Future Farm Technologies has announced that its formal process for completing the distribution of 11 million common shares of NexTech AR Solution Corp to the shareholders of Future Farm on a pro-rata basis is is now under way. The process started last week with a Notice of Meeting and Record Date for an Annual General and Special Meeting to take place on July 26th, 2018.
The distribution of the NexTech common shares is to be completed pursuant to a court-approval Plan of Arrangement with the next step to be an application for an Interim Order from the British Columbia Supreme Court. If all of this goes through and is completed, Future Farm Shareholders will receive a total of 11 million common shares of NexTech while maintain their current ownership interest in Future Farm.
NexTech is the augmented reality (AR) company that Future Farm plans to spin off and is planning to focus their efforts on advancement and development of its revenue generating portfolio of gaming and all-in-one apps following the share distribution. The company announced back in May that they had secured an exclusive five-year license to the eLearning education and training platform developed and offered by edCetra Training Inc, with the option to purchase the company for a one year period.
With an already established portfolio of successful product and strong relations with a number of clients, NexTech is expanding their AR technology products and working with a number of clients to enhance marketing services through its native AR platform and AR learning model. This will ensure a steady stream of revenue for the company and help them continue to develop new and exciting AR technology solution.
Talking back in May, NexTech’s management said that they anticipate that the application of AR for use in training and education will be a key factor in major growth for the AR industry. With the distribution of 11 million common shares and the continued commit to growing their product lineup and solutions, NexTech are currently in an exciting period that will see the business surely grow.
For more on NexTech and Future Farm in the future, keep reading VRFocus.