NXT-ID, Inc. (NASDAQ:
$NXTD) releases preliminary results for the quarter ended September 30, 2016
MELBOURNE,
Florida - October 10, 2016 (Investorideas.com Newswire) NXT-ID, Inc. (NASDAQ:NXTD) (NXTDW) ("NXT-ID" or the
"Company"), a company focused on the growing mobile commerce market
announces selected preliminary results for the quarter ended September 30,
2016.
Revenues
were approximately $3,000,000 for the three months ended September 30, 2016
compared to $418,128 for the same period in 2015. Revenues from the recent
LogicMark acquisition were included from July 25, 2016, and accounted for
approximately 90% of the increase from the comparative period in 2015. The
operating loss for the three months ended September 30, 2016 narrowed to
approximately $500,000 compared to an operating loss of $3,003,496 for the same
period in 2015. The net loss for the three months ended September 30, 2016 was
approximately $1,500,000 after approximately $1,000,000 in interest expense
compared to a net loss of $3,543,313 for the three months ended September 30,
2015.
"Our
recent acquisition, LogicMark, has performed well since July 25, 2016 and was a
major contributor to the improved results," said Gino Pereira, Chief
Executive Officer of NXT-ID, Inc. "We also continue to make good progress
on our collaboration with WorldVentures to develop their innovative smart card.
We are planning to commence deliveries on the outstanding $15 million purchase
order in the last quarter of 2016. We expect the last quarter of 2016 to show
continued improved results as we will have a full quarter contribution from
LogicMark as well as smart card deliveries to WorldVentures."
Preliminary Results
The
results provided in this press release are preliminary and subject to
completion and review of Nxt-ID's 2016 third quarter financial statements in
conjunction with the Company's 2016 third quarter Form 10-Q filing, and
therefore they are subject to change. Nxt-ID intends to report final results
for the 2016 third quarter on or about November 14, 2016, after market close.
Nxt-ID's earnings press release and prepared remarks reviewing its financial
results and guidance will be made available on the Investor Relations section
of its website.
Read this release
in full at http://www.investorideas.com/CO/NXT/news/2016/10101PreliminaryResults.asp
About NXT- ID Inc. - Mobile Security
for a Mobile World
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. With extensive experience in Biometric Identity
Verification, Security and Privacy, Encryption and Data Protection, Payments,
Miniaturization and Sensor technologies, the Company partners with industry leading
companies to provide solutions for modern payment and IoT applications.
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 Contact:
Media:
D.
Van Zant
+1-800-665-0411
press@nxt-id.com
+1-800-665-0411
press@nxt-id.com
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