Future Farm Technologies have announced that augmented reality (AR) company NexTech AR, which Future Farm plans to spin off, has secured an exclusive five-year license to the eLearning education and training platform developed and offered by edCetra Training Inc. In addition to this, NexTech will have the option to purchase edCetera for the next 12 months.
NexTech issued edCetra 100,000 common shares of NexTech stock at a deemed valye of $0.25 (CDN) per share as the consideration for the exclusive license. NexTech has the option to purchase edCetra at the consideration of an additional 100,000 shares, provided that the value of these shares at the time of the purchase is at least $0.25 (CDN) per share.
The eLearning education and training platform that edCetra develop has been used by a number of Fortune 500 companies such as Imperial Oil, Bombardier and Staples, along with the Library of Congress and many others to educare and train employees. By licensing this technology, NexTech are able to accelerate their business plan and will spend the next few months customizing the platform to create an AR training and education platform for the cannabis industry, with a plan to expand into other industries in the future. The new AR platform is expected to launch within the next three months.
NexTech’s management said that they anticipate that AR as a training and education tool will be key to major growth for the AR industry. The company feels they will have a first mover advantage since their platform will provide customization and upgrades to an existing platform. Within the edCetra license come a number of features and functionality including support for multiple file types, pay as you go and subscription model support, support for multiple business models supporting retailers, wholesalers and publishers, the freedom to set any piece for content and out of the box reporting.
“I am excited to be a part of this next generation platform and help NexTech’s technology bring AR to education and training. I see a lot of demand and a bright future for this.” said Reuben Tozman, President and Founder of edCetra.
For more on NexTech and edCetra AR learning platform in the future, keep reading VRFocus.