NexTech AR Reports Boost in Demand for its Products as Coronavirus Drives Shopping From Home

Coronavirus Driving Demand in E-commerce and Augmented Reality

NEW YORK and TORONTO, March 18, 2020 (GLOBE NEWSWIRE) -- NexTech AR Solutions (NexTech) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), the leader in augmented reality for e-commerce and AR learning applications, has been experiencing an uptick in sales in its fast growing e-commerce division and its AR technology business segments. The company has multiple business segments that are benefiting from the new work from home (WFH) and shop from home (SFH) paradigm shifts that employers, business and governments have instituted due to the Coronavirus.

Evan Gappelberg CEO of NexTech comments, “As consumers shop from home and stock up on food and household items to cope with the coronavirus outbreak, demand for supplies including HEPA vacuum cleaning bags and pet supplements is rapidly increasing, setting us up for a record breaking month in sales for March.” He continues, “The company acquired two growing e-commerce businesses in early 2019, Vacuum Cleaner Market and Infinite Pet, to use as a test bed for its Augmented Reality. Both are now cash flow positive and scaling. We are expecting continued long term growth of these businesses as hygiene and  home shopping continue to be front and center in society. Just this weekend, Amazon said that it was hiring an additional 100,000 warehouse and delivery workers to help address a surge in demand.”

Amazon.com made headlines with the news that it was hiring 100,000 workers to help with the crush of demand during the coronavirus outbreak. But it's not the only business seeing a massive surge as businesses push workers to work from home. Video conferencing companies like Zoom are also experiencing a surge in business. Zoom Video Communications has benefited as the coronavirus pandemic has forced companies to increase the number of employees working remotely, accelerating the shift to a more virtual work paradigm.

On 3/16/2020, NexTech announced that it signed a binding LOI to acquire remote video training, live streaming software company Jolokia; whose customers include Merck, Toyota, CBS, Polycom and others. The Jolokia platform generated $1mill USD in SaaS revenue for 2019. See demonstration video - Click here.

Gappelberg comments, “With both our AR e-commerce businesses and this acquisition NexTech has positioned itself at the right place at the right time to participate in the stay at home, work from home, new paradigm.”