrous week for North American markets, which are on track for their worst week since the financial crisis of 2008 as the coronavirus and the fear surrounding it continues to impact investors.

READ: NexTech AR nets four new e-commerce customers for its CaptureAR tech

NexTech hasn’t been immune to those market forces, but Gappelberg says he sees an economic opportunity amid the tumult.

"While I recognize the severity of the economic disruption with the spread of the Coronavirus, I also recognize the opportunity it presents and that the effects will be temporary,” Gappelberg said in a statement. “If history is any guide, the market rebound will likely be a ‘V’ shaped rebound.

"Personally, I don’t believe our current share price reflects our strong leadership position and growth potential in 2020 and beyond, which is why my family and I continue to invest personal funds in company shares."

NexTech, based in New York and Toronto, offers augmented reality (AR) for e-commerce companies, AR in Chat, an ARitize App, AR University for education and “V-commerce,” an in-store virtual reality experience.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: Nextech AR Solutions Corp.

Price: 5.22 CAD

Market: CSE
Market Cap: $328.36 m

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