NexTech AR Secures $600,000 Credit Line With Royal Bank of Canada

Additional Capital to Fuel Surging Revenue in 2020

NEW YORK and TORONTO, June 24, 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 secured a $600,000 lending facility with the Royal Bank of Canada (“RBC”).

Kashif Malik CFO of NexTech commented, “This credit facility further strengthens our financial capabilities as we continue to scale and add to our already healthy cash and inventory position of over $7.5million - our highest ever - providing a solid foundation to support the company's rapid growth plans. With this credit facility along with our financing last week, we are well positioned and laser focused on executing on our strategy in 2020.”

The company will report results for the second quarter April 1, 2020 to June 30, 2020 in August 2020.

The Facility can be drawn at any time by NexTech for working capital requirements and general corporate purposes, and bears interest at RBC’s Prime Rate + 2.00%.

Recent Company Highlights in 2020:

• June 22, 2020: 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.
   
• 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 18, 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.