VANCOUVER, British Columbia, Jan. 11, 2023 (GLOBE NEWSWIRE) — Nextech AR Solutions Corp. (OTCQX:NEXCF) (CSE:NTAR) (FSE:N29), a Metaverse Company and leading provider of augmented reality experience technologies and 3D model services, announced a patent update covering its artificial intelligence technology 3D model creation. The patent titled “Generating Three-Dimensional Models by Part” was filed in November.

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At that time, the company began implementing this breakthrough part-based 3D model creation technology and by using what it calls “through composition of deformable parts” has expanded its library to more than 100,000 3D model parts. These parts are used to create a 3D model as most 3D models are composed of several individual parts. Every time a new 3D model is created, the parts are harvested into Nextech’s AI powered 3D parts library, thus expanding the library, which in turn makes it both easier and quicker to create new 3D models.

The company has been a favorite with investors lately, particularly following the highly successful spinoff of ARway in October. With ARway currently trading at $1.32, Nextech’s holdings of 13 million shares are contributing more than $17 million to Nextech’s market capitalization.

On December 15th, the company announced plans to spinoff of Toggle3D which enables product designers, 3D artists, marketing professionals and eCommerce site owners to create, customize and publish high-quality 3D models without any technical or 3D design knowledge. The record date for this spinoff has not yet been set.

According to a recent report by Research and Markets, the world’s largest market research store, the global computer aided design market is expected grow from US$9.89 billion in 2022 to US$17.47 billion by 2030, a compound annual growth rate of 6.9%.

The shares are trading at $0.80. For more information, please visit the company’s website at www.NextechAR.com. Investor Relations is handled by Lindsay Betts, who can be reached at 866-274-8493 Ext 7201 or by email at investor.relations@nextechar.com.

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GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases, financial disclosures and multimedia content to media, investors, and consumers worldwide.

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