Media
NexTech's InfernoAR Lands Annual Contract With Real Asset Media as its Video Conference Virtual Events Platform – GlobeNewswire
NEW YORK and TORONTO, June 22, 2020 (GLOBE NEWSWIRE) — NexTech AR Solutions (NexTech) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), an emerging leader in augmented reality for eCommerce, AR learning applications, and virtual events is pleased to announce it has signed a one year contract to provide its InfernoAR Virtual Events video conferencing platform services to Real Asset Media. The initial contract value is for $135,000 with the potential for substantial additional revenue as augmented reality use cases emerge.
Real Asset Media is a leading pan-European event provider, creating forums in the major centers of Europe to link local market investment expertise with pools of capital in the UK, Germany, France, Holland, Scandinavia and beyond into the US, North America, M/E and Asia. Real Asset Media will launch REALX.global, the virtual conference and exhibition for the commercial real estate markets in September 2020.
Richard Betts and Thorsten Herbert, co-founders of Real Asset Media, see this as a game-changer for their industry. Richard Betts comments, “The InfernoAR platform enables us to connect a truly global community and take virtual real estate events to the next level with an unrivalled immersive experience.” He continues, “NextechAR enables our exhibitors, speakers and attendees at REALX.global to go beyond what is possible in a physical fair and instantly network and connect with new business partners and opportunities across the world.”
Evan Gappelberg, CEO of NexTech comments, “We are delighted to work with Real Asset Media to help them create a one-of-a-kind immersive experience by using InfernoAR, the world’s most advanced Augmented Reality and Video Learning Experience Platform for Events.” He continues, “We see surging demand for our services across a wide spectrum of use cases including governments, universities, sports teams, corporations, religious institutions, and more as a paradigm shift to ‘video being the new voice’ and a virtual world takes hold, creating a new and urgent demand for our services globally.”
Thorsten Herbert adds, “At REALX, we are creating a place where industry leaders can meet in a safe and secure environment, share knowledge and excellence and create business.” He continues, “REALX will be much more than a virtual event. It is a completely new form of social network, constantly creating business opportunities and connections for the real estate community. We are excited to use InfernoAR as a technology platform and work closely with the team to make our vision a reality.”
ABOUT
Real Asset Investment Briefings is part of Real Asset Media and is focused on collaborating with industry leaders to create live events that bring insight on key topics and expertise on specific markets and sectors to sources of international capital. Real Asset Investment Briefings organises over 50 events per year including industry events and bespoke events focused on niche industry sectors. Live events are a vital part of sharing expertise, thought leadership and strategy. We organise the entire event, including marketing to attendees, promotion, and creating post-event editorial and TV content which are shared across our media channels and are available as open content which can be shared by speakers, partners, and attendees to reach a truly global audience of cross-border investment specialists. Panel speakers support the event via a sponsorship fee and benefit from a tailored package providing over 6 months of ongoing thought leadership promotion in person, in print and online.
Recent Company Highlights in 2020:
- June 19, 2020: Nextech closed a private placement of 1,528,036 units priced at the market price of $2.10 per unit (the “Units”) for gross proceeds of $3,208,875 (the “Offering”). This financing provides the company with a healthy cash and inventory position of over $7.5million – it’s highest ever.
- June 18th, 2020: Company announces that it has signed a partner supplier agreement with BDA, LLC. BDA Sports will be using the InfernoAR virtual event platform for their signature annual Think Tank 2020 program for teams in NHL, NBA, MLB, and NFL.
- June 10, 2020: Company signed a partner agreement and contract to provide its InfernoAR Virtual Events platform services to Skybridge World Dubai clients. Skybridge is a leading events, exhibition and marketing solutions provider to global corporations whose clients include: Emirates Glass, IBM, Lilly, Henkel, Amgen and many others. NexTech and Skybridge have already solidified their partnership and signed up their first customer, Bohringer Ingelheim.
- June 4, 2020: The company launched its new ARitize360 app now live and available for a FREE download on both iOS and Android. The app’s 3D scan technology will add to the revenue-generating power of its AR eCommerce solution and its recently launched 3D/AR advertising platform.
- June 3, 2020: The company achieved record revenue and gross profit for the month of May 2020. Both revenue and gross profit showed dramatic increases in May. Notably, compared to May 2019, the company’s revenue increased 169% to $1,300,000 while gross profit grew 290% to $800,000 representing the highest revenue and gross profit ever achieved in a single month.
- June 1, 2020: CEO Evan Gappelberg purchased 100,000 shares. It was reported that on 5/5/2020 he purchased 929,885 common shares of NexTech common stock, this is his fourth buy for the year 2020.
- May 25, 2020: signed a contract to supply its Augmented Reality Solutions to a $30 billion market capital, publicly-traded global technology company.
- May 22, 2020: The company announced very positive results for its recently launched 3D/AR Ad Network which went live on February 4th 2020. Using the company’s 3D/AR ads resulted in a 300% increase in sales conversions, a 32% increase in click-through-rate (CTR) and a 23% lower cost per click than traditional 2D ads.
- May 21, 2020: InfernoAR Virtual Events platform chosen to supply a $13 billion capital, publicly-traded global insurance company, for their global leadership two day summit starting June 6th.
- May 19, 2020: Inferno AR integration with Cvent Solutions optimizing the entire InfernoAR event management value chain. Integration with CVENT will broaden the utility and increase the appeal of the platform by helping end-users seamlessly register and become more productive while using the platform.
- May 14, 2020: Q1 Revenue grows 177% to $2.5 million, Gross Profit grows 267% to $1.3 million, Working Capital of $3.5 million.
- May 14, 2020: InfernoAR platform integration with all major video platforms including its previously announced integration with Zoom, Microsoft Teams, Skype, and new integrations with Cisco Webex, BlueJeans, Google Hangouts, Google Meet, and GoToMeetings. These critical integrations continue to extend the capabilities of the platform, broaden the utility of the platform and help end-users become even more productive while using the platform.
About NexTech AR Solutions Corp.
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™.
The company is pursuing four verticals in AR.
ARitize™ For eCommerce: The company launched its technologically advanced webAR for eCommerce early in 2019 and has been rapidly signing up customers onto its SaaS platform. Customers include Walther Arms, Wright Brothers, Mr. Steak, and Budweiser. NexTech has the first ‘full funnel’ end-to-end eCommerce solution for the AR industry including its 3D product capture, 3D ads for Facebook and Google, ‘Try it On’ technology for online apparel, 3D and 360-degree product views, and ‘one click buy’.
ARitize™ 3D/AR Advertising Platform: launched in Q1 2020 the ad platform will be the industry’s first end-to-end solution whereby the company will leverage its 3D asset creation into 3D, 360, AR ads. In 2019, according to IDC, global advertising spend will be about $725 billion.
InfernoAR: the world’s most advanced Augmented Reality and Video Learning Experience Platform for Events, is a SaaS video platform that integrates Interactive Video, Artificial Intelligence and Augmented Reality in one secure platform to allow enterprises the ability to create the world’s most engaging virtual event management and learning experiences. Automated closed captions and translations to over 64 languages put InfernoAR in a class by itself.
ARitize™ Hollywood Studios: expected to launch in 2020, the studio has created a proprietary entertainment venue for which it is producing immersive content using 360 video, and augmented reality as the primary display platform.
To learn more, please follow us on Twitter, YouTube, Instagram, LinkedIn, and Facebook, or visit our website: https://www.nextechar.com.
On behalf of the Board of NexTech AR Solutions Corp.
“Evan Gappelberg”
CEO and Director
For further information, please contact:
Evan Gappelberg
Chief Executive Officer
info@nextechar.com
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”, “looking forward” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements regarding the Company increasing investors awareness are based on the Company’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, levels of activity, performance or achievements of NexTech to be materially different from those expressed or implied by such forward-looking statements or forward-looking information, including capital expenditures and other costs. There can be no assurance that such statements will prove to be accurate, as actual results and 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.
Media
B.C. online harms bill on hold after deal with social media firms – CBC.ca
The British Columbia government is putting its proposed online harms legislation on hold after reaching an agreement with some of the largest social media platforms to increase safety online.
Premier David Eby says in a joint statement with representatives of the firms Meta, TikTok, X and Snapchat that they will form an online safety action table, where they’ll discuss “tangible steps” toward protecting people from online harms.
Eby added the proposed legislation remains, and the province will reactivate it into law if necessary.
“The agreement that we’ve struck with these companies is that we’re going to move quickly and effectively, and that we need meaningful results before the end of the term of this government, so that if it’s necessary for us to bring the bill back then we will,” Eby said Tuesday.
The province says the social media companies have agreed to work collaboratively with the province on preventing harm, while Meta will also commit to working with B.C.’s emergency management officials to help amplify official information during natural disasters and other events.
The announcement to put the Bill 12, also known as the Public Health Accountability and Cost Recovery Act, on hold is a sharp turn for the government, after Eby announced in March that social media companies were among the “wrongdoers” that would pay for health-related costs linked to their platforms.
At the time, Eby compared social media harms to those caused by tobacco and opioids, saying the legislation was similar to previous laws that allowed the province to sue companies selling those products.
Eby said one of the key drivers for legislation targeting online harm was the death of Carson Cleland, the 12-year-old Prince George, B.C., boy who died by suicide last October after falling victim to online sextortion.
“In the real world we would never allow a company to set up a space for kids where grown adults could be invited in to contact them, encourage them to share photographs and then threaten to distribute those photographs to their family and friends,” Eby said when announcing the legislation.
The premier said previously that companies would be shut down and their owners would face jail terms if their products were connected to harms to young people.
In announcing the pause, the province says that bringing social media companies to the table for discussion achieves the same purpose of protecting youth from online harm.
“Our commitment to every parent is that we will do everything we can to keep their families safe online and in our communities,” said Eby.
Ryan Cleland, Carson’s father, said in a statement on Tuesday that he “has faith” in Eby and the decision to suspend the legislation.
“I don’t think he is looking at it from a political standpoint as much as he is looking at it as a dad,” he said of Eby. “I think getting the social media giants together to come up with a solution is a step in the right direction.”
Business groups were opposed
On Monday, the opposition B.C. United called for a pause to Bill 12, citing potential “serious legal and economic consequences for local businesses.”
Opposition Leader Kevin Falcon said in a statement that his party pushed Eby’s government to change course, noting the legislation’s vague language on who the province can sue “would have had severe unintended consequences” for local businesses and the economy.
“The government’s latest retreat is not only a win for the business community but for every British Columbian who values fairness and clarity in the law,” Falcon said.
The Greater Vancouver Board of Trade said they are pleased to see the legislation put on hold, given the “potential ramifications” of the proposal’s “expansive interpretation.”
“We hope that the government chooses not to pursue Bill 12 in the future,” said board president and CEO Bridgitte Anderson in a statement. “Instead, we would welcome the opportunity to work with the government to develop measures that are well-targeted and effective, ensuring they protect British Columbians without causing unintended consequences.”
Media
Trump poised to clinch US$1.3-billion social media company stock award
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Donald Trump is set to secure on Tuesday a stock bonus worth US$1.3-billion from the company that operates his social media app Truth Social (DJT-Q), equivalent to about half the majority stake he already owns in it, thanks to the wild rally in its shares.
The award will take the former U.S. president’s overall stake in the company, Trump Media & Technology Group (TMTG), to US$4.1-billion.
While Mr. Trump has agreed not to sell any of his TMTG shares before September, the windfall represents a significant boost to his wealth, which Forbes pegs at US$4.7-billion.
Unlike much of his real estate empire, shares are easy to divest in the stock market and could come in handy as Mr. Trump’s legal fees and fines pile up, including a US$454.2-million judgment in his New York civil fraud case he is appealing.
The bonus also reflects the exuberant trading in TMTG’s shares, which have been on a roller coaster ride since the company listed on Nasdaq last month through a merger with a special purpose acquisition company (SPAC) and was snapped up by Trump supporters and speculators.
Mr. Trump will be entitled to the stock bonus under the terms of the SPAC deal once TMTG’s shares stay above US$17.50 for 20 trading days after the company’s March 26 listing. They ended trading on Monday at US$35.50, and they would have to lose more than half their value on Tuesday for Mr. Trump to miss out.
TMTG’s current valuation of approximately US$5-billion is equivalent to about 1,220 times the loss-making company’s revenue in 2023 of US$4.1-million.
No other U.S. company of similar market capitalization has such a high valuation multiple, LSEG data shows. This is despite TMTG warning investors in regulatory filings that its operational losses raise “substantial doubt” about its ability to remain in business.
A TMTG spokesperson declined to comment on the stock award to Mr. Trump. “With more than $200 million in the bank and zero debt, Trump Media is fulfilling all its obligations related to the merger and rapidly moving forward with its business plan,” the spokesperson said.
While Mr. Trump’s windfall is rich for a small, loss-making company like TMTG, the earnout structure that allows it is common. According to a report from law firm Freshfields Bruckhaus Deringer, stock earnouts for management were seen in more than half the SPAC mergers completed in 2022.
However, few executives clinch these earnout bonuses because many SPAC deals end up performing poorly in the stock market, said Freshfields securities lawyer Michael Levitt. TMTG’s case is rare because its shares are trading decoupled from its business prospects.
“Many earnouts in SPACs are never satisfied because many SPAC prices fall significantly after the merger is completed,” Mr. Levitt said.
To be sure, TMTG made it easier for Mr. Trump to meet the earnout threshold. When TMTG agreed to merge with the SPAC in October, 2021, the deal envisioned that TMTG shares had to trade above US$30 for Mr. Trump to get the full earnout bonus. The two sides amended the deal in August, 2023 to lower that threshold to US$17.50, regulatory filings show.
Had that not happened, Mr. Trump would not have yet earned the full bonus because TMTG’s shares traded below US$30 last week. The terms of the deal, however, give Mr. Trump three years from the listing to win the full earnout, so he could have still earned it if the shares traded above the threshold for 20 days in any 30-day period during this time.
Media
B.C. puts online harms bill on hold after agreement with social media companies
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The B.C. government is putting its proposed online harms legislation on hold after reaching an agreement with some of the largest social media platforms to make people safer online.
Premier David Eby says in a joint statement with representatives of the firms Meta, TikTok, X and Snap that they will form an online safety action table, where they’ll discuss “tangible steps” towards protecting people from online harms.
Eby says the social media companies have “agreed to work collaboratively” with the province on preventing harm, while Meta will also commit to working with B.C’s emergency management officials to help amplify official information during natural disasters and other events.
“We have had assurance from Facebook on a couple of things. First, that they will work with us to deliver emergency information to British Columbia in this wildfire season that (people) can rely on, they can find easily, and that will link into official government channels to distribute information quickly and effectively,” Eby said at a Tuesday press conference.
“This is a major step and I’m very appreciative that we are in this place now.”
3:56
B.C. takes steps to protect people from online harms
The announcement to put the bill on hold is a sharp turn for the government, after Eby announced in March that social media companies were among the “wrongdoers” that would pay for health-related costs linked to their platforms.
At the time, Eby compared social media harms to those caused by tobacco and opioids, saying the legislation was similar to previous laws that allowed the province to sue companies selling those products.
5:46
Carol Todd on taking action against online harms
Last August, Eby criticized Meta over its continued blackout of Canadian news outlets as wildfires forced thousands from their homes. Eby said it was “unacceptable” for the tech giant to cut off access to news on its platforms at a time when people needed timely, potentially life-saving information.
“I think it’s fair to say that I was very skeptical, following the initial contact (with Meta),” Eby said Tuesday.
Eby said one of the key drivers for legislation targetting online harm was the death of Carson Cleland, the 12-year-old Prince George, B.C., boy who died by suicide last October after falling victim to online sextortion.
The premier says in announcing the pause that bringing social media companies to the table for discussion achieves the same purpose of protecting youth from online harm.
“Our commitment to every parent is that we will do everything we can to keep their families safe online and in our communities,” the premier said in his statement.
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