NXT-ID (NASDAQ:NXTD) Issues Shareholder Corporate
Update
OXFORD, CT - August 5, 2015 (Investorideas.com
Newswire) NXT-ID, Inc. (NASDAQ: NXTD) ("NXT-ID" or the "Company"), a biometric
authentication company focused on the growing mobile commerce market and
creator of the Wocket® smart wallet, issues the following corporate shareholder
update following the recent funding round Letter from the CEO:
NXT-ID recently completed an essential round of
funding to position ourselves to launch our product to the general public with
a particular emphasis on the upcoming holiday season. Much has happened at
NXT-ID, and with the payment industry, since my last shareholder letter in
September 2014 following our uplisting to NASDAQ.
In the intervening time period we have executed the
plan that we proposed at our uplisting. We have taken our Wocket design from a
working beta model through to a finished manufactured product; which in the
case of the Wocketcard means enclosing a package of sophisticated electronics
in a card less than 1mm thick! We have almost doubled our staff and have
developed an onshore customer service team based out of our Florida distribution
center. In addition our fulfillment team is in place and has been busy
delivering Wockets! We have delivered all our preorders as well as those on our
invitation list and we are now gearing up for general sales.
We are getting a positive reception from our
customers and incorporating their feedback in the continued development of our
product. One of the advantages of Wocket is that we can remotely update the
software for both the Wocket and Wocketcard so our consumers can always enjoy
the best available experience with our product. We will be launching our first
software update very shortly.
The big question on everyone's mind is how Wocket
works with EMV, or the new chip cards that are beginning to be distributed by
the major card services. The flexibility of the Wocket platform means that we
can support NFC (Apple Pay and Google Wallet type technology) and EMV, as well
as Bluetooth and other forms of payment as they become prevalent in the future.
We are reaching out to card issuers to incorporate approved tokenized secure
payments into Wocket. This will mean that Wocket will not only have the ability
to protect your credit cards, and other sensitive information, by verifying
your identity before granting access to them, but also protect that data as its
being transmitted for settlement. We also have a method for doing this for
online transactions as well.
The payment industry is rapidly changing with
digital transactions allowing consumers new ways to pay and chip card
technology (EMV) is being introduced across the United States at an estimated
cost of $8 billion. Apple Pay has brought increased consumer acceptance to
"pay by phone" technology and Google Wallet and MCX (led by Walmart),
will be launching or re-launching their platforms as well. In addition many
stores and restaurants will have apps available to pay by phone emphasizing the
fragmentation in next generation payment systems. However, the number of legacy
point of sale systems (POS) that need to be replaced to use these new
technologies is enormous .Javelin Strategy and Research estimates the total
number of terminals in the US to be 15 million and there are over 1 billion
credit and debit cards that will require EMV chips. Although rapid progress is
being made, it will still take a number of years for these new technologies to
be ubiquitous.
Wocket can bring tomorrow's security solutions to
most legacy POS systems today while incorporating the ability to pay on new
digital systems. While new payment technologies provide convenience and wireless
features, the fact remains that consumers still have to carry a wallet
containing cards to access ATMs, pay when their phone dies or loses signal,
checkout at locations that don't support NFC and carry cash. Rather than a few
hours of battery life between charges on smartphones, Wocket has an
unprecedented minimum of 6 months battery life between charges with typical
Wocket use.
Wocket secures all the information and cards
consumers commonly store in their wallet, allowing them to continue paying with
and use their credit, debit, loyalty, and insurance cards just as they do
today. Wocket can even store login credentials and one thing that no digital
wallet can ever replace - cash. Wocket completely replaces the wallet and hosts
a new generation of smart wallets that combine fashion with personal security.
The payment industry is currently undergoing
massive change and we appreciate our shareholder's support in embracing our
unique technology and approach to payments with Wocket.
We continue to believe we are delivering something
of value to consumers and the market that has not been done before.
Gino Pereira
Chief Executive Officer
Nxt-ID. Inc.
Chief Executive Officer
Nxt-ID. Inc.
Product images are available for media at: http://press.nxt-id.com
About NXT- ID Inc. - Mobile
Security for a Mobile World: (NXTD) (NXTDW):
NXT-ID,
Inc.'s innovative MobileBio® solution mitigates consumer risks associated with
mobile computing, m-commerce and smart OS-enabled devices. The company is
focused on the growing m-commerce market, launching its innovative MobileBio®
suite of biometric solutions that secure consumers' mobile platforms led by
Wocket®; a next generation smart wallet designed to replace all the cards in
your wallet, no smart phone required. Wocket was recognized as one of the top
technology products at CES 2015 by multiple media outlets including Wired.com.
The Wocket® works anywhere credit cards are accepted and only works with your
biometric stamp of approval. http://www.wocketwallet.com/
NXT-ID'
wholly owned subsidiary, 3D-ID LLC, is engaged in biometric identification and
has 22 licensed patents in the field of 3D facial recognition http://www.nxt-id.com/, http://3d-id.net/
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.
Contacts:
Media:
D. Van
Zant
+1-800-665-0411
press@nxt-id.com
+1-800-665-0411
press@nxt-id.com
Published at Investorideas.com
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