NexTech AR Solutions Corp. (NTAR:CSE; NEXCF:OTCQB) announced in a news release that some of its business segments are benefiting from the greater number of people who are now working and shopping from home due to COVID-19.
For one, the tech company's two e-commerce businesses, Vacuum Cleaner Market and Infinite Pet, are cash flow positive and growing. "As consumers shop from home and stock up on food and household items to cope with the coronavirus outbreak, demand for supplies including HEPA vacuum cleaning bags and pet supplements is rapidly increasing, setting us up for a record breaking month in sales for March," CEO Evan Gappelberg said. "We are expecting continued long term growth of these businesses as hygiene and home shopping continue to be front and center in society."NexTech acquired these e-tailers in 2019 as subjects on which to test its augmented reality (AR) technology.
Also, the firm recently signed a letter of intent to acquire Jolokia, a remote video training, live streaming software company.
"With both our AR e-commerce businesses and this acquisition, NexTech has positioned itself at the right place at the right time to participate in the stay at home, work from home, new paradigm," Gappelberg added.
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