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NexTech AR Solutions signs a $470,000 six-month renewal deal with Polycom

Nextech also said it expects to sign its first multi-year, seven-figure deals soon

NexTech AR Solutions Corp. -
NexTech noted that there is potential for additional revenue with Polycom after the six months

NexTech AR Solutions Corp (OTCQB:NEXCF) (NEO:NTAR) (FRA:N29) reported that it has signed a renewal agreement with Polycom valued at $470,000 initially for a six-month term. 

The company noted, however, that there is potential for additional revenue after the six months. 

“With these larger contracts renewing and our new focus on annual or multi-year enterprise sales, we are on the path to our stated goal of $50 million to $60 million in revenue for 2021,” NexTech AR Solutions CEO Evan Gappelberg said in a statement. 

READ: NexTech AR touts record C$7.3M 4Q bookings, projects triple its 2020 revenue for 2021

He added: “Having a diversified portfolio of product offerings in AR, virtual experience platforms, AR eCommerce, and 3D advertising, positions our business to benefit from the rapidly rising global demand for the technology that we are selling.”

“2021 has started off very strong for us and I expect we will be landing our first multi-year seven-figure deals soon.”

NexTech AR also outlined some of its key highlights for 4Q 2020, including:

  • Record 4Q 2020 total bookings of $7.3 million, more than 275% growth over the same period last year;
  • CEO Evan Gappelberg purchased 250,000 shares of NexTech, bringing his 2020 total company shares purchases to 1,279,885;
  • Announced the launch of its “Genie in a Bottle” human hologram AR marketing platform and new eCommerce store for its TruLyfe brand of human supplements;
  • Announced that it is expanding its services into the Asia-Pacific market after establishing a presence in Singapore;
  • Achieved a record-breaking 315% increase in Black Friday sales year-over-year across its AR eCommerce platform;
  • Launched a new collaborative streaming solution with AI and AR enhancements, that integrates with its existing Virtual Experience Platform (VXP) and its ARitize SaaS offerings;
  • The United Nations Educational, Scientific and Cultural Organization (UNESCO) chose NexTech’s Virtual Experience Platform (VXP) for its “High-Level Futures Literacy Summit”; and
  • Restaurants Canada chose NexTech’s Virtual Experience Platform (VXP) platform to transform the 2021 RC Show, Canada’s largest foodservice and hospitality event, being held February 28 to March 3, 2021, into a completely virtual experience.

NexTech AR Solutions has been successfully rolling out virtual and augmented reality solutions for e-commerce, education, conferences and events.

Contact Sean at sean@proactiveinvestors.com

Quick facts: Nextech AR Solutions Corp.

Price: 4.95 CAD

CSE:NTAR
Market: CSE
Market Cap: $367.86 m
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NexTech AR Solutions increases bought deal to well over 10 million dollars

NexTech AR Solutions (OTCQB: NEXCF- CSE: NTAR) CEO Evan Gappelberg joined Steve Darling from Proactive to share details the company has increased their bought deal to just over 13 million dollars. Gappelberg explains the strategic reason behind this bought deal and he also talked about when...

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