TORONTO–(BUSINESS WIRE)–Nextech AR Solutions Corp. (“Nextech” or the “Company”) (OTCQB: NEXCF) (CSE: NTAR) (FSE: N29) is pleased to announce today that it has decided to pursue a direct spinout of its Toggle3D design studio SaaS software platform through a wholly owned subsidiary of the company (“Subco”). The transaction is currently expected to proceed by way of a plan of arrangement (the “Arrangement”) under which Toggle3D and associated assets will be spun off into a new subsidiary, but will be subject to final tax and legal structuring considerations. Nextech shareholders will receive Toggle3D (Spinco) shares distributed directly to Nextech shareholders on a pro rata basis.
Visit the Toggle3D website – click here
On October 26, 2022, Nextech completed the delisting of ARway (ARWY: CSE) (ARWYF:OTC) on the Canadian Securities Exchange (“CSE”) which unlocked tremendous shareholder value in a very short period of time. The company believes that by spinning off Toggle3D it will unlock additional shareholder value. With the successful spin-out structure of ARway, the company plans to have similar terms and conditions for the spin-out of Toggle3D. Further details of this scheme will be announced soon.
Evan Gappelberg, CEO of Nextech AR commented, “The spin-out of ARway on October 26th has proven to be a hugely successful way to unlock value for Nextech shareholders. Now we are announcing that we will do the same with Toggle 3D. We believe there is a tremendous amount of value currently trapped inside Nextech, and these spin-outs are aimed at unlocking that value by listing pure technology companies.We believe Toggle 3D is now commercially ready with a laser-focused team, and will be well received by the market. Creating value for Nextech shareholders of which I am the single largest with 10.7 million shares has always been a major focus of mine. This Toggle3D spin-out and the possibility of additional future spin-outs are intended to unlock the value of the technology that we have invested heavily in, incubated and built inside Nextech over the past 4 years.” He continued: “After 16 years of walking around with a smartphone in our pockets, the next generation of devices is about to emerge in the form of computer glasses. Once launched, computer glasses will become the device of choice in 2023 and beyond, causing all things 3D to increase in value virtually overnight. We believe that a 3D spatially aware world is the next evolution of our computer-driven world. We see it becoming a major focus for investors in 2023 when Apple Computer launches a pair of computer glasses that perfectly position Nextech, ARway and now Toggle3D.”
Further details of the scheme
Further details of the proposed arrangement will be provided in a disclosure document to be prepared and filed in connection therewith. Investors are cautioned that, except as disclosed in the disclosure document to be prepared in connection with the Scheme, any information released or received in respect of the foregoing matters may not be accurate or complete and should not be relied upon.
About Toggle 3D:
Launched in September, Toggle3D is an AR-enhanced stand-alone web application that enables product designers, 3D artists, marketers and e-commerce site owners to create, customize and publish high-quality 3D models and experiences without requiring technical or 3D design knowledge. The company believes that Toggle3D is the first platform of its kind, and this pioneering SaaS product is a potential game changer for the manufacturing and design industry, as it provides a viable solution for converting large CAD files into lightweight 3D models at affordable prices and in scale. According to BIS Research, the CAD market, quantified by the amount spent on the creation of CAD files, is estimated to reach $11 billion by 2023.
Since the Beta launch, Toggle3D has been successful in attracting and working with early adopters as the development of the platform continues. This early user group includes manufacturers, production agencies, design agencies, industrial software companies and XR startups. These users are looking for a workspace to create 3D modeling for use cases such as prototyping, design decisions, content population in XR scenes, and marketing applications.
The user personas are business owners, graphic designers, 3D artists, product designers, marketing and operations teams who all either want to replace their legacy platforms because they no longer meet their needs, are new to the 3D ecosystem, or are facing bottlenecks in 3D creation and looking for a more scalable solution.
Introducing Toggle3D Video – click here to view
Design Studio Demo – click here to view
Toggle3D Video – click here to view
Product Development Updates:
- Material creation template powered by machine learning (ML): Toggle will release a new template in the material creation platform powered by ML. This has been a feature that is highly requested by many early adopters and something that is currently a long process in all the older systems. Recreating a material from scratch today can take anywhere from 120-240 minutes depending on the complexity and the experience of the artist. Now imagine if you have 5X or even 10X materials on a simple item, it could take days to complete. At Toggle3D, we have developed a ground-breaking PBR material flow that reduces time from hours or days to minutes. From start to finish, it allows anyone to transform a 2D reference image into a realistic, high-quality PBR material without requiring the user to have technical experience. This is possible due to the generation and training of advanced learning algorithms that have been brewing in Nextech AR’s research and development hub for some time now.
- Supports NEW file formats and expanded CAD conversion capabilities: Toggle3D will be able to accept new file format imports and will introduce improvements to CAD file handling. With the goal of simplifying this process, we use logic that allows parts from CAD conversions to be automatically named, grouped, and filtered in a way that reduces file organization flow by more than 200%!.
Advanced editing features: We have introduced three NEW tool:
A light environment: This is a preset lighting library which allows users to switch between environments to see how materials will look in different settings.
Advanced editing of material properties: Users can adjust the roughness, gloss, transparency and intensity of a material finish to best match the desired result. This can be done on all materials i preset libraryor material created in the new template
Adjusting UV settings: This allows a user to change the way a texture looks on the model in terms of size, rotation and placement of the pattern.
- NEW branding underway: Toggle 3D has a new logo and is undergoing a UX/UI lift that streamlines the user workflow.
Top 3 competitive advantages of switching between 3D versus 3D legacy software generating $11 billion in revenue
1. NO learning curve:
What makes Toggle3D different from the older 3D design software is its ease of use and democratization of 3D design. The goal is that anyone without previous technical or 3D design experience should be able to jump onto the platform and create a high-quality 3D image in a few minutes. This is in contrast to older 3D modeling systems, which require months to really feel comfortable with. Users will first be required to learn and understand the industry language, learn what the tools do, and then learn to use them in the legacy software. Meanwhile, in Toggle3D, we’ve streamlined this process by “humanizing” 3D design terminology, creating templates to guide creation, and simplifying the tools by using machine learning to transfer the complexity from the user experience to the backend platform, leaving more room for creativity instead .
Toggle3D is a web-based design studio which means the user can access everything on the browser and start designing immediately. No desktop downloads involved, no updates to keep track of, and no system requirements to worry about. All templates are organized into project panels that a user can access from anywhere and seamlessly navigate between. This is different from how legacy software was built back in the day, when the software suite was split into multiple desktop apps that require the user to understand system compatibility, download, sync, and learn independently.
Toggle3D will allow advanced in-app collaboration. These new sets of features will allow multiple users to work simultaneously and on the same project, resulting in rapid feedback and decision making across departments and teams. These tools will allow companies to adopt 3D throughout their organization and unlock the power of group iteration. Users can set up workflows, permissions and version history to keep up with real-time design changes. These advanced collaboration cycles are more difficult to set up in desktop apps and can sometimes slow down or isolate the design workflow.
This press release contains forward-looking information and may also contain statements that may constitute “forward-looking statements” within the meaning of applicable Canadian securities laws (collectively, “Forward-Looking Information”). Such forward-looking information is not representative of historical facts or information or current conditions, but instead represents the beliefs and expectations regarding future events about the business and the industry and markets in which the Company operates, as well as plans or objectives of management, many of which, by their nature, are inherently uncertain. Generally, such forward-looking information can be identified by the use of terminology such as “plans”, “expects” or “does not expect”, “expected”, “budget”, “planned”, “estimates”, “forecasts”. “, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and expressions or may contain statements that certain actions, events or results “may”, “could”, ” would” , “may” or “will be taken”, “will proceed”, “will occur” or “will be achieved”. Forward-looking information herein may include, but is not limited to, references to the potential arrangement, including expected timing and structure. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, general market conditions, availability of financing, regulatory, court and shareholder approvals and the results of the Company’s operations. Forward-looking information is not a guarantee for future performance and involves risks, uncertainties and assumptions that are difficult to predict, and readers are cautioned that the scheme may not be completed on terms now proposed or at all t. Accordingly, readers should not rely on forward-looking information, which is qualified in its entirety by this cautionary statement. The company undertakes no obligation to publish any revisions to update voluntary forward-looking information, except as required by applicable securities laws.