NexTech to Release Q2 Earnings on August 25th, 2020

VANCOUVER, British Columbia, Aug. 11, 2020 (GLOBE NEWSWIRE) -- NexTech AR Solutions (NexTech) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29), an emerging leader in augmented reality for eCommerce, and Virtual Events, is pleased to announce that NexTech CEO Evan Gappelberg and CFO Kashif Malik, CPA, CA will be hosting the companies live conference call after the close on August 25th, 2020.

The earnings will be released after the close and the call will begin at 4:30 EST.

Bridge Name: NexTech AR Solutions
Conference ID: 597-9019
Dial in: [phone]
Toll-Free: [phone]

The presentation will be followed by a question and answer session.

For those unable to join the live event, a recording of the presentation will be posted later on the company's website.

Preliminary numbers and Q2 2020 highlights:

• Record revenue grows 133% to $3.5 million
• Record gross Profit grows 171% to $2.1 million with a 60% margin
• Record cash on hand of $6.4 million
• Record working Capital of $7.3 million
• Obtained credit facility from the Royal Bank of Canada of $600k
• Applied for uplist to NASDAQ CM
• InfernoAR virtual events product launches and revenues begin scaling
• On 7/21-Evan Gappelberg, CEO of NexTech AR Solutions purchased 250,000 shares through a warrant conversion for a total consideration of $175,000 the shares increased his total holdings to 6,093,328.

On July 23, 2020 The company announced a financing on July 23, 2020 (the “Offering”), will be for an offering size of up to $15,000,000. The Offering will be conducted on an agency basis for the issuance of up to 2,307,692 units of the Company (the “Units”) at a price of $6.50 per Unit. The Offering is being led by Mackie Research Capital Corporation as sole agent and sole bookrunner (the “Agent”).

The closing of the Offering is currently expected to be on or about the week of August 17, 2020 and is subject to certain conditions including, but not limited to, the execution of an agency agreement and the receipt of all necessary regulatory approvals including the approval of the Exchange.

Evan Gappelberg, CEO of NexTech comments, “We are pleased to report that our preliminary second quarter ended June 30th, 2020 results were positive and very strong across our business segments. These results were driven by new customer additions, expansion of product lines and increases in conversions from our e-commerce and the newly acquired, InfernoAR business.” He continues, “We are uniquely positioned to see our business benefit from this new ‘stay at home' paradigm shift with our AR ecommerce, video conferencing and Virtual Events business units. The digital transformation that is taking place globally is creating more business opportunities for video conference virtual learning, virtual conferences, or virtual events, and e-commerce than ever before.”