Nextech AR Announces Update Of Proposed Arrangement To Spin Out

-Increases dividend shares to Nextech shareholders again to 4 million shares +25% from the 3,200,000 previously announced

-Execution of Arrangement Agreement To Spin Out Real-World Augmented Reality Spatial Mapping Platform ARway

TORONTO — (BUSINESS WIRE) — August 2, 2022 — Nextech AR Solutions Corp.^[1] (“Nextech” or the “Company”) (OTCQB: NEXCF^[2]) (CSE: NTAR^[3]) (FSE: N29) is pleased to announce that it has entered into an arrangement agreement dated effective July 29, 2022 with its wholly-owned subsidiary 1000259749 Ontario Inc. (“Spinco”) and a special purpose financing company, 1373222 B.C. Ltd. (“FinanceCo”). The Arrangement Agreement, a copy of which will be available under the Company’s profile on SEDAR, sets out the terms on which Nextech will complete a plan of arrangement (the “Arrangement”) under the Business Corporations Act (British Columbia) whereby the Company’s ARway platform and associated assets will be spun out to Spinco.

The Arrangement, if completed, will result in, among other things, Nextech receiving an aggregate of 16,000,000 common shares of Spinco (“Spinco Shares”) and an aggregate of 4,000,000 Spinco Shares being distributed directly to the shareholders of Nextech on a pro rata...