NXT-ID Reduces Term Debt by $5.0 Million
February 09 2021 - 8:30AM
NXT-ID, Inc. (“NXTD” or the “Company”) (NASDAQ: NXTD), a provider
of healthcare devices and services, announced today it has made a
prepayment of approximately $5.0 million in principal of its senior
secured debt. As a result of this prepayment, the Company reduced
the outstanding principal amount to approximately $5.7 million.
Commented Vincent S. Miceli, CEO of NXTD: “I’m
pleased to report that we have nearly halved our debt load so early
into 2021. The reduction in our debt will save us
approximately $700,000 in interest costs annually. That
savings will enable us to invest more capital in our business and
will play a key role in our continued ability to weather the COVID
storm and better position us to get our new products to market
quicker and open up new distribution channels as we have indicated
in our previous shareholder updates.”
Miceli further commented that de-levering the
Term Debt is and has been a key objective for the Company and this
significant prepayment reflects our continued commitment to
building shareholder value. To date, the Company has repaid
approximately $10.7 mil or 65% of its Term Loan from inception.
About Nxt-ID, Inc.
Nxt-ID, Inc. (NASDAQ: NXTD) provides technology
products and services for healthcare applications. The Company has
extensive experience in access control, biometric and
behavior-metric identity verification, security and privacy,
encryption and data protection, payments, miniaturization and
sensor technologies. Through its subsidiary, LogicMark LLC, Nxt-ID,
Inc. is a manufacturer and distributor of non-monitored and
monitored personal emergency response systems sold through
dealers/distributors and the United States Department of Veterans
Affairs. Learn more about Nxt-ID at www.nxt-id.com. 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 Contact: Vincent S.
Miceliinvestors@nxt-id.com
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