MELBOURNE, Florida,
March 27, 2017 /PRNewswire/ --
Potential Transaction Would add a
Comprehensive Payment and Authentication Platform to NXT-ID's
Existing Products and Capabilities
NXT-ID, Inc. (NASDAQ: NXTD) ("NXT-ID"
or the "Company"), a security technology company, and Fit Pay,
Inc., a privately held provider of payment, credential management,
and authentication platform services, today announced that the
companies have entered into Letter of Intent to combine their
businesses in a deal that includes stock and cash consideration.
NXT-ID will not be raising additional capital to complete this
transaction.
"This potential transaction with Fit Pay would not only add a
critical component to our payment and authentication products, but
also a platform which will enable a whole new suite of offerings
including payments, credential management, and secure
authentication services," said Gino
Pereira, Chief Executive Officer of NXT-ID, Inc. "Fit Pay's
leadership team has over 50 years of experience in the payment
space. The completion of this transaction would provide an
important addition to our business model, increasing our
opportunities with existing products and allowing us to rapidly
expand in digital payments and the Internet of Things (IoT), both
of which are part of our strategic plan."
Fit Pay is a white-label technology platform that provides
payment, credential management, authentication, capabilities and
other secure services to wearable and IoT devices. Fit Pay has
integrated with the major credit card networks and chip
manufacturers to provide an all-in-one solution and flexible
integration options with developer-friendly tools and
documentation, including Trusted Service Management services,
full-featured API, mobile SDK (iOS & Android) and a highly
secure payment network tokenization scheme.
"Blending our payment and authentication capabilities with
NXT-ID's industry-leading technology products will significantly
accelerate our ability to capture market share," said Michael Orlando, CEO of Fit Pay, Inc. "As
consumers interact with more and more devices, providing core
secure services with the confidence of knowing the user has been
authenticated is critical. NTX-ID and Fit Pay create a powerful
combination that will do just that - offering transformational
products and services to the marketplace."
The transaction remains subject to completion of due diligence
reviews, customary definitive documentation and Nasdaq review. The
companies seek to complete the transaction early in the second
quarter of 2017.
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 non-monitored 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
About Fit Pay, Inc.
Based in San Francisco,
California, Fit Pay, Inc. is led by former CyberSource and
Visa executives with more than 50 years of payment and identity
authentication domain expertise. With payment capabilities enabled
by Fit Pay, wearable and IoT device manufacturers can create
customer loyalty, tap into recurring revenue streams, open new
markets, and differentiate their products in an increasingly
competitive market. The company was named a "Cool Vendor" by
Gartner for 2016. Learn more at http://www.fit-pay.com, or on
Twitter.
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 other 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
Fit Pay, Inc. Contact:
Chris Orlando
+1-760-468-7273
chris@fit-pay.com
SOURCE NXT-ID, Inc.