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TICKERS: NTAR; NEXCF

AR Tech Firm Reports Record November Revenue, Gross Profit
News Update

Source:

Increased sales spurred the growth during the month.

NexTech AR Solutions Corp. (NTAR:CSE; NEXCF:OTCQB) announced in a news release that its November 2019 revenue and profit were record amounts.

"I'm thrilled with our rapid growth trajectory," CEO Evan Gappelberg said in the release.

Specifically, revenue during the month hit $700,000, a 190% year-over-year increase from $241,000. Gross profit came in at $300,000, up 241% over November 2018, when it was $88,000.

The results were driven by increased sales in all of NexTech's business segments but primarily its augmented reality e-commerce division.

Gappelberg said we are now experiencing "fourth industrial revolution," at period in which augmented reality, artificial intelligence, the Internet of Things, Edge computing and the 5G network are "converging and becoming increasingly ubiquitous for training, e-commerce, advertising and entertainment."

"This convergence," he added, "is stimulating a rapid market adoption environment similar to the Internet in the 1990s driving the creation of billion dollar industries almost overnight, a market NexTech is uniquely positioned to capitalize on."

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: NexTech AR Solutions. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with NexTech AR Solutions. Please click here for more information.
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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this interview, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of NexTech AR Solutions, a company mentioned in this article.




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