NexTech AR Solutions Corp. (OTCQB:NEXCF) (CSE:NTAR). a leader in augmented reality for eCommerce and AR learning applications and Virtual Events, announced that its CEO Evan Gappelberg has purchased a further 929,885 common shares in the company, his third purchase of the year.
The company said Gappelberg purchased 824,296 shares by converting his outstanding convertible note issued in July 2019; he also exercised another 105,589 warrants which put an additional $73,921 onto the balance sheet bringing his total investment from both the July note, which was $657,000, and his $73,921 warrant conversion to $730,921.
READ: NexTech AR Solutions Corp completes acquisition of virtual events, remote video training, live streaming software company Jolokia
NexTech said the purchases further bolstered its cash and inventory position which is already over $3 million.
The group noted that the new purchase of 105,589 shares from the exercise of the warrants will have a one-year resale restriction. It said the CEO now owns 5,676,140 common shares in the company.
In a statement, Gappelberg commented: “With the acquisition of our new Virtual Events software platform Jolokia whose customers include Johnson and Johnson, Viacom, Polycom and others, I’m more confident than ever with our business model for 2020 and beyond”.
He added: “Personally, I believe the current stock price still does not yet reflect NexTech’s strong market leadership position and growth potential for our new InfernoAR platform, Aritize360 app, ARitize app, 3D/AR ad network and WebAR business in 2020 and beyond, which is why I continue to invest personal funds in company shares".