MELBOURNE, Florida,
January 18, 2017 /PRNewswire/ --
NXT-ID, Inc. (NASDAQ: NXTD) ("NXT-ID" or the "Company"), a
security technology company, announces selected preliminary results
for the year and quarter ended December 31,
2016.
Revenues were approximately $4,500,000 for the three months ended
December 31, 2016 compared to
$83,358 for the same period in 2015.
Revenues for the year ended December 31,
2016 were approximately $7,700,000 compared to $616,854 for the year ended December 31, 2015. Revenues from the recent
LogicMark acquisition were included from July 25, 2016, and accounted for approximately
80% of revenues in the year ended December
31, 2016.
Operating loss for the three months ended December 31, 2016 was approximately $200,000 compared to an operating loss of
$3,398,969 for the same period in
2015. The operating loss for the three months ended December 31, 2016 included approximately
$500,000 of non-recurring charges
related to the LogicMark acquisition and World Ventures card
development. Operating loss for the year ended December 31, 2016 was approximately $6,500,000 compared to an operating loss of
$10,924,297 for the same period in
2015. The net loss for the three months ended December 31, 2016 was approximately $1,700,000 after interest expense compared to a
net loss of $4,036,439 for the three
months ended December 31, 2015. The
net loss for the year ended December 31,
2016 was approximately $12,000,000 after interest expense and adjustment
for change in fair value of derivative liabilities which have since
been extinguished. The net loss for the year ended December 31, 2015 was $13,076,854.
" LogicMark continues to perform well and is largely responsible
for the 45% increase in revenue for the quarter ended December 31, 2016, over the previous quarter
ended September 30, 2016," said
Gino Pereira, Chief Executive
Officer of NXT-ID, Inc. "We also started to ship production cards
to World Ventures in the month of December and they have commenced
user testing and evaluation prior to the mainstream launch of the
flye smart card. We look forward to continued improvement in
our operating results in 2017 with our current business
opportunities and new initiatives under develoopment ."
Preliminary Results
The results provided in this press release are preliminary and
subject to completion and audit of Nxt-ID's 2016 financial
statements in conjunction with the Company's 2016 Form 10-K filing,
and therefore they are subject to change. Nxt-ID intends to
report final results for the year ended December 30, 2016 on or about March 30, 2016, after market close.
About NXT- ID Inc. - Mobile Security for a Mobile
World
Nxt-ID, Inc. (NASDAQ: NXTD) is a security technology Company
providing security for finance, assets and healthcare. The
Company's innovative MobileBio® solution mitigates risks associated
with mobile computing, m-commerce and smart OS-enabled devices.
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 the Internet of Things ("IoT") applications. The Company's
wholly owned subsidiary, LogicMark, LLC, manufactures and
distributes nonmonitored and monitored personal emergency response
systems ("PERS") sold through the United States Department of
Veterans Affairs ("VA"), healthcare durable medical equipment
dealers and distributors and monitored security dealers and
distributors. http://www.nxt-id.com
https://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.