Flip-logo

Nxt-ID Subsidiary FitPay® Begins Pre-order Shipments of Flip – a Contactless Payment Device for Bitcoin

Contactless payment instrument funded with value exchanged from cryptocurrency

SEBASTIAN, Florida, April 3, 2019 /PRNewswire/ — Fit Pay, Inc., a wholly owned subsidiary of Nxt-ID, Inc. (NASDAQ: NXTD), today announced that it has begun shipments of confirmed pre-orders of Flip, a new contactless payment device that enables Bitcoin holders to exchange their cryptocurrency into U.S. dollars and use that value to make contactless purchases at millions of retail locations. The Company expects to ramp up full production and marketing of Flip in the first half of 2019.

“When we developed the concept for Flip our goals were to create a product that more seamlessly connected cryptocurrencies to the payment ecosystem and to demonstrate our drive to be at the leading edge of payment technology,” said Michael Orlando, COO of NXT-ID and President of Fit Pay, Inc. “Flip accomplishes both goals. We are very pleased consumers can now use Flip to buy things every day. We look forward to growing the community of Flip users over the coming months.”

Flip’s near field communication (NFC) antenna allows it to transact payments at any retail point of sale location that accepts supported contactless payments. Flip stores value exchanged from the user’s compatible Bitcoin wallet into U.S. dollars. Flip includes a digital wallet manage the exchange of Bitcoin to U.S. dollars and the loading of value on the device. 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:

SOURCE NXT-ID, Inc.

Related Links

http://www.nxt-id.com

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

 

Maestro

Mastercard and Garmin® Expand Garmin Pay™ Contactless Payments to Maestro European Accountholders

SEBASTIAN, Florida, October 30, 2018 /PRNewswire/ —

Mastercard, Garmin International, Inc., and Fit Pay, Inc., a wholly owned subsidiary of NXT-ID, Inc. (NASDAQ: NXTD), today announced that the Garmin Pay™ contactless payment feature will be available for Maestro cards issued by major banks in Europe, including KBC Bank and Insurance (including CBC and KBC Brussels) in Belgium, Rabobank and ABN AMRO in Netherlands and BNL Gruppo BNP Paribas in Italy. The contactless payment feature and digital wallet, which is available on 10 of Garmin’s latest smartwatches, enables consumers to make highly secure contactless payments at near-field communication-enabled (NFC) point-of-sale (POS) terminals.

“By adding Maestro, our issuers will be able to expand this innovative solution to their entire consumer base, which will result in more connected and digitally native customers than ever,” said Paolo Battiston, EVP Digital Payments & Labs Europe, Mastercard.

Garmin Pay, which launched in November 2017, 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. Garmin Pay is now available on 10 of the company’s smartwatches, 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.

“We are committed to expanding Garmin Pay support to our customers around the world, and we are excited to officially offer that service to Maestro cardholders,” said Joe Schrick, Garmin vice president of fitness. “Now, athletes and adventurers throughout Europe can leave their wallet at home when they go to the gym or for a run, making it easier than ever to just get up and go.”

Maestro accountholders from numerous participating issuing banks throughout Europe, including KBC in Belgium, Rabobank and ABN AMRO in Netherlands and BNL Gruppo BNP Paribas in Italy, will have the ability to add their account to Garmin Pay, enabling them to make “tap and go” payments at any point-of-sale terminal that accepts contactless payments. Additional issuers on the Maestro network will be added soon.

A February 2018 study by Mastercard, found that one quarter (24 percent) of Europeans expect to start using “tap and go” contactless payments with a smartwatch, bracelet, keyring or other wearable.  Between 2018 and 2017, contactless spending on Mastercard and Maestro grew by 145 percent.

“Adding Maestro is a major step forward in expanding the global footprint of Garmin Pay, which is now available in 26 countries and through more than 200 issuers,” said Michael Orlando, COO of NXT-ID and President of Fit Pay, Inc. “Mastercard and Garmin have been tremendous partners as we have begun providing consumers worldwide with more convenient, secure and seamless ways to pay.”

Garmin Pay is powered by FitPay’s 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 Mastercard

Mastercard (NYSE: MA), http://www.mastercard.com, is a technology company in the global payments industry.  We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories.  Mastercard products and solutions make everyday commerce activities – such as shopping, travelling, running a business and managing finances – easier, more secure and more efficient for everyone.  Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.

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 Statements for 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 31, 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

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.

NXT-ID Inc. corporate information contact: info@nxt-id.com

Media contact:
Chris Orlando
chris@fit-pay.com
+1-760-468-7273

 

PartX Icon

Nxt-ID Announces Name and Branding for Payments Division Spin-Off

PartX™ with tagNew payment, authentication and credential management company to be called PartX, Inc.

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

NXT-ID2

NXT-ID and QubeChain Announce Strategic Alliance Agreement

Companies to collaborate in commercializing blockchain technology and to jointly pursue strategic market and growth opportunities

SEBASTIAN, Florida, October 18, 2018 /PRNewswire/ —

NXT-ID, Inc. (NASDAQ: NXTD) a provider of healthcare devices and services as well as payment, credential management, and authentication platform services and QubeChain LLC, a broad-based blockchain technology company focused on delivering blockchain solutions to the healthcare and payments markets, among others, today announced a Strategic Alliance Agreement to collaborate in the development and marketing of a blockchain-based technology solutions within the healthcare, payments and other strategic markets. Under the Agreement, the companies will jointly offer technology products and solutions from both companies to their respective customer bases and collaborate to pursue new market opportunities.

“As we became familiar with QubeChain, we found there was an array of complementary skills and offerings that will add significant value to the technical capabilities and relationships of both companies,” said Gino Pereira, Chief Executive Officer of NXT-ID. “This Agreement will increase the scope of each company’s technology products and solutions, and greatly expand our addressable market potential.”

“Nxt-ID and its subsidiaries have a demonstrated track record of successfully commercializing technology solutions within very complex ecosystems, such as healthcare and payments,” said C. Rees Morgan II, Founder, and CEO of QubeChain. “We see tremendous value and market potential in the combined technological offerings of both companies, and we are looking forward to jointly pursuing key vertical markets.”

QubeChain is expanding its partnerships in healthcare in a major way with projects involving a major US health insurance provider. The Company’s offerings are tailored to provide patient record transparency and mobility and to help manage and reduce healthcare costs.

The Agreement includes a range of the sharing of information, providing introductions and referrals, undertaking joint marketing initiatives and other activities with the objective cooperating to jointly identify, develop, pursue and secure new business opportunities and expand the range of technology offerings to existing clients and customers.

The Agreement covers potential collaborations between QubeChain, Nxt-ID and its subsidiary companies LogicMark, LLC and Fit Pay, Inc., as well as Nxt-ID’s proposed spin-off of its payments, credential management, and authentication business.

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 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.

About QubeChain, LLC

QubeChain is a Blockchain Technology Company building mission-critical compliant blockchains for regulated industries. The Company leverages creative innovation and deep industry expertise to produce applied uses of Blockchain Technology. The Company’s solutions include: Consulting Services, Customized mobile token and coin wallet applications that integrate digital currencies, Healthcare, Payment Processing, Silicon-2-Blockchain, Digital Wallets and Security.

Media Contacts:

Nxt-ID
Chris Orlando
chris.orlando@nxt-id.com
+1-760-468-7273

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

QubeChain
Kimberly Cobb
kimberly@qubechain.com

Visa Logo

Visa Unveils New Partners on Tokenization to Help Increase Payment Security and Reduce Effects of Data Breaches

Visa welcomes 20 new Visa Token Service partners who will help scale tokenization to their thousands of merchant clients and millions of customers around the world

SAN FRANCISCO–(BUSINESS WIRE)–Visa Inc. (NYSE:V) today announced the commercial expansion of the Visa Token Service for credential-on-file (COF) token requestors, marking a major milestone towards further securing consumer payments in the digital channel.
With this expansion, acquirer gateway and technology partners Adyen, AsiaPay, Braintree, Checkout.com, Cherri Tech, CyberSource, Elavon, Ezidebit, eWAY, Fit-Pay, Giesecke & Devrient, PayPal, Payscout, Rambus,SafeCharge, SecureCo, Square, Stripe, Worldpay and YellowPepper are or will soon be able to tokenize credential-on-file digital payments on behalf of their merchant and payment clients.

Built on top of the EMVCo Payment Tokenization Standard, the Visa Token Service offers another layer of security by replacing sensitive cardholder information, such as personal account numbers and expiration dates, with a unique digital identifier (a “token”) that can be used for payment without exposing a cardholder’s more sensitive account information. In addition to enhancing security, expired or compromised payment credentials can be seamlessly updated in the background by the financial institution, eliminating a significant point of friction for consumers and merchants.

Merchants also get the added security protection of being shielded from data breaches that occur elsewhere in the ecosystem since the Visa card number is replaced with a token unique to the merchant or gateway acquirer partner.

“Today, we welcome 20 partners into the Visa Token Service who will help scale tokenization to their thousands of merchant clients and millions of customers around the world. This opens up a world of possibilities for our merchants and partners to further evolve and innovate in digital payments,” said Ansar Ansari, senior vice president, digital payment products, Visa. “Making digital transactions even more secure is one of Visa’s biggest priorities. Working with Visa, these partners will help secure cardholder data and make digital payments safer, resulting in frictionless digital commerce experiences for consumers.”

“Adyen is excited to be the first acquirer in the payments ecosystem with in-market solutions to support and offer Visa Token Service to our global merchants,” said Kamran Zaki, president, North America, Adyen. “In addition to improving security, Visa network tokens through Adyen will allow our merchants with cards on file to reduce involuntary churn and improve authorization rates without any additional work on their part.”

“Worldpay is committed to protecting the integrity of every transaction and this solution integrates well with our own security and tokenization products,” says Asif Ramji, chief product officer, Worldpay. “By forming strong relationships with companies like Visa to bring global scale to every merchant, we ensure their ability to deliver positive customer experiences. Importantly, Worldpay merchant partners who take advantage of our implementation of the Visa Token Service do not need to wait for individual certification and approval to begin protecting their customers’ data.”

“The integration of the Visa Token Service within the CyberSource Token Management Service is an important milestone in our quest to enable clients to create new digital commerce experiences and deepen consumer engagement across channels,” said Andre Machicao, senior vice president, CyberSource, a Visa solution. “The powerful integration of these services provides merchants additional value and simplifies access to future Visa Token Service enhancements, especially in the area of credential life cycle management. Dynamic updates of credentials when a card is lost, stolen or expired will help our clients improve the consumer experience and lift conversion.”

Since the launch of the Visa Token Service in 2014, Visa has added over 60 global token requestors—including mobile and wearable manufactures, issuer wallets, online merchants, payment service providers and acquirers—from 40 markets onto the token platform. The addition of 20 merchants, acquirer gateways and token requestors will bring scale globally and support Visa’s commitment to security and convenience of online and mobile payments from both traditional eCommerce as well as credential-on-file transactions.

About Visa Inc.

Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visavisacorporate.tumblr.com and @VisaNews.

Contacts

Visa Inc.
Sheerin Salimi, 415-805-5923
shesalim@visa.com

logo-ekgcard

Nxt-ID Announces Intention to Spin-Off Payments Division

Company plans for Initial Public Offering to Include Payment, Authentication and Credential Management Assets

SEBASTIAN, Florida, September 21, 2018 /PRNewswire/ —

Nxt-ID, Inc. (NASDAQ : NXTD) today 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. Immediately following the transaction, which is expected to be completed by November 15, 2018, Nxt-ID shareholders who own common shares of Nxt-ID on the dividend date of October 15, 2018 will own shares of both companies. The new company 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 previously. Following the spin-off, the new company has an investment commitment for $6.0 million to fund its operations. The new company will apply for listing on NASDAQ.

“We believe that this transaction will help to unlock the true value of both our payments and our healthcare businesses. Both businesses are experiencing an increased number of significant commercial opportunities, which require specialized focus to successfully execute them. These opportunities are sufficiently diverse such that the synergies of being under a single structure are outweighed by the need to focus on them separately. In addition, it provides our current and potentially new shareholders the opportunity to participate in a pure play investment in both strategies, while increasing the transparency for the market in general, in terms of understanding and tracking the performance of each business,” said Gino Pereira, Chief Executive Officer of Nxt-ID. “We believe the new structure will provide current and potential shareholders with two attractive investment options that may be more closely aligned with their respective investment objectives. It further demonstrates our commitment to creating long-term value for our shareholders.”

The New Company

The new company will include the payment, authentication and credential management assets of Nxt-ID and Fit Pay, Inc, including the FitPay® Token Requester Platform, which enables cardholders to securely add their payment credentials to devices that are integrated with Fit Pay’s token management solution. The Platform allows device manufacturers, merchants, banks and any entity making digital transactions to offer their customers a safe and convenient payment experience. Fit Pay is one of the first successful commercializations of a token requestor service provider integrated with the major payment card networks.

The new company’s core capabilities also include the development of payment and authentication devices that leverage NFC (near field communication), cryptocurrency, and blockchain technology. It is currently developing digital payment and loyalty devices to be distributed through partners as well as payment devices that enable Bitcoin holders to make contactless payments at retail locations with value exchanged from their cryptocurrency. The assets of the new company will include a portfolio of payment, authentication and blockchain technology patents that have been filed by or issued to Nxt-ID and Fit Pay.

Michael Orlando, current Nxt-ID COO and President of Fit Pay, will be the Chief Executive Officer of the new company. Orlando and Pereira will serve on the Boards of both companies.

Nxt-ID and LogicMark

Assets associated with Nxt-ID’s healthcare subsidiary, LogicMark, LLC, will remain with the Company along with the assets under 3D-ID, LLC. LogicMark produces a range of products within the personal emergency response system (PERS) market. The Company has differentiated itself by offering non-monitored products, which only require a one-time purchase fee, instead of a recurring monthly contract, offering a significant value proposition over monitored solutions. This subsidiary has produced consecutive quarters of record revenues and is looking to expand its business into other healthcare verticals as well as retail and enterprise channels in order to better serve the expanding demand for connected and remote healthcare solutions. For the six months ended June 30, 2018, revenues from LogicMark were $8.7 million with operating income of $3.7 million.

Transaction Details

For further details please see the Form 8-K filed 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.

Advisors

Alliance Global Partners is serving as financial advisor on the transaction and Robinson Brog Leinwand Greene Genovese& Gluck, P.C. is serving as legal advisor to Nxt-ID, Inc.

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 http://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

SOURCE NXT-ID, Inc.