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Nextech AR Announces Updated Proposal To Spin Out Real-World Augmented Reality Spatial Mapping Platform ARitize Maps

Nextech AR Solutions Corp. announces that after further consideration, it has determined to pursue a direct spinout of its ARitize Maps platform through a wholly-owned subsidiary of the Company (“Subco”). The transaction is currently anticipated to proceed by way of plan of arrangement (the “Arrangement”) pursuant to which the ARitize Maps platform and associated assets will be spun out into a new Subco, but will be subject to final tax and legal structuring considerations.

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The Arrangement, if completed, is anticipated to result in, among other things, (i) Nextech retaining approximately 65% of the issued and outstanding shares of Subco (“Subco Shares”) upon completion of the transaction, (ii) approximately 20% of the Subco Shares being distributed to Nextech shareholders on a pro rata basis, as a dividend or return of capital; and (iii) approximately 15% of the Subco Shares being distributed to certain service providers of Nextech in consideration of past services, as calculated prior to completion of the private placement in ARitize maps (as further detailed below) following which the above percentages will be adjusted on a pro-rata basis. In connection with the Arrangement, Nextech intends to seek a direct listing of the Subco Shares on the Canadian Securities Exchange (“CSE”).

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Evan Gappelberg, CEO of Nextech AR commented, “These positive changes to our spin-out structure are expected to result in less dilution to Nextech and allow our shareholders to receive a larger number of dividended shares of the spun-out entity. As previously announced, under the PC1 transaction, we anticipated a minimum of 1,600,000 dividend shares, now however with a direct listing on the CSE we anticipate being able to distribute 3,200,000 shares of the spun-out entity to Nextech shareholders as a dividend or return of capital on a pro-rata basis.” He continues “This ARitize Maps spin-out and the possibility of additional future spin-outs are intended to unlock the value of the technology that we have been incubating and building inside Nextech for the last 3 years. I believe that these highly focused spin-out companies will garner more investors attention and will increase Nextech’s shareholder value.”

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