- Nextech AR Solutions (NTAR) has signed an agreement with PC 1, a capital pool company listed on the TSX Venture Exchange
- PC 1 will acquire the assets of ARWAY whose principal asset is ARitize Maps
- The agreement becomes effective on June 1, 2022
- The transaction will constitute PC 1’s “Qualifying Transaction”, as defined in TSXV policies
- Nextech AR Solutions is a metaverse company active in augmented reality, 3D modelling, holograms and 360° portals
- Nextech (NTAR) is down 13.85 per cent, trading at C$0.09 per share at 3:30 pm ET
Nextech AR Solutions (NTAR) has signed an agreement to sell ARWAY Ltd.
PC 1, a capital pool company listed on the TSX Venture Exchange, will acquire the assets of ARWAY Ltd. ARWAY’s principal asset is ARitize Maps.
CEO Evan Gappelberg commented on the news.
“We are now and have always been focused on increasing shareholder value, and through the spin out of the ARitize Maps application through one of our newly commercialized business units, I believe we are immediately creating shareholder value. The spin out will result in ARitize Maps being the principal asset of a stand-alone public company, in which Nextech will continue to be a significant shareholder. As a result, I do believe this new technology will get the recognition it deserves and see a positive revaluation, thereby benefiting Nextech shareholders through their continued indirect ownership interest in the technology.”
He continued,
“In addition to distributing a portion of the shares of the listed issuer resulting from the Transaction to existing Nextech shareholders, a private placement of a minimum of $1,500,000 will be completed into ARWAY or a special purpose financing vehicle as a condition of the transaction, resulting in zero dilution to the holdings of Nextech shareholders in Nextech. ARitize Maps is only one of many assets that Nextech has incubated, with the potential for development into commercial stage businesses which can become stand-alone ‘pure play’ Metaverse spin outs in the future.”
ARitize Maps (previously ARway) is a mobile app, all-in-one no code real-world Metaverse creation tool, with self-generating augmented reality mapping solutions for consumers and brands.
The transaction is subject to regulatory and TSXV approval.
Nextech AR Solutions is a metaverse company active in augmented reality, 3D modelling, holograms and 360° portals.
Nextech (NTAR) is down 13.85 per cent, trading at C$0.09 per share at 3:30 pm ET.
