NexTech Closes on $3,200,000 Non-Brokered Private Placement

Growth Capital To Fuel Surging Revenue Growth in 2020

NEW YORK and TORONTO, June 19, 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 AR-enhanced virtual events is pleased to announce that it has 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”). Each Unit consists of one common share and one half share purchase warrant exercisable at $3.00 per share for a period of two years (the “Warrants”) and subject to acceleration provisions. The use of proceeds includes: growing sales and engineering teams, pursuing strategic M&A opportunities, and for general working capital purposes.

Kashif Malik CFO of NexTech commented, “This financing provides the company with a healthy cash and inventory position of over $7.5million - it’s highest ever - providing a solid foundation to support the company's rapid growth plans.”

Evan Gappelberg CEO of NexTech comments, “We are very fortunate to have supportive investors, with a long-term strategic outlook, who continue to support our growth in 2020 and beyond. In this round we had a total of nine institutional, family office, and high net worth investors participate; most participated in each of our prior financing rounds, at $0.60, $0.75, and now at $2.10, I personally thank them for their support.” He continues, “with the April 30th acquisition of virtual events platform Jolokia, we have grown our pipeline of opportunities very quickly with $300,000 in new closed deals in just the past six weeks. On top of this, we now have a potential pipeline worth another $1million+, as NexTech’s AR-enhanced virtual events platform is being enthusiastically embraced and is gaining rapid traction with global enterprise, and government customers. As witnessed by the growth of Zoom (ZM) we are right smack in the middle of arguably the fastest growing business on the planet: video conferences.”

Gappelberg added, ”As demand is surging at an ever faster pace we are continuing to grow our sales and engineering teams, with four new hires in the past thirty days alone, bringing our talent base to over 50 people and we don’t see this trend slowing. We are also actively looking for strategic acquisitions which sometimes requires cash + stock, making this capital raise both timely and strategic for our shareholders”