NexTech AR Solutions Corp (CSE:NTAR) (OTCMKTS:NEXCF) CEO Evan Gappelberg has invested another chunk of capital into the augmented reality company by purchasing 100,000 shares of stock.
The buy is on top of the combined US$100,000 worth of shares that Gappelberg and his wife bought in February. The CEO now owns more than 4.5 million shares.
Gappelberg acquired the shares by exercising C$0.70 warrants, juicing NexTech’s cash position with a $70,000 investment. In total, the company’s cash position is more than C$3 million.
The newly-bought shares will have a one-year resale restriction.
READ: NexTech AR offers early access for brands to its ARitize360 augmented reality capture app
“While I recognize the severity of the economic and social disruption with the spread of the coronavirus, I also recognize the opportunity it presents and that the effects will be temporary,” Gappelberg said in a statement. “Personally, I believe the current stock price still does not yet reflect NexTech’s strong market leadership position and growth potential in 2020 and beyond, which is why I continue to invest personal funds in company shares."
The share purchase comes at an important time for NexTech, as the company prepares to launch early access to its Aritize360 app, which allows businesses and brands to create 3D interactive versions of products using just a smartphone.
The New York- and Toronto-based company noted revenue of $685,000 in the month of February, 184% higher than the same month a year earlier.
NexTech also offers augmented reality (AR) for e-commerce companies, AR in Chat, an ARitize App, AR University for education and “v-commerce,” an in-store virtual reality experience.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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