World News: 12:30 GMT Tuesday 3rd December 2019. [NexTech AR Solutions Corp. via Globe Newswire via SPi World News]
NEW YORK and TORONTO, Dec. 03, 2019 (GLOBE NEWSWIRE) -- (the “Company” or “NexTech”) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), the industry leader in augmented reality, is pleased to announce that it has achieved record revenue and gross profit for the month of November 2019. Both revenue and gross profit showed dramatic increases in November. Notably, the company achieved approximately $700,000 in November revenue versus $241,000 in the same period the previous year which is a 190% increase. Gross profit for the quarter also accelerated rapidly and reached $300,000 versus $88,000 for the same period the prior year, which is a 241% increase.
Evan Gappelberg, CEO of NexTech AR Solutions comments “I’m thrilled with our rapid growth trajectory and I am particularly excited that we were able to achieve $700,000 in sales in just one month compared to $1.5 million in all of last quarter. During the month of November, we saw an acceleration in sales growth across all business segments, especially our AR e-commerce division, which is now starting to scale”. He continues, “We are in the midst of the 4th Industrial Revolution, and technology is evolving faster than ever. This revolution is being led by AR, AI, IoT, Edge computing and the 5G network, all of which are converging and becoming increasingly ubiquitous for training, e-commerce, advertising, and entertainment. This convergence is stimulating a rapid market adoption environment similar to the internet in the 1990’s driving the creation of billion-dollar industries almost overnight, a market NexTech is uniquely positioned to capitalize on.”
NexTech is one of the leaders in the rapidly growing AR industry, estimated to hit $120 billion by 2022, according to Statista. NexTech, the first publicly traded “pure-play” AR company, began trading on the CSE on October 31st, 2018. NexTech has a two-pronged strategy for rapid growth including growth through acquisition of eCommerce businesses and growth of its omni-channel AR SaaS platform called ARitize™. NexTech has an exclusive license to a portfolio of patents 7,054,831, 7,266,509 and patent-pending applications 15351508, 62457136, 62559487, related to interactive gaming, interactive advertising, and augmented reality (“AR”) technology.
The company is pursuing four multi-billion dollar verticals in AR.
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Evan GappelbergChief Executive Officer
Globe Newswire: 12:30 GMT Tuesday 3rd December 2019
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