NexTech AR Solutions Corp. (NTAR:CSE; NEXCF:OTCQB) announced in a news release its board of directors approved the company pursuing uplisting to the TSX Venture Exchange.
Accordingly, the company will submit soon an application to do so. It also intends to uplist to the NASDAQ once it meets the necessary requirements.
"Now that we are in market with our augmented reality (AR) e-commerce platform generating revenue and cash flow at an accelerating pace, we feel it's time to uplist so that we can attract larger pools of institutional capital," CEO Evan Gappelberg said in the release.
Once NexTech closes its fourth acquisition, its AR-enabled e-commerce division will increase to a trailing 12-month run rate of $6.5 million in consolidated revenue and $1.5 million in EBITDA. The company expects to be cash flow positive once its revenue reaches $9.3 million. Of that total, $5 million in gross profits and more than $2 million in EBITDA would come from the e-commerce division, the remainder from its AR subscription-as-a-service business.
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