Nxt-ID, Inc. Prepays $3.0 million of its Senior Secured Term Loan Facility
May 03 2021 - 11:55AM
Nxt-ID, Inc. (NASDAQ: NXTD) (the “Company,” “we,” or “our”), a
provider of healthcare devices and services, announced today that
it had prepaid an additional $3.0 million of its Senior Secured
Term Loan Facility.
Commented Vincent S. Miceli, CEO: “On Monday, May 3, 2021, we
made a voluntary prepayment of the Term Loan in the amount of $3.0
million. We did not incur a prepayment premium related to this
prepayment. At current interest rates, the Company expects that
this prepayment will save the Company approximately $400 thousand
in interest expense on an annual basis. The Company plans to
reinvest the interest cost savings in our continuing new product
development efforts and to accelerate repayment of the remaining
Term Loan balance.”
Miceli further commented: “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
$14.3 mil or 86% of its Term Loan from inception. After this
prepayment, the Company’s Term Loan balance is approximately $2.2
million.
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; general economic and financial conditions in the U.S.
and globally, including the impact of the coronavirus (COVID-19)
pandemic and any resurgences; the scope and duration of the
pandemic and pace of recovery; the timing of the distribution and
the efficacy of vaccines or treatments for COVID-19 that are
currently available or may be available in the future; the severity
of newly identified strains of COVID-19; governmental, business and
individuals’ actions in response to the pandemic; 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. Miceli
investors@nxt-id.com
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