NXT-ID, Inc. (NASDAQ:
$NXTD) Releases Preliminary Results for the Year and Quarter Ended December 31,
2016
MELBOURNE,
Florida - January 18, 2017 (Investorideas.com Newswire) NXT-ID, Inc. (NASDAQ:NXTD) (NXTDW) ("NXT-ID" or the
"Company"), a security technology company, announces selected
preliminary results for the year and quarter ended December 31, 2016.
Revenues
were approximately $4,500,000 for the three months ended December 31, 2016 compared
to $83,358 for the same period in 2015. Revenues for the year ended December
31, 2016 were approximately $7,700,000 compared to $616,854 for the year ended
December 31, 2015. Revenues from the recent LogicMark acquisition were included
from July 25, 2016, and accounted for approximately 80% of revenues in the year
ended December 31, 2016.
Operating
loss for the three months ended December 31, 2016 was approximately $200,000
compared to an operating loss of $3,398,969 for the same period in 2015. The
operating loss for the three months ended December 31, 2016 included
approximately $500,000 of non-recurring charges related to the LogicMark
acquisition and World Ventures card development. Operating loss for the year
ended December 31, 2016 was approximately $6,500,000 compared to an operating
loss of $10,924,297 for the same period in 2015. The net loss for the three
months ended December 31, 2016 was approximately $1,700,000 after interest
expense compared to a net loss of $4,036,439 for the three months ended
December 31, 2015. The net loss for the year ended December 31, 2016 was
approximately $12,000,000 after interest expense and adjustment for change in
fair value of derivative liabilities which have since been extinguished. The
net loss for the year ended December 31, 2015 was $13,076,854.
"LogicMark
continues to perform well and is largely responsible for the 45% increase in
revenue for the quarter ended December 31, 2016, over the previous quarter
ended September 30, 2016," said Gino Pereira, Chief Executive Officer of
NXT-ID, Inc. "We also started to ship production cards to World Ventures
in the month of December and they have commenced user testing and evaluation
prior to the mainstream launch of the flye smart card. We look forward to
continued improvement in our operating results in 2017 with our current
business opportunities and new initiatives under development.”
Preliminary Results
The
results provided in this press release are preliminary and subject to
completion and audit of Nxt-ID's 2016 financial statements in conjunction with
the Company's 2016 Form 10-K filing, and therefore they are subject to change.
Nxt-ID intends to report final results for the year ended December 30, 2016 on
or about March 30, 2016, after market close.
About NXT- ID Inc. - Mobile
Security for a Mobile World
Nxt-ID,
Inc. (NASDAQ: NXTD) is a security technology Company providing security for
finance, assets and healthcare. The Company's innovative MobileBio® solution
mitigates risks associated with mobile computing, m-commerce and smart
OS-enabled devices. 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 the Internet of
Things ("IoT") applications. The Company's wholly owned subsidiary,
LogicMark, LLC, manufactures and distributes nonmonitored and monitored
personal emergency response systems ("PERS") sold through the United
States Department of Veterans Affairs ("VA"), healthcare durable
medical equipment dealers and distributors and monitored security dealers and
distributors. http://nxt-id.com, http://www.logicmark.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.
NXT- ID Inc Contact:
Media:
D.
Van Zant
+1-800-665-0411
press@nxt-id.com
+1-800-665-0411
press@nxt-id.com
SOURCE
NXT-ID, Inc
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