NXT-ID Issues Shareholder Corporate Update on Wocket Smart
Wallet
OXFORD, CT -- August 6, 2015 -- InvestorsHub NewsWire -- NXT-ID,
Inc. (NASDAQ:NXTD)
("NXT-ID" or the "Company"), a biometric authentication company
focused on the growing mobile commerce market and creator of the
Wocket smart wallet, issues the following corporate shareholder
update following the recent funding round
Letter from the CEO:
NXT-ID recently completed an essential round of funding to
position ourselves to launch our product to the general public with
a particular emphasis on the upcoming holiday season. Much has
happened at NXT-ID, and with the payment industry, since my last
shareholder letter in September 2014 following our uplisting to
NASDAQ.
In the intervening time period we have executed the plan that we
proposed at our uplisting. We have taken our Wocket design from a
working beta model through to a finished manufactured product;
which in the case of the Wocketcard means enclosing a package of
sophisticated electronics in a card less than 1mm thick! We have
almost doubled our staff and have developed an onshore customer
service team based out of our Florida distribution center. In
addition our fulfillment team is in place and has been busy
delivering Wockets! We have delivered all our preorders as well as
those on our invitation list and we are now gearing up for general
sales.
We are getting a positive reception from our customers and
incorporating their feedback in the continued development of our
product. One of the advantages of Wocket is that we can remotely
update the software for both the Wocket and Wocketcard so our
consumers can always enjoy the best available experience with our
product. We will be launching our first software update very
shortly.
The big question on everyones mind is how Wocket works with EMV,
or the new chip cards that are beginning to be distributed by the
major card services. The flexibility of the Wocket platform means
that we can support NFC (Apple Pay and Google Wallet type
technology) and EMV, as well as Bluetooth and other forms of
payment as they become prevalent in the future. We are reaching out
to card issuers to incorporate approved tokenized secure payments
into Wocket. This will mean that Wocket will not only have the
ability to protect your credit cards, and other sensitive
information, by verifying your identity before granting access to
them, but also protect that data as its being transmitted for
settlement. We also have a method for doing this for online
transactions as well.
The payment industry is rapidly changing with digital
transactions allowing consumers new ways to pay and chip card
technology (EMV) is being introduced across the United States at an
estimated cost of $8 billion. Apple Pay has brought increased
consumer acceptance to pay by phone technology and Google Wallet
and MCX (led by Walmart), will be launching or re-launching their
platforms as well. In addition many stores and restaurants will
have apps available to pay by phone emphasizing the fragmentation
in next generation payment systems. However, the number of legacy
point of sale systems (POS) that need to be replaced to use these
new technologies is enormous .Javelin Strategy and Research
estimates the total number of terminals in the US to be 15 million
and there are over 1 billion credit and debit cards that will
require EMV chips. Although rapid progress is being made, it will
still take a number of years for these new technologies to be
ubiquitous.
Wocket can bring tomorrows security solutions to most legacy POS
systems today while incorporating the ability to pay on new digital
systems. While new payment technologies provide convenience and
wireless features, the fact remains that consumers still have to
carry a wallet containing cards to access ATMs, pay when their
phone dies or loses signal, checkout at locations that dont support
NFC and carry cash. Rather than a few hours of battery life between
charges on smartphones, Wocket has an unprecedented minimum of 6
months battery life between charges with typical Wocket use.
Wocket secures all the information and cards consumers commonly
store in their wallet, allowing them to continue paying with and
use their credit, debit, loyalty, and insurance cards just as they
do today. Wocket can even store login credentials and one thing
that no digital wallet can ever replace - cash. Wocket completely
replaces the wallet and hosts a new generation of smart wallets
that combine fashion with personal security.
The payment industry is currently undergoing massive change and
we appreciate our shareholders support in embracing our unique
technology and approach to payments with Wocket.
We continue to believe we are delivering something of value to
consumers and the market that has not been done before.
Gino Pereira
Chief Executive Officer
Nxt-ID. Inc.
About NXT- ID Inc. - Mobile Security for a Mobile World:
(NXTD)
NXT-ID, Inc.'s innovative MobileBio solution mitigates consumer
risks associated with mobile computing, m-commerce and smart
OS-enabled devices. The company is focused on the growing
m-commerce market, launching its innovative MobileBio suite of
biometric solutions that secure consumers' mobile platforms led by
Wocket; a next generation smart wallet designed to replace all the
cards in your wallet, no smart phone required. Wocket was
recognized as one of the top technology products at CES 2015 by
multiple media outlets including Wired.com. The Wocket works most
anywhere credit cards are accepted and only works with your
biometric stamp of approval or passcode. http://www.wocketwallet.com/
NXT-ID wholly owned subsidiary, 3D-ID LLC, is engaged in
biometric identification and has 22 licensed patents in the field
of 3D facial recognition http://www.nxt-id.com/, http://3d-id.net/
Buy Wocket at www.wocketwallet.com
See the full Wocket FAQ at: http://wocketwallet.com/pages/faq
Product images are available for media at: http://press.nxt-id.com
Forward-Looking Statements for NXT-ID: This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements reflect management's current expectations, as of the
date of this press release, and involve certain risks and
uncertainties. Forward-looking statements include statements herein
with respect to the successful execution of the Company's business
strategy. The Company's actual results could differ materially from
those anticipated in these forward-looking statements as a result
of various factors. Such risks and uncertainties include, among
other things, our ability to establish and maintain the proprietary
nature of our technology through the patent process, as well as our
ability to possibly license from others patents and patent
applications necessary to develop products; the availability of
financing; the Company's ability to implement its long range
business plan for various applications of its technology; the
Company's ability to enter into agreements with any necessary
marketing and/or distribution partners; the impact of competition,
the obtaining and maintenance of any necessary regulatory
clearances applicable to applications of the Company's technology;
and management of growth and other risks and uncertainties that may
be detailed from time to time in the Company's reports filed with
the Securities and Exchange Commission.
NXT- ID Inc Contact:
Corporate info: info@nxt-id.com
Investors:
investors@nxt-id.com
Media:
D. Van Zant
800 665-0411
press@nxt-id.com