Nxt-ID, Inc. Provides a General Update on the Status of its Business
January 25 2021 - 8:30AM
Nxt-ID, Inc. (NASDAQ: NXTD) (the “Company,” “we,” or “our”), a
provider of healthcare devices and services, provides a general
update on the status of its business.
Commented Vincent S. Miceli, CEO: “As the Company enters into
2021, I would like to begin providing the shareholders of Nxt-ID,
Inc. with more frequent updates on the current status of the
business and the progress that we are making as it relates to our
new product initiatives. The intention of these updates will be to
provide supplemental information to our shareholders and these
updates will be in addition to our SEC communications and the
quarterly investor conference calls that we have to discuss the
Company’s operating results.”
Revenues for the month of December 2020 and January 2021 thus
far are beginning to show some improvement over the average monthly
revenues for the April through November 2020 timeframe. While it is
too premature to declare that the COVID-19 impact on the business
is behind the Company, there are some positive trends to
report:
- Certain VA Hospitals
and clinics are beginning to place orders in line with pre-COVID-19
practices and purchasing patterns. We are beginning to see some
more bulk ordering from certain of the VA hospitals and we are also
seeing some of the hospitals increasing their respective staffing
levels.
- The Company has
rolled out its new 4G version of the Guardian Alert Plus and the
product has been well received. The Company believes that the 4G
version of the Guardian Alert is the best value proposition
available for the VA Hospitals and clinics.
- The Company recently
submitted its GSA application with the U.S. government. We expect
to receive a contract by the end of the first quarter of 2021.
- The WiFi product is
progressing as anticipated. We will commence final field testing in
late January 2021 and we are on track for a June 2021 product
launch.
- The Company is also
in the process of redesigning its websites for both Nxt-ID, Inc.
and LogicMark with a primary focus on product exposure and brand
awareness and our goal is to begin generating retail sales of our
products off of the websites.
- The Company
continues to work very hard to achieve financial stability in this
very difficult time. Our December offering was very successful and
provided the Company with funding that will now enable the Company
to hire new personnel in sales and marketing and will also allow
the Company to reinstitute an advertising and marketing campaign
focused on product awareness and brand recognition.
Concluded Miceli: Thank you to all of our shareholders for their
continued support and we look forward to providing you with
additional commentary and periodic status updates on the business
as we move forward into 2021.
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. Miceli
investors@nxt-id.com
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