Nextech3D.ai Receives $2M in Cash from $400M FinTech Ratio Tech
With access to a $400 million credit facility, Ratio is able to fund Nextech3D.ai accounts receivable with zero dilution for the foreseeable future
TORONTO, ON / ACCESSWIRE / May 18, 2023 / Nextech3D.AI (formally “Nextech AR Solutions Corp” or the “Company”) (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a generative AI-powered 3D model provider for Amazon, P&G, Kohls and other major e-commerce retailers is pleased to announce that it has received an initial cash infusion of $2,000,000 from FinTech Ratio Tech representing zero-dilutive financing.The $2,000,000 in cash was paid against future invoices for which the Company has contracts but which have not yet been paid for. The company sees this new relationship with Ratio as a significant long-term positive for shareholders, as it provides almost unlimited access to a non-dilutive source of capital for its purchase orders, some of which are contracts with 12-36 month maturities.-Dilutive capital on these the long-dated purchase orders have greatly improved Nextech3D.ai’s financial flexibility.
Evan Gappelberg, CEO of Nextech3D.ai comments: “The company is pleased to have Ratio Technology as its partner and to be able to secure this $2 million in growth capital at such a critical time in our growth curve, especially without selling a single share of shares, warrants or even the grant of options. This non-dilutive capital represents a great gain for shareholders and lays the foundation for rapid growth without dilution.” He continues “This $2 million in growth capital will primarily be used to continue building out our breakthrough generative AI. With our breakthrough generative AI for 3D modeling, we expect to see rapidly improving profit margins in the second half of 2023, which combined with access to non-dilutive capital positions us to be able to finance our growth ourselves, which is our goal in 2023 and beyond.”
The Company has not issued any securities or securities including common stock, options or warrants in connection with this $2,000,000 cash infusion. Interest is prime plus 3.5%.
With Nextech’s breakthrough Generative-AI technology, the company believes it has revolutionized the 3D modeling industry and gained a major competitive advantage that solidifies its leadership position in the global e-commerce 3D modeling space. Nextech3D.ai makes it possible to create photorealistic 3D models as digital copies of real products on a large scale for large corporate customers in the e-commerce market.
Recent news
To learn more, please follow us further Twitter, YouTube, Instagram, LinkedInand Facebookor visit our website: https://www.Nextechar.com.
About Nextech3D.ai
(formally “Nextech AR Solutions Corp” or the “Company”) (OTCQX: NEXCF) (CSE: NTAR) (FSE: EP2) is a diversified augmented reality, AI technology company that leverages proprietary artificial intelligence (AI) to create 3D experiences for the metaverse. Its main businesses create 3D WebAR photorealistic models for the Prime Ecommerce Marketplace as well as many other online stores. The company develops or buys what it believes to be disruptive technologies and, once commercialized, spins them off as stand-alone public companies that issue a stock dividend to the shareholders while retaining a significant stake in the public spin-out.
On October 26, 2022, Nextech3D.ai spun off its spatial computing platform, “ARway” as a standalone public company. Nextech3D.ai retained a controlling ownership in ARway Corp. with 13 million shares, or a 50% stake, and distributed 4 million shares to Nextech AR shareholders. ARway is currently listed on the Canadian Securities Exchange (CSE:ARWY), in the US on the OTCQB (OTC: ARWYF) and internationally on the Frankfurt Stock Exchange (FSE: E65). ARway Corp. is disrupting the augmented reality wayfinding market with a beacon-less codeless spatial computing platform enabled by visual marker tracking.
On December 14, 2022, Nextech announced its second spinout of Toggle3D, an AI-powered 3D design studio to compete with Adobe. Toggle3D is expected to be public in the first half of 2023.
To learn more about ARway, visit https://www.arway.ai/
For further information, please contact:
Investor Relations Contact
Lindsay Betts
[email protected]
866-ARITIZE (274-8493) Ext 7201
Nextech3D.ai
Evan Gappelberg
managing director and director
866-ARITIZE (274-8493)
Forward-looking statements
CSE has not reviewed and assumes no responsibility for the adequacy or accuracy of this publication.
Certain information herein may constitute “forward-looking information” under Canadian securities laws. In general, forward-looking information can be identified by the use of forward-looking terminology such as, “will be” or variations of such words and expressions or statements that certain actions, events or results “will” occur. Forward-looking statements about the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. No assurance can be given that such statements will prove to be accurate, as future events may differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information incorporated by reference herein, except as required by applicable securities laws.
SOURCE: Nextech3D.ai
See the source version at accesswire.com:
