NexTech AR Solutions Corp (CSE:NTAR) (OTCQB: NEXCF) said Monday it has appointed augmented reality expert Ori Inbar to its board of directors.
The company said Inbar, who has been involved in the AR industry for over a decade as both a startup entrepreneur and a venture capital investor through SuperVentures, is uniquely positioned to help guide NexTech on its growth trajectory and identify potential acquisition opportunities.
In 2009, Inbar was the co-founder and CEO of Ogmento - renamed Flyby Media, and later acquired by Apple Inc (NASDQ:AAPL) - one of the first venture-backed companies conceived to develop augmented reality games and tech. In 2012, he founded AugmentedReality.org, a non-profit organization. He also worked for SAP and TopTier Software.
"I’m excited to lend my 14 years experience in the AR industry at the moment it’s exploding to one of the few pure-AR companies that are public,” said Ibar, adding that the company seems “to be doing the right things - and most importantly - growing!"
In a statement, NexTech CEO Evan Gappelberg said Inbar has “unparalleled contacts and experience within the AR industry which we intend to leverage” as the company scales up its business.
“With the AR industry growing at a very rapid rate and Apple and others soon to be released AR glasses on the horizon, having a resource like Ori is invaluable,” Gappelberg said.
“As NexTech continues to identify growth opportunities, both organically and through acquisitions, Ori’s experience both as an AR technology founder and an investor will be crucial to reaching our long term vision. He has been a valued advisor for the past year and now we welcome him to the board of directors and are looking forward to his help in creating shareholder value.”
As compensation for his board of director services, Inbar has been issued 50,000 options that vest over three years at an exercise price of $6.65 a share.
NexTech, based in New York and Toronto, offers AR for e-commerce companies, InfernoAR virtual events, AR in Chat, AR University for education and “v-commerce,” an in-store virtual reality experience.
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