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NexTech to acquire eCommerce Business for USD 1.8m.

BANKING AND CREDIT NEWS-March 26, 2019-NexTech to acquire eCommerce Business for USD 1.8m

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NexTech AR Solutions (OTCQB: NEXCF) (CSE: NTAR) )(FSE: N29) has announced it has signed an LOI to acquire an eCommerce business for the purchase price of USD 1,850,000 in cash, the company said.

The eCommerce business generated USD 2.2 million in revenue and USD 600,000 in EBITDA in 2018.

The LOI sets the stage for NexTech's third acquisition in 2019 and upon closing would push its eCommerce division toward a projected USD 5 million in consolidated revenue and USD 1 million in EBITDA for 2019.

NexTech AR Solutions Corp. is bringing a next generation web enabled augmented reality (AR) platform with Artificial Intelligence (AI) and analytics to the Cannabis industry, eCommerce, education, training, healthcare and video conferencing.

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Publication:M2 Banking & Credit News (BCN)
Date:Mar 26, 2019
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