SEBASTIAN, Florida,
Oct. 18, 2018 /PRNewswire/ -- Nxt-ID,
Inc. (NASDAQ: NXTD) (NASDAQ: NXTD) today announced that PartX,
Inc. will be the name of the planned entity by which it will
spin-off its payments, authentication, and credential management
business. The name is intended to evoke connectively, stability and
endless possibilities.
The name PartX™ is inspired by Charles
Pajeau's invention of Tinker Toys in 1914. Pajeau's patent
included a piece called 'Part W' – a round spool with holes drilled
around the perimeter. It was designed so that when connected to the
set's wooden sticks it formed perfect 90-degree angles, providing
strength to an unlimited combination of structures.
"PartX is the evolution of Pajeau's vision – technology
platforms and products that connect people to devices, and devices
to ecosystems," explained Michael
Orlando, COO of Nxt-ID and president of Fit Pay, Inc. "The
company will facilitate connected commerce, making
digital transactions secure, frictionless and
personalized."
The PartX name and branding will be introduced at Money20/20, a
payments industry event attended by more than 11,500 professionals,
taking place October 21-24, 2018 in
Las Vegas, Nevada. The company
will be exhibiting at the event and is a sponsor.
On September 21, 2018, Nxt-ID
announced that it intends to separate its payments, authentication,
and credential management business into an independent company and
distribute shares of the newly created company to its shareholders
through the execution of a spin-off, which the Company believes
will qualify as a tax-free distribution.
The new company, PartX, Inc., will include the assets acquired
in the May 2017 business combination
with Fit Pay, Inc. as well as the payment, authentication, and
credential management assets that the Company developed since
inception. Following the spin-off, the PartX has an investment
commitment for $6.0 million to fund
its operations. PartX plans to apply for listing on the NASDAQ
exchange.
Michael Orlando, current Nxt-ID
COO and president of Fit Pay, will be the chief executive officer
of the new company. Orlando and Nxt-ID CEO, Gino Pereira, will serve on the Board of
Directors of both companies.
Sign up to receive updates about PartX, Inc. at
www.PartXinc.com.
Transaction Details
For further details about the spin-off transaction, please see
the Form 8-K filed by Nxt-ID with the Securities and Exchange
Commission on September 21, 2018.
Completion of the tax-free spin-off and the new company's
subsequent listing will be subject to final approval by the Nxt-ID
Board of Directors, approval by NASDAQ and a number of factors,
including market conditions, the execution of inter-company
agreements and other matters. Nasdaq has not approved the
spin-off company for listing and there are no guarantees that the
company will be able to list on Nasdaq or any other exchange.
About Nxt- ID, Inc.
Nxt-ID, Inc. (NASDAQ: NXTD) provides a comprehensive platform of
technology products and services that enable the Internet of Things
(IoT). With extensive experience in access control, biometric and
behavior-metric identity verification, security and privacy,
encryption and data protection, payments, miniaturization and
sensor technologies, Nxt-ID develops and markets groundbreaking
solutions for payment and IoT applications. Its industry-leading
technology products and solutions include MobileBio®, a suite of
biometric solutions that secure consumers' mobile platforms, the
Wocket™, a next-generation smart wallet and the Flye, a digital
credit card developed in collaboration with
WorldVentures.
Nxt-ID includes three mobile and IoT-related subsidiaries:
LogicMark, LLC, a manufacturer and distributor of non-monitored and
monitored personal emergency response systems ("PERS") sold through
dealers/distributors and the United States Department of Veterans
Affairs; Fit Pay, Inc., a proprietary technology platform that
delivers end-to-end solutions to device manufacturers for
contactless payment capabilities, credential management,
authentication and other secure services within the IoT ecosystem,
and 3D-ID LLC, which is engaged in biometric identification and
authentication. Learn more about Nxt-ID at www.nxt-id.com. Fit Pay
and the Fit Pay Payment Platform are the sole property of Fit Pay,
Inc. For Nxt-ID Inc. corporate information contact:
info@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.
Media Contacts:
Chris Orlando
chris.orlando@nxt-id.com
+1-760-468-7273
D. Van Zant
+1-800-665-0411
press@nxt-id.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/nxt-id-announces-name-and-branding-for-payments-division-spin-off-300733592.html
SOURCE Nxt-ID, Inc.