MELBOURNE, Florida,
May 23, 2017 /PRNewswire/ --
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 the completion of a transaction
to combine their businesses and create a comprehensive Internet of
Things (IoT) platform.
"Combining NXT-ID's security and authentication technology with
Fit Pay's comprehensive platform-as-a-service (PaaS) capabilities
will enable us to significantly expand our offerings to include
both hardware and IoT enablement services," said Gino Pereira, chief executive officer of NXT-ID.
"This provides an important avenue to create new and compelling use
cases for our existing products as well as access new potential
customers for whom secure authentication and credential management
are critical."
Under the terms of the agreement, Fit Pay, Inc. will be a wholly
owned subsidiary of NXT-ID, and Fit Pay CEO, Michael Orlando, will become chief operating
officer of NXT-ID and remain president of Fit Pay, Inc. The
companies will combine their technology, engineering and business
teams to deliver complete enablement services to device
manufacturers and to bring innovative IoT devices to market.
"Bringing powerful new capabilities to the Internet of Things
requires seamlessly connecting devices to robust services, reliably
authenticating users, and keeping data safe," said Orlando.
"Security and authentication are the essential to the growth of the
IoT market, combining our platform with NTX-ID's identification
technology and hardware expertise positions us to offer
transformational products and services that capture IoT market
share."
Fit Pay's white-label technology platform delivers payment,
credential management, authentication and other secure services to
the IoT ecosystem. Fit Pay has developed a highly secure payment
network tokenization scheme and integrated with the major credit
card networks to provide an all-in-one solution that allows
manufacturers to add payment and authentication capabilities to IoT
devices.
About NXT- ID Inc. - Mobile Security for a Mobile
World
NXT-ID, Inc. (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 "Startup of the Year"
for payment technology by industry publication Paybefore. 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 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
Fit Pay, Inc. Contact:
Chris Orlando
+1-760-468-7273
chris@fit-pay.com
SOURCE NXT-ID, Inc.