NexTech AR Solutions Corp (CSE:NTAR) (OTCMKTS:NEXCF) told investors Wednesday that the company is seeing a surge in demand for its e-commerce products and augmented reality (AR) technology due to COVID-19 forcing a paradigm shift toward working from home.
Though it is known primarily for AR, the company actually operates a pair of e-commerce companies that it acquired last year to help hone its technology. In the thick of social distancing, that could pay off to the tune of a record-setting month.
READ: NexTech AR to acquire work-at-home remote virtual events webcasting software company, Jolokia
“The company acquired two growing e-commerce businesses in early 2019, Vacuum Cleaner Market and Infinite Pet, to use as a testbed for its augmented reality. Both are now cash flow positive and scaling,” CEO Evan Gappelberg said in a statement.
“As consumers shop from home and stock up on food and household items to cope with the coronavirus outbreak, demand for supplies including HEPA vacuum cleaning bags and pet supplements is rapidly increasing, setting us up for a record-breaking month in sales for March.”
On Monday, NexTech signed a binding letter of intent to acquire the remote video training and live streaming software company, Jolokia. The firm generated $1 million in Software-as-a-Service revenue in 2019, and boasts customers such as Merck, Toyota, CBS and others.
“With both our AR e-commerce businesses and this acquisition, NexTech has positioned itself at the right place at the right time to participate in the stay at home, work from home, new paradigm,” Gappelberg said.
As corporate meetings and events go virtual, NexTech has developed a method to seamlessly integrate 3D photo-realistic holograms of people and products using its ARitize app. Blending live broadcasting with interactive video and holograms will make it possible for corporations to deliver virtual conferences, live streaming, webcasting and remote training, all in AR.
With NexTech integration, the Jolokia Inferno platform will be the most advanced video learning experience platform in the world, the company said.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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