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NexTech AR inks contract to supply augmented reality solutions to US multinational tech company

The company will supply its client with a brandable ARitize app for technology product demonstrations

person looking at 3D ad emerging from computer
NexTech has seen a surge in demand across its multiple business segments, including AR for ecommerce, the InfernoAR virtual events platform and its ARitize white label app

NexTech AR Solutions Corp (CSE:NTAR) (OTCQB:NEXCF) said it has signed a $35,000 deal to provide its augmented reality (AR) solutions to a global technology company with a $30 billion market cap. 

The company will supply its client with a brandable ARitize app for technology product demonstrations. Because of the social distancing restrictions imposed by the coronavirus pandemic, the companies are working together to create new AR business use cases, NexTech said,

NexTech is also currently bidding on additional contracts valued at $80,000, which it expects to resolve within the next 30-60 days.

READ: NexTech AR says 3D augmented reality ad network delivered 4 times sales amount in comparison test

“We are gratified to be adding yet another billion-dollar global leader to our customer base as they have the option of choosing anyone and only choose the best of the best,” CEO Evan Gappelberg said in a statement.

“As we look forward in this pandemic economy we see the entire AR industry rising up and gaining momentum as a business tool to bridge the gap in this new world of social distancing. AR's unique ability to create a sense of ‘presence,’ really hits the nail on the head for companies looking for product demo solutions," he added.

NexTech has seen a surge in demand across its multiple business segments, including AR for eCommerce, the InfernoAR virtual events platform and its ARitize white label app.

“As the pandemic pressures businesses that rely on in-person meetings it has also created new opportunities and is acting as an accelerator for AR technology to play a bigger role in business decisions in 2020 and beyond,” Gappelberg said,

NexTech is currently pursuing the use of AR technology across four key verticals — ecommerce, education, entertainment and advertising.

—Updated with additional info from a follow-up press release—

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Quick facts: Nextech AR Solutions Corp.

Price: 8.73 CAD

CSE:NTAR
Market: CSE
Market Cap: $547.26 m
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