Blue_Kort 0024

Nxt-ID Subsidiary Fit Pay, Inc. Extends Payments to Another Iconic Brand

European Launch of SwatchPAY! Brings contactless payments to four new watches

SEBASTIAN, Florida, January 18, 2019 /PRNewswire/ —

Fit Pay, Inc., a wholly owned subsidiary of Nxt-ID, Inc. (NASDAQ: NXTD), today announced that its Token Requester Management (TRM) platform is enabling SwatchPAY!, a new contactless payment feature on four new watches announced this week in Switzerland by the iconic watchmaker. Fit Pay is providing critical tokenization services for the new feature.

“The launch of SwatchPAY! represents a big step towards making contactless and wearable payments more mainstream. Having an iconic brand like Swatch add payments, signals that payment is becoming a must-have feature for most things you wear,” said Michael Orlando, COO of Nxt-ID and president of Fit Pay, Inc. “From a company perspective, adding another top-tier brand to the Fit Pay platform is a very positive development and the culmination of significant effort by our team. It goes a long way toward solidifying our leadership position in this emerging market.”

Fit Pay’s platform enables manufacturers of IoT and wearable devices to add contactless payment capabilities to their products, making it possible for consumers to pay for goods and services at near field communication (NFC)-enabled point-of-sale terminals with a simple tap. The platform uses tokenization, a payment security technology that replaces cardholders’ account information with a unique digital identifier (“payment token”), to transact secure contactless payments. The Fit Pay platform authenticates the accountholder, requests the payment token from the payment network and issuer, provisions the token to an embedded secure element chipset on the device, and manages the lifecycle of the token.

Nxt-ID previously announced that it intends to separate Fit Pay and its payments, authentication and credential management business into an independent company and distribute those shares to Nxt-ID shareholders through the execution of a spin-off, which it believes will qualify as a tax-free distribution. Immediately following the spin-off transaction, Nxt-ID shareholders, who own shares of Nxt-ID on the to-be-announced record date will own shares of both companies. Prior to the record date of the distribution, which will be established by the Board, NXTD shares continue to include shareholder rights to any pro-rata dividend that may result from the spin-off. 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 previously by Nxt-ID. It is applying for listing on NASDAQ.

About NXT-ID, Inc. and Fit Pay, 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. FitPay and the FitPay 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:
Fit Pay, Inc.
Chris Orlando
chris@fit-pay.com
+1-760-468-7273

GPLogo_stacked

Garmin PayTM Ecosystem Expands With the Launch of the vívoactive® 3 Music With LTE From Garmin®

Contactless payment feature now included on 11 devices and supported globally by a network of more than 260 banks in 30 countries

SEBASTIAN, Florida, January 16, 2019 /PRNewswire/ —

Fit Pay, Inc., a wholly owned subsidiary of Nxt-ID, Inc. (NASDAQ: NXTD), today announced the expansion of Garmin PayTM, a contactless payment solution, to the 11thsmartwatch from Garmin International, Inc. The new smartwatch, the vívoactive 3 Music with LTE connectivity, launched in conjunction with the Consumer Electronics Show in Las Vegas, Nevada on January 7, 2019. The Garmin Pay contactless payment feature and digital wallet, which is powered by FitPay, enables consumers to make highly secure contactless payments at millions of near field communication enabled (NFC) point-of-sale (POS) terminals worldwide.

“We introduced Garmin Pay in 2017 with the launch of the vívoactive 3, and we are pleased with how this feature has expanded to encompass additional product lines, including smartwatches built for athletes, adventure seekers, pilots and more,” said Dan Bartel, Garmin vice president of global consumer sales. “Garmin Pay provides our customers with the flexibility to pay with their wrist, and as we move forward, we know that even more Garmin customers will have the opportunity to experience this great feature.”

“Garmin is again breaking new ground in the smartwatch category with a triple-threat device that offers LTE, music and payment capabilities,” said Michael Orlando, NXT-ID COO and Fit Pay president. “We are proud to collaborate with a company that has shown such a commitment to enhancing their users’ payment experience across such a wide variety of device offerings.”

Garmin Pay allows Garmin users to make contactless payments free from having their phone or wallet present. The payment feature includes a digital wallet, which is integrated into the Garmin Connect™ user application. In addition to the vívoactive 3 Music with LTE connectivity, Garmin Pay is also available on other smartwatches by Garmin including the D2™ Delta S, D2 Delta, D2 Delta PX, fēnix® 5S Plus, fēnix 5 Plus, fēnix 5X Plus, Forerunner® 645, Forerunner 645 Music, vívoactive 3 and vívoactive 3 Music.

“In addition to the extension of Garmin Pay to a diverse portfolio of devices, we have also seen tremendous adoption globally among bank and credit account issuers,” said Orlando. “The worldwide network of banks and issuers supporting Garmin Pay continually expands, driving new digital wallet activations by Garmin users.”

Since the Garmin Pay feature was launched in November 2017, the card network and issuing bank support for the service has grown to include the major card networks and more than 260 banks in 30 countries on four continents worldwide. Garmin Pay was the first device-based contactless payment service to enter the German market and was recently added by banks in the United Arab Emirates and Mexico.

Garmin Pay is powered by the FitPay Token Requester Management Platform, which enables cardholders to securely add their payment credentials to devices that are integrated with FitPay’s token management solution. The platform uses tokenization, a payment security technology that replaces cardholders’ account information with a unique digital identifier (a “token”), to transact highly secure contactless payments.

View the complete list of issuing banks, payment networks and countries supporting Garmin Pay at Garmin.com/garminpay/banks .

About Garmin International Inc.

For decades, Garmin has pioneered new GPS navigation and wireless devices and applications that are designed for people who live an active lifestyle. Garmin serves five primary business markets, including automotive, aviation, fitness, marine, and outdoor recreation. For more information, visit Garmin’s virtual pressroom at garmin.com/newsroom, contact the Media Relations department at 913-397-8200, or follow us at facebook.com/garmin, twitter.com/garmin, instagram.com/garmin, or youtube.com/garmin.

Garmin International, Inc., is a subsidiary of Garmin Ltd. (Nasdaq:GRMN). Garmin Ltd. is incorporated in Switzerland, and its principal subsidiaries are located in the United States, Taiwan, and the United Kingdom. Garmin, fēnix, Forerunner and vívoactive are registered trademarks and Garmin Pay, Garmin Connect and D2 are trademarks of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Notice on Forward-Looking Statementsfor Garmin:

This release includes forward-looking statements regarding Garmin Ltd. and its business. Such statements are based on management’s current expectations. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors listed in the Annual Report on Form 10-K for the year ended December 30, 2017, filed by Garmin with the Securities and Exchange Commission (Commission file number 0-31983). A copy of such Form 10-K is available at http://www.garmin.com/aboutGarmin/invRelations/finReports.html . No forward-looking statement can be guaranteed. Forward-looking statements speak only as of the date on which they are made and Garmin undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

About NXT- ID, Inc. and Fit Pay, 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 http://www.nxt-id.com . FitPay and the FitPay 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:
Garmin International Inc.
Stephanie Schultz
+1-913-397-8200
media.relations@garmin.com

Fit Pay, Inc.
Chris Orlando
chris@fit-pay.com
+1-760-468-7273

SOURCE NXT-ID, Inc.

 

NXTID Hi res

NXT-ID Announces Letter of Intent for $16.5 Million Long-term Debt Refinancing

NXT-ID, Inc. (NASDAQ: NXTD) (the “Company”) today announced the signing of a Letter of Intent (“LOI”) for a new $16.5 million senior secured term loan (the “Term Loan”). The Company will use the proceeds from the Term Loan to refinance its existing loan facility and to pay for accrued interest and costs associated with the refinancing. In addition, the Term Loan proceeds will also provide ongoing working capital, funds for future capital expenditures, and capital for general corporate purposes.

Key features of the Term Loan include:

  • Interest rate of LIBOR + 11.00%;
  • Maturity date of three years after closing; and
  • Three-year term with minimum principal payments amortized over 96-months

“We are very pleased to have made progress on the refinancing of our existing debt facility,” said NXT-ID CEO Gino Pereira. “Completing this transaction will enable us to move forward with the planned spin-off of our Payments Division, which we believe will increase overall value for our shareholders.”

Subject to the closing, the refinancing would remove a key covenant of the existing debt facility and allow the Company to proceed with the spin-off of its Payment Division, which include its Fit Pay, Inc. subsidiary and other assets. The terms of the LOI require the Company to complete the spin-off within 15 days of closing the Term Loan.

The Company previously announced that it intends to separate its payments, authentication and credential management business into an independent company and distribute those shares to NXT-ID shareholders through the execution of a spin-off, which the Company believes will qualify as a tax-free distribution. Immediately following the spin-off transaction, NXT-ID shareholders, who own shares of NXT-ID on the to-be-announced record date will own shares of both companies. Prior to the record date of the distribution, which will be established by the Board, NXTD shares continue to include shareholder rights to any pro-rata dividend that may result from the spin-off.

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 the Company developed previously by NXT-ID. It is applying for listing on NASDAQ.

The Company anticipates closing the Term Loan within 45 days of the signing of the LOI, which occurred on January 10, 2019. The closing of the Term Loan is subject to customary due diligence and various terms and conditions. The anticipated timing of the closing is subject to change.

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 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 and 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. Learn more about NXT-ID at www.nxt-id.com. FitPay and the FitPay 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

 

SOURCE NXT-ID, Inc.

Flip-logo

Nxt-ID Subsidiary FitPay® to Begin Shipments of Flip – a Contactless Payment Device for Bitcoin

Contactless payment instrument funded with value exchanged from cryptocurrency shipping February 13

SEBASTIAN, Florida, January 11, 2019 /PRNewswire/ —

Fit Pay, Inc., a wholly owned subsidiary of Nxt-ID, Inc. (NASDAQ: NXTD), today announced that it will begin shipping initial orders of Flip™, a new contactless payment device that enables Bitcoin holders to use the value of their currency to make contactless purchases at millions of retail locations. Confirmed pre-orders of Flip will begin shipping on February 13, 2019.

“Flip bridges the gap between cryptocurrencies and traditional payments, providing Bitcoin holders the ability to use their value for everyday transactions,” said Michael Orlando, COO of NXT-ID and President of Fit Pay, Inc. “We are very pleased that the first Flip users will have their devices soon.”

Flip’s near field communication (NFC) antenna allows it to transact payments at any retail point of sale location that accepts contactless payments. Flip stores a preloaded amount of U.S. dollars that are exchanged from the user’s existing Bitcoin account. Flip includes a digital wallet that allows the user to set how much value they would like their Flip to hold and when they would like it to reload. Flip does not need to be charged. Non-fiat funds (i.e. cryptocurrency) must first be converted to U.S. Dollars before those funds are loaded onto Flip.

Consumers interested in purchasing Flip can order the device at FliptoPay.com. The retail price for Flip is $29. There are account and exchange fees associated with maintaining a Flip digital wallet. Flip is currently only available in the United States. For more information or to order Flip, visit FliptoPay.com.

NXT- ID, Inc. and Fit Pay, 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.NXT-ID Inc. Corporate Contact: info@nxt-id.com. FitPay and the FitPay Payment Platform are trademarks of Fit Pay, Inc.

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@fit-pay.com
+1-760-468-7273

D. Van Zant
press@nxt-id.com
+1-800-665-0411