MELBOURNE, Florida,
October 10, 2016 /PRNewswire/ --
NXT-ID, Inc. (NASDAQ: NXTD) ("NXT-ID" or the "Company"), a
company focused on the growing mobile commerce market announces
selected preliminary results for the quarter ended September 30, 2016.
Revenues were approximately $3,000,000 for the three months ended
September 30, 2016 compared to
$418,128 for the same period in 2015.
Revenues from the recent LogicMark acquisition were included from
July 25, 2016, and accounted for
approximately 90% of the increase from the comparative period in
2015. The operating loss for the three months ended September 30, 2016 narrowed to approximately
$500,000 compared to an operating
loss of $3,003,496 for the same
period in 2015. The net loss for the three months ended
September 30, 2016 was approximately
$1,500,000 after approximately
$1,000,000 in interest expense
compared to a net loss of $3,543,313
for the three months ended September 30,
2015.
"Our recent acquisition, LogicMark, has performed well since
July 25, 2016 and was a major
contributor to the improved results," said Gino Pereira, Chief Executive Officer of NXT-ID,
Inc. "We also continue to make good progress on our collaboration
with WorldVentures to develop their innovative smart card. We are
planning to commence deliveries on the outstanding $15 million purchase order in the last quarter of
2016. We expect the last quarter of 2016 to show continued improved
results as we will have a full quarter contribution from LogicMark
as well as smart card deliveries to WorldVentures."
Preliminary Results
The results provided in this press release are preliminary and
subject to completion and review of Nxt-ID's 2016 third quarter
financial statements in conjunction with the Company's 2016 third
quarter Form 10-Q filing, and therefore they are subject to change.
Nxt-ID intends to report final results for the 2016 third
quarter on or about November 14,
2016, after market close. Nxt-ID's earnings press release
and prepared remarks reviewing its financial results and guidance
will be made available on the Investor Relations section of its
website.
About NXT- ID Inc. - Mobile Security for a Mobile
World
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. With
extensive experience in Biometric Identity Verification, Security
and Privacy, Encryption and Data Protection, Payments,
Miniaturization and Sensor technologies, the Company partners with
industry leading companies to provide solutions for modern payment
and IoT applications.
http://nxt-id.com/, http://wocketwallet.com/,
http://www.logicmark.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
Media:
D. Van Zant
1-800-665-0411
press@nxt-id.com
SOURCE NXT-ID, Inc