Nextech3D.AI (the “Company” or “Nextech“) (OTCQX:NEXCF)(CSE:NTAR)(FSE:EP2) provides an update today at the request of staff of the Ontario Securities Commission in connection with a continuous disclosure review, to announce that it has terminated its previously announced letter of intent (the “LOI“) dated April 4, 2025 to sell up to an 80% equity interest in its spin-out subsidiary, Toggle3D.ai Inc. (CSE:TGGL) (“Toggle“) to TQG Technologies (“TQG“). The parties were unable to finalize the proposed structure for the transaction in accordance with the applicable timelines, and accordingly, no deposit was paid to the Company nor were any common shares of Toggle sold by the Company to TQG.
Toggle has remained a pre-revenue company which did not achieve the expected commercial traction over the past year. Accordingly, it continued to incur development and maintenance costs without generating revenue. As a result, management has prioritized preserving cash resources and currently placed Toggle on care and maintenance. Toggle continues to seek opportunities to enhance shareholder value and consider various strategic alternatives and the Company will provide additional updates in due course.
For more details on Nextech’s AI roadmap and related developments, visit: www.nextechar.com/investors
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For further information, please contact:
Nextech3D.ai
Evan Gappelberg /CEO and Director
866-ARITIZE (274-8493)
Forward-looking Statements
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as, “will be” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements regarding the completion of the transaction are subject to known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove to be accurate, as future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Nextech will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
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