Nextech AR To Spin Out Real-World Augmented Reality Spatial Mapping Platform ARitize Maps
Nextech AR Solutions Corp., its wholly-owned subsidiary ARWAY Ltd. (“ARWAY”) and PC 1 Corp.(“PC 1”) are pleased to announce that they have entered into a binding letter agreement (the “Agreement”) which outlines the general terms and conditions of a proposed transaction pursuant to which PC 1, a capital pool company listed on the TSX Venture Exchange (the “TSXV”), will enter into a business combination pursuant to which it shall acquire the assets of ARWAY (the “Transaction”).
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The principal asset of ARWAY is an application currently called ARitize Maps, a No-Code Web Based end to end Metaverse Creator Platform. The Agreement was negotiated at arm’s length and is effective as of June 1, 2022. PC 1 has not commenced commercial operations and has no assets other than cash. The Transaction, when completed, will constitute PC 1’s “Qualifying Transaction”, as defined in TSXV policies.
Evan Gappelberg, CEO of Nextech commented, “We are now and have always been focused on increasing shareholder value, and through the spin out of the ARitize Maps application through one of our newly commercialized business units, I believe we are immediately creating shareholder value. The spin out will result in ARitize Maps being the principal asset of a stand-alone public company, in which Nextech will continue to be a significant shareholder.
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As a result, I do believe this new technology will get the recognition it deserves and see a positive revaluation, thereby benefiting Nextech shareholders through their continued indirect ownership interest in the technology.” He continued, “In addition to distributing a portion of the shares of the listed issuer resulting from the Transaction to existing Nextech shareholders, a private placement of a minimum of $1,500,000 will be completed into ARWAY or a special purpose financing vehicle as a condition of the Transaction, resulting in zero dilution to the holdings of Nextech shareholders in Nextech. ARitize Maps is only one of many assets that Nextech has incubated, with the potential for development into commercial stage businesses which can become stand-alone ‘pure play’ Metaverse spin outs in the future.”
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