NexTech AR Solutions announced that it has signed a letter of intent to acquire interactive video solutions provider Jolokia in an all-stock transaction.
According to the deal, on closing, NexTech AR would require an initial payment of 1 million shares in restricted stock priced at $1, with a 12-month earn out if certain revenue milestones are hit of an additional $4 million in restricted stock.
As corporate meetings and events are happening online these days by medium of web conferencing tools, NexTech has developed a technique to incorporate 3D photo realistic holograms of people and products these virtual events via its ARitize App.
Pete Mastin, CEO of Jolokia, saids, “With the integration of NexTech’s augmented reality holograms, our Inferno platform is well positioned as the world's most advanced Video Learning Experience Platform. Combining live broadcasting with Interactive Video, Artificial Intelligence and Holograms, corporations are now able to rapidly deliver immersive, engaging learning experiences anywhere.”
In January, NexTech announced that Romios Gold Resources will be using its AR technology to demonstrate exploration projects. According to NexTech CEO Evan Gappelberg, its AR technology will enhance Romios to “bridge the gap by showing what actual core samples look like in 3D/AR for investors and potential investors creating a critical use case to Romios and the mining industry.”
Last month, the company collaborated with UK-based AR collaborative platform Poplar in which the latter would be using NexTech’s advanced WebAR technology, while NexTech AR would leverage Poplar’s brand new AR campaign creation platform.
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