NexTech Reports Record Monthly Revenue and Gross Profit

Accelerating Revenues in AR, Virtual Events & Ecomm

NEW YORK and TORONTO, June 03, 2020 (GLOBE NEWSWIRE) -- NexTech AR Solutions (the “Company” or “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 that it has 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.

Kashif Malik, CFO of NexTech AR Solutions commented “We are firing on all cylinders and having our best month of revenue ever speaks to our sound business strategy and model. I am extremely proud of the team and we are just getting started.”

Evan Gappelberg, CEO of NexTech AR Solutions comments “I’m excited to report record numbers for the month of May and I am particularly excited that we were able to achieve $1,300,000 in sales in just one month, hitting a new company high. During the month of May, we saw an acceleration in sales growth across all our offerings. The demand and need for our virtual events platform, our augmented reality solutions and e-commerce has never been stronger and we see that trend continuing. He continues, “With 100% of live events cancelled our newly acquired virtual events platform InfernoAR has really taken off in a big way and looks to grow dramatically in Q2, 2020 and beyond. In order to meet the demand we are working overtime, have hired two new sales reps and are planning to hire more. Demand is coming from across a wide spectrum including; Universities, Sports teams, Religious institutions and multinational companies”.

Unlike video conference platforms like Zoom, WebEX, Teams and others, InfernoAR can host large scale events from 1,000-1,000,000 or more with virtual lobbies, exhibitor halls, live keynotes, awards ceremonies, science labs, even custom holographic product displays. The benefits and ROI are clear with reduced costs for travel, food and lodging plus the immersive nature of the company's augmented reality solutions including; 3D booths, AR product demos, 360 degree video portals, a companion full featured white label AR app for iOS/Android creating a one of a kind virtual experience like no other.