Nextech3D.ai Signs Enterprise Renewal Contract with S&P 400 Company for over 5000 3D Models

May 16, 2023 at 07:30 AM EDT

The Company Hits Milestone Having Delivered to Amazon Over 20,000 3D Models

Company Continues To See Global Surge in the 3D Modeling For Ecommerce Business

TORONTO, ON / ACCESSWIRE / May 16, 2023 / Nextech3D.AI (formally "Nextech AR Solutions Corp'' or the "Company") (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2), a Generative AI-Powered 3D model supplier for Amazon, P&G, Kohls and other major e-commerce retailers to pleased to announce a large renewal contract with an S&P 400 company and the largest department store in the USA, for over 5000 3D models of their most popular products. This announcement comes shortly after last week's announcement of another enterprise deal for over 3000 3D models and speaks to the staying power and global surge in 3D model demand. Separately, as a preferred 3D model supplier, the Company has delivered to Amazon over 20,000 3D models marking a major milestone. With Nextech's breakthrough Generative-AI technology, the Company believes it has revolutionized the 3D modeling industry, and gained a major competitive edge solidifying its leadership position in the global 3D model space for ecommerce. Nextech3D.ai is making it possible to create photo-realistic 3D models as digital replicas of real-world products at scale for large enterprise customers in the ecommerce market.

The enterprise renewal contract with the S&P 400 company for 5,000 3D models is for 12-months to host the 3D models on the company's 3D cloud. The contract is worth approximately $160,000 annually. The Company is in late-stage negotiations for thousands of additional 3D models which if agreed to could be worth an additional $100,000 in 2023.

Nextech3D.ai's CEO Evan Gappelberg commented, "Renewal contracts are very positive since it points to a rapidly growing future revenue pipeline and more stability in our business. Importantly, it also means that our 3D models are providing our customers with a positive ROI. Also, hat's off to our team for delivering 20,000+ 3D models to Amazon which speaks to our team's ability to deliver at the highest level of this 3D modeling for ecommerce business." He continues, "On our technology front we are continuing to gain momentum with our Generative AI and expect that in the second half of this year, we will see it have a dramatically positive impact on our bottom line profitability."

A major contributor to Nextech3D.ai's 3D modeling success and ability to meet market demand is its Generative Artificial Intelligence (AI). In March, the Company filed a provisional patent titled: "Generative AI for 3D Model Creation from 2D Photos using Stable Diffusion with Deformable Template Conditioning." This patent builds on the previous patent filed in November 2022: "Generating Three-Dimensional Models by Part" for creating complex 3D models by parts.

In February, Nextech3D.ai announced a major Generative Artificial Intelligence (AI) breakthrough in 3D model texture creation. The breakthrough enables the Company to recreate high-quality 4K textures at scale from just small digital swatches in just seconds versus hours of manual labor, representing a 720x increase in production speed.

In May, the Company announced it had achieved a major breakthrough in generative AI technology that facilitates the generation of 3D materials from text prompts. This breakthrough in text-to-3D material creation is key in driving the company forward in its quest to be the dominant 3D model supplier for the ecommerce industry. The 3D models for e-commerce TAM is estimated to be worth $100 billion over the next decade.

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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 are creating 3D WebAR photorealistic models for the Prime Ecommerce Marketplace as well as many other online retailers. The Company develops or acquires what it believes are disruptive technologies and once commercialized, spins them out as stand-alone public Companies issuing a stock dividend to shareholders while retaining a significant ownership stake in the public spin-out.

On October 26, 2022 Nextech3D.ai spun out its spatial computing platform, "ARway" as a stand alone public Company. Nextech3D.ai retained a control 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 USA 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 no-code, no beacon 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
investor.relations@Nextechar.com
866-ARITIZE (274-8493) Ext 7201

Nextech3D.ai
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)

Forward-looking Statements
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, "will be" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could 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 that are incorporated by reference herein, except as required by applicable securities laws.

SOURCE: Nextech3D.ai

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