Nextech AR Solutions Corp said the company and its wholly-owned subsidiary ARWAY Ltd have entered into a binding agreement with PC 1 Corp to acquire ARWAY’s assets.
The company said the agreement was negotiated at arm's length and was effective as of June 1, 2022.
ARWAY’s principal asset is an application called ARitize Maps, a no-code web-based, end-to-end Metaverse creator platform, including AR navigation, multiple creators, version control, and analytics.
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Nextech CEO Evan Gappelberg said the spin-out would result in ARitize Maps being the principal asset of a stand-alone public company, in which Nextech will continue to be a significant shareholder.
“As a result, I do believe this new technology will get the recognition it deserves and see a positive revaluation, thereby benefiting Nextech shareholders through their continued indirect ownership interest in the technology,” he said.
“ARitize Maps is only one of many assets that Nextech has incubated, with the potential for development into commercial stage businesses which can become stand-alone 'pure play' Metaverse spin-outs in the future.”
He added that, in addition to distributing a portion of the shares of the listed issuer resulting from the transaction to existing Nextech shareholders, a private placement of a minimum of $1.5 million will be completed into ARWAY or a special purpose financing vehicle as a condition of the transaction, resulting in zero dilution to the holdings of Nextech shareholders in the company.
Nextech AR uses breakthrough artificial intelligence to quickly, easily and affordably ARitize (transform) vast quantities and varieties of existing assets at scale making products, people and places ready for interactive 3D use, giving creators at every level all the essential tools they need to build out their digital AR vision in the Metaverse.
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