Upgrade positions Toggle3D to be preferred standard in the 3D modeling industry and in the $160 Billion Global GGI Application Software market as an all-in-one platform for CAD - web 3D design
TORONTO, O.N, Canada – FEBRUARY 16, 2023 - Nextech AR Solutions Corp. (“Nextech” or the “Company”) (OTCQX: NEXCF) (CSE: NTAR) (FSE: EP2), an Augmented Reality (AR), Artificial Intelligence (AI) and 3D model supplier for Amazon and other major e-commerce retailers and brands is pleased to announce the Company has launched a new “Quad Typology Converter Upgrade” which positions Toggle3D to be an industry leading all-in-one platform for CAD to web 3D design. Today's upgrade enables users of the Toggle3D platform to now produce quad tessellations, which increases the overall quality of 3D models. This is also the preferred standard in the 3D modeling industry as this type of mesh produces higher quality models and allows for more control over the 3D model, and is particularly important for enterprise clients to meet quality standards. Toggle3D now enables the conversion, texturing, customizing and sharing of the highest quality 3D models at scale, using CAD files.
Technical Importance Behind the Upgrade
Before a user can use their CAD files for 3D CGI (computer generated imagery), the solids in their design have to be tessellated to turn into surfaces. There are two types of surfaces that can be created: those made up of triangles and those made up of quads. Most CAD software today allow users to naively convert CAD files into a 3D model mesh for which the surfaces are made up of triangles. However, triangle meshes are considered lower quality by experienced 3D artists. In fact, most large-scale clients of Nextech AR strictly require quad meshes for their models. Currently, to create quad meshes from CAD files, users first have to export the CAD files into triangulated meshes, and then use other software to remesh the triangulated meshes into quad meshes. Unfortunately details of the model are usually lost in this CAD to triangles to quads translation. Toggle3D, however, converts CAD surfaces into quad meshes directly. Part of the process is described in our patent application titled “THREE-DIMENSIONAL (3D) MODEL GENERATION FROM COMPUTER-AIDED DESIGN (CAD) DATA”, Application # 17/707,922 filed March 29th, 2022.
This new “Quad Typology Converter Upgrade” positions Toggle3D to be the preferred standard in the 3D modeling industry and in the Global GGI Application Software market as an all-in-one platform for CAD - web 3D design. The Global GGI Application Software market is projected to reach US$160.5 Billion by the end of 2027. With this new upgrade, users can convert their CAD files to a quad typology mesh ready for texturing, and enables users of the Toggle3D platform to now produce quad tessellations, which increases the quality of 3D models. In the 3D modeling industry, this is the preferred standard as this type of mesh produces higher quality models and allows for increased control over the 3D model. Instead of using 4-6 different platforms as done today to make a web-friendly 3D model from a CAD file, users can do everything inside Toggle3D seamlessly, quickly and in an affordable way.
CAD is a function of product engineering, and the use of CAD files is ubiquitous across manufacturing verticals including; automotive, aerospace, industrial machinery, civil and construction, electrical & electronics, pharmaceutical, healthcare, consumer goods and others. Industrial designers, working for product manufacturers, use CAD software like AutoCAD, and SolidWorks to design many of the products in the modern world. The growth in the CAD market is attributed to the superior assistance that CAD provides including increased productivity, improved product quality, faster development, better visualization of the final product, constituent parts, lower product development cost. As the technological shift continues to 3D-commerce, every product that is designed and manufactured using CAD files will need to be converted into a 3D model for e-commerce, and other digital applications like product marketing, AR experiences and more. Toggle3D is the perfect solution for CAD to web 3D conversion, as it enables the conversion, texturing, customizing and sharing of 3D models at scale with no 3D modeling expertise or experience required.
Toggle3D accepts other file formats too, so in addition to accepting popular CAD formats, the platform also accepts other 3D file formats for those looking to build product configurators or change materials of existing web 3D models.
Pictured Below
Left: clean, sub-dividable quad meshes
Right: triangulated meshes from native CAD conversion
Spin-Out
On February 2, 2023 Nextech AR announced the details of its IPO spin-out of Toggle3D. The Company has has determined to pursue a direct spinout of its generative AI powered Toggle3D 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 Toggle3D platform and associated assets will be spun out into a new Subco, but will be subject to final tax and legal structuring considerations.
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 directly to Nextech shareholders on a pro rata basis; 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 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").
About Toggle3D
Launched in September 2022, Toggle3D is an AR enhanced standalone web application which enables product designers, 3D artists, marketing professionals and eCommerce site owners to create, customize and publish high-quality 3D models and experiences without any technical or 3D design knowledge required. The Company believes that Toggle3D is the first platform of its kind, and this break-through SaaS product is a potential game changer for the manufacturing and design industry, as it provides a viable solution to convert large CAD files into lightweight 3D models at affordable prices and at scale. According to BIS Research, the CAD market, quantified by the amount spent on the creation of CAD files, is projected to reach $11 Billion dollars by 2023.
Top Three Competitive Advantages of Toggle 3D Versus 3D Legacy Software
NO Learning Curve:
What makes Toggle3D different from the legacy 3D design software is its ease-of-use and democratization of 3D design. The goal is for anyone with no prior technical or 3D design experience to be able to hop into the platform and create a high-quality 3D visual in minutes. This is unlike legacy 3D modeling systems, that require months to truly feel comfortable with. Users would first be required to learn and understand the industry lingo, learn what the tools do and then learn how to use them in the legacy software. Meanwhile, we have streamlined this process in Toggle3D by “humanizing” 3D design terminology, creating templates to guide creation and simplifying the tools using machine learning to transfer the complexity out of the user experience into the backend platform, and instead allow more room for creativity.
Web-based:
Toggle3D is a web-based design studio which means the user can access everything on the browser and start designing instantly. No desktop downloads involved, no updates to keep track of, and no system requirements to worry about. All the templates are organized into project panels that a user can access anywhere and seamlessly navigate between. This is different from how legacy software were built back in the day with the software package being broken out into multiple desktop apps that would require the user to understand system compatibility, download, sync, and learn independently.
Collaboration:
Toggle3D will allow advanced, in-app collaboration. These new sets of features will allow multiple users to work at the same time and on the same project resulting in quick feedback and decision making cross-department, and team. These tools will allow businesses to adopt 3D organization-wide and unlock the power of group iteration. Users could set up workflows, permissions, and version history to keep up with real-time design changes. These advanced collaboration cycles are harder to set up in desktop apps and may sometimes slowdown or isolate the design workflow.
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For further information, please contact:
Investor Relations Contact
Lindsay Betts
investor.relations@Nextechar.com
866-ARITIZE (274-8493) Ext 7201
Nextech AR Solutions Corp.
Evan Gappelberg
CEO and Director
866-ARITIZE (274-8493)
About Nextech AR
Nextech AR Solutions (OTCQX: NEXCF) (CSE: NTAR) (FSE: EP2) is a diversified augmented reality, AI technology company that leverages proprietary artificial intelligence (AI) to create 3D experiences for the metaverse. Its main businesses are creating 3D WebAR photorealistic models for the Prime Ecommerce Marketplace as well as many other online retailers. The Company develops or acquires what it believes are disruptive technologies and once commercialized, spins them out as stand-alone public Companies issuing a stock dividend to shareholders while retaining a significant ownership stake in the public spin-out.
On October 26, 2022 Nextech AR spun out its spatial computing platform, “ARway” as a stand alone public Company. Nextech AR retained a control ownership in ARway Corp. with 13 million shares, or a 50% stake, and distributed 4 million shares to Nextech AR Shareholders. ARway is currently listed on the Canadian Securities Exchange (CSE:ARWY), in USA on the (OTC: ARWYF) and Internationally on the Frankfurt Stock Exchange (FSE: E65). ARway Corp. is disrupting the augmented reality wayfinding market with a no-code, no beacon spatial computing platform enabled by visual marker tracking.
On December 14, 2022 Nextech AR announced its second spinout of Toggle3D, an AI-powered 3D design studio to compete with Adobe. Toggle3D is expected to be public in the first half of 2023.
To learn more about ARway, visit https://www.arway.ai/
Forward-looking Statements
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, “will be” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
