TORONTO, April 06, 2022—-Nextech AR Solutions Corp. (“Nextech” or the “Company”) (OTCQB: NEXCF) (NEO: NTAR) (CSE: NTAR) (FSE: N29), a Metaverse Company and leading provider of augmented reality (“AR”) experience technologies and services is pleased to announce the Company has filed four pivotal non-provisional utility patents with respect to its Aritize 3D and ARitize CAD products for 3D model making, further strengthening the Company’s intellectual property position. Fenwick & West represented Nextech AR in the filings.
The patents filed are as follows:
- THREE-DIMENSIONAL (3D) MODEL GENERATION FROM TWO- DIMENSIONAL (2D) IMAGES
Covers core AI algorithms for creating 3D models automatically from 2D photos and is the core of Threedy tech
- THREE-DIMENSIONAL (3D) MODEL ASSEMBLY
Covers the virtual assembly line concept that helps scale 3D content creation from 2D photos
- MATERIAL ESTIMATION FOR THREE-DIMENSIONAL (3D) MODELING
Covers the AI/ML techniques for creating 3D textures and materials automatically from 2D reference photos
- THREE-DIMENSIONAL (3D) MODEL GENERATION FROM CAD DATA
Describes the technology and process we have built to convert 3D CAD files and other solid designs into optimized 3D meshes suitable for real-time visualization on the Web and AR
Nima Sarshar, one of the inventors, and CTO of Nextech commented, “These filings are a testament to the groundbreaking technologies we are building at Nextech. We are making fundamental contributions to 3D construction science and technology, and employing them as part of our AI-powered, industry-leading 3D model creation factory.”
Evan Gappelberg, CEO of Nextech commented, “These patents represent the future of our IP and is a huge step forward for Nextech. Since the founding of the company we have been very strategic in strengthening our intellectual property position as we look to cement ourselves as the world’s leading 3D model factory. He continues “We are in the market and generating revenue with most of this technology today while we are building the groundbreaking, disruptive technology of tomorrow that is critical for 3D and AR experiences for the Metaverse. These patent applications are foundational as we lay the groundwork in preparation for the mass adoption of everything 3D. We are witnessing the 4th industrial revolution happen as the global demand for 3D/AR models is growing exponentially, and 3D technology is quickly transforming from a “nice to have ” to a “must have” for brands and businesses particularly in the 5 trillion dollar ecommerce industry. “
About ARitize 3D
Nextech’s patent-pending technology that leverages Artificial Intelligence (AI) to enhance the building of quality 3D models from simple 2D photos at scale for ecommerce websites. ARitize 3D is a disruptive end-to-end solution for the Augmented Reality (“AR”) industry. Through a simple JavaScript tag integration, product photos are automatically onboarded and 3D models are created for each product and then hosted on ARitize 3D’s cloud.
About ARitize CAD
Nextech’s patent pending technology enables the conversion of CAD files into 3D AR models at scale. CAD is a function of product engineering. Industrial designers, working for product manufacturers, use CAD software (e.g., AutoCAD, SolidWorks, etc.) to design many of the products in the modern world.
Recent Company Highlights
- Nextech AR Is Seeing E-Commerce Leaders Accelerating Their Adoption of 3D Models to Drive Their Online Sales Growth
- Nextech AR Solutions Corp. Reports Record Audited Year End 2021 Financial Results
- Nextech AR Teams Up With MIT To Hack The Metaverse Using ARitize Maps at XR Hackathon
- Nextech AR Launches Groundbreaking Human Hologram Creator App ARitize Holograms in Apple App Store
- Nextech AR continues to See Strong Growing Demand for its ARitize 3D and Metaverse Suite
Octagon Media Corp.
Nextech has hired Octagon Media Corp. ( Wall Street Reporter) to deliver a six (6) month Investor Marketing program. Wall Street Reporter is a leading online, market news provider that brings current news and market insight to investors and gives investors direct access to CEO’s of promising, publicly-traded companies. Wall Street Reporter’s global investor audience consists primarily of hedge fund managers, investment advisors, analysts, investment bankers, and self-directed individual investors. In conjunction with this engagement, Nextech granted Octagon Media Corp. 996,345 stock options for the right to purchase 996,345 common shares of the Company. The options vest immediately, at a price of $1.50 per share with a one year expiry date. Additionally, the Company paid US$200,000 for the services.
Long term stock option Compensation plan:
As part of the long term goal of increasing shareholder value the Company has approved a 5-year long- term compensation plan. The options will only be issued if he achieves tiered significant milestones which include driving the market capitalization of the company value with the first issuance happening at $200million up to $1billion which is aligned with shareholders interests. The plan grants to Evan Gappelberg, CEO of Nextech, 11,956,152 stock options for the right to purchase up to an aggregate of 11,956,152 common shares of the Company (the “Options”). The Options shall bear an exercise price of Cdn $1.00 per share, expire on April 6, 2027, and vest in twelve (12) equal tranches of 996,346 stock options per tranche, with such vesting contingent upon achieving increased market capitalization milestones with the first being $200million up to $1billion (i) Evan Gappelberg serving as Chief Executive Officer or Chairman of the Company at the applicable time of vesting; (ii) the Company securing all necessary shareholder and regulatory approvals to provide for sufficient availability under its Option Plan for the issuance of the common shares upon exercise of the respective Options, and/or shareholder approval of any Options which exceed the number of common shares otherwise available for issuance under such Option Plan; and (iii) the Company achieving certain market capitalization milestones ranging from $200million for the first tranche to $1billion for the last tranche which is aligned with shareholders..
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About Nextech AR
Nextech AR Solutions is the engine accelerating the growth of the Metaverse. Using breakthrough AI, Nextech is able to quickly, easily and affordably ARitize (transform) vast quantities and varieties of existing assets at scale making products, people and places ready for interactive 3D use, giving creators at every level all the essential tools they need to build out their digital AR vision in the Metaverse. Our platform agnostic tools allow brands, educators, students, manufacturers, creators, and technologists to create immersive, interactive and the most photo-realistic 3D assets and digital environments, compose AR experiences, and publish them omnichannel. With a full suite of end-to-end AR solutions in 3D Commerce, Education, Events, and Industrial Manufacturing, Nextech is in a unique position to meet the needs of the world’s biggest brands and all Metaverse contributors.
Nextech funds the development of its AR and Metaverse growth initiatives through its e-Commerce platforms, which currently generate most of its revenue. Nextech’s e-commerce platforms include: vacuumcleanermarket.com (“VCM”), infinitepetlife.com (“IPL”) and Trulyfesupplements.com (“TruLyfe”). VCM and product sales of residential vacuums, supplies and parts, and small home appliances sold on Amazon. These e-commerce platforms serve as an incubator for developing and testing Nextech’s leading edge AR, AI and machine learning applications for powering next-generation e-commerce technology.