NexTech sells its treasury bitcoin holdings, books a profit

NexTech sells its treasury bitcoin holdings, books a profit
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VANCOUVER –  NexTech AR Solutions (OTCQB: NEXCF) (NEO: NTAR.NE) (CSE: NTAR) (FSE: N29), a provider of virtual and augmented reality experience technologies and services for 3D/AR advertising, eCommerce, education, conferences and events today reported that it has sold its Bitcoin ownership of approximately 130.187 Bitcoins and booked approximately a $200,000 profit.

NexTech CEO, Evan Gappelberg comments, “Our investment in Bitcoin in the past was part of our capital diversification strategy with the intent to maximize long-term value for our shareholders. This sale reflects our awareness that something potentially has changed with Bitcoin which is seen as the digital version of gold. The news that has emerged is that a critical flaw called a ‘double spend’ may have occurred, which if true allows someone to spend the same Bitcoin twice, undermining faith in the system. If the system is built on scarcity and faith in the system, then a ‘double spend’ would eliminate both -essentially destroying the store of value it was meant to be. In light of this potential outcome, I have decided to move to cash as this story is still unfolding.”

NexTech is one of the leaders in the rapidly growing augmented reality. The company is pursuing four verticals:

Virtual Experience Platform (VXP): An advanced Augmented Reality and Video Learning Experience Platform for Events. VXP is a SaaS video platform that integrates Interactive Video, Artificial Intelligence and Augmented Reality in one secure platform to allow enterprises the ability to create the world’s most engaging virtual event management and learning experiences. Automated closed captions and translations to over 64 languages.

ARitize™ For eCommerce: The company launched its SaaS platform for webAR in eCommerce early in 2019. NexTech has a ​ ‘full funnel’ end-to-end eCommerce solution for the AR industry including its Aritize360 app for 3D product capture, 3D/AR ads, its ARitize white label app, its ‘Try it On’ technology for online apparel, 3D and 360-degree product views, and ‘one click buy’.

ARitize™ 3D/AR Advertising Platform: Launched in Q1 2020 the ad platform will be the industry’s first end-to-end solution whereby the company will leverage its 3D asset creation into 3D/AR ads. In 2019, according to IDC, global advertising spend will be about $725 billion.

ARitize™ Hollywood Studios: The studio is in development producing immersive content using 360 video, and augmented reality as the primary display platform.

 

 

 

We seek Safe Harbor.

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