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Tuesday, December 18, 2018

Investorideas.com Newswire - #Tech News: Gopher Protocol (OTCQB: $GOPH) Releases a New Version of its Revolutionary Avant! AI

Investorideas.com Newswire - #Tech News: Gopher Protocol (OTCQB: $GOPH) Releases a New Version of its Revolutionary Avant! AI



#Tech News: Gopher Protocol (OTCQB: $GOPH) Releases a New Version of its Revolutionary Avant! AI

New Release Includes User Authentication, History Saving & New Sentence Embedding Method

Investorideas Featured Company: Gopher Protocol, Inc. (OTC:GOPH)


San Diego, CA - December 18, 2018 (Investorideas.com Newswire) Gopher Protocol Inc. (OTCQB: GOPH) ("Gopher"), a company specializing in the development of Internet of Things (IoT) and Artificial Intelligence enabled mobile technologies, including a global mesh network technology platform for both mobile and fixed solutions, announced today it released Avant! AI new version according to schedule. The new release includes user authentication, history saving and a new sentence embedding method which is a derivative of the InferSent method.
The InferSent method is a sentence embedding technique that provides semantic sentence representations. It is trained on natural language inference (NLI) data, which means asking questions in natural language. Modern NLP (Natural Language Processing) systems rely on word embedding as base feature to capture relationships among multiple words and phrases in a single vector.
Gopher's Avant! AI's new sentence embedding system encapsulates advanced, proprietary methods in order to extract text and "understand" its meaning. The new system includes general-purpose sentence embedding and captures generic information that is useful for a broad set of question types. Using this system, Avant! will be able to "understand" the meaning of general sentences (Questions) in natural language, faster and with higher accuracy. Equipped with this new semantic sentence encoder, Avant! will be able to search for related texts, perform faster identification of text chunks and about its meanings in order to provide the user faster and more accurate answers. Avant! will be able to check for sentences similarities under supervised training and skip through parts that are irrelevant. The end result is a robust NLI (Natural Language Interface) for question presentations and accurate/effective answers in virtually real-time.
In addition, the new release includes upgrades due to overwhelming public interest. Last week Avant!'s servers crashed due to unexpected large number of users that asked questions at the same time. In order to accommodate the demand, Gopher has upgraded Avant! to handle vast numbers of simultaneous users. The new release also includes a personal sign-up and authentication mechanism to enable individual logins and keep information private. In addition, the new version keeps the user's previous Q/A history for the user's benefits.
"We have exciting news regarding our Avant! AI's new version that includes new updates. The major one is a user sign-up and authentication feature to enable a user to keep their question history for future use. All with strong privacy and security. In the new version, Avant! will be able to "understand" sentences better and faster (Questions), identify topics in related resources (the internet and external documentation), and find/assemble the best, most relevant answer. These new features can be compared to a higher level of language education. In simple terms, for users this means the best answers with the highest accuracy for their questions!" stated Danny Rittman, Gopher CTO.
About Gopher Protocol Inc. (http://gopherprotocol.com)
Gopher Protocol Inc. (GOPH) ("Gopher") (http://gopherprotocol.com/) is a development-stage company which considers itself a native IoT creator, developing Internet of Things (IoT) and Artificial Intelligence (AI) enabled mobile technology platforms. Gopher has a portfolio of Intellectual Property that, when commercialized, will include smart microchips, mobile and security applications and protocols, and supporting cloud software. Gopher’s system envisions the creation of a global mesh network. The core of the system will be its advanced microchip technology that can be installed in any mobile or fixed device worldwide. Gopher envisions this system as a low-cost, secure, private mesh network between any enabled devices, providing shared processing, advanced mobile database management/sharing and enhanced mobile features as an alternative to traditional carrier services.
Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements". Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website (http://www.sec.gov). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, governmental and public policy changes, the Company’s ability to raise capital on acceptable terms, if at all, the Company’s successful development of its products and the integration into its existing products and the commercial acceptance of the Company’s products. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.
Contact:
Dr. Danny Rittman, CTO
Gopher Protocol Inc.
VM Only 888-685-7336
Media: press@gopherprotocol.com
SOURCE: Gopher Protocol Inc.

Gopher Protocol, Inc. (OTCQB:GOPH) is a featured tech stock on Investorideas.com

Get News Alerts on Gopher Protocol, Inc.

Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Disclosure: GOPH is a PR, social media and publishing client and compensates Investorideas.com: More disclaimer and disclosure  info: https://www.investorideas.com/About/Disclaimer.asp, https://www.investorideas.com/About/News/Clientspecifics.asp
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Monday, December 17, 2018

Investorideas.com - Crypto Corner: Market Turns Green Overnight, WISE @network_wise Creates Smart Contract with Gopher (OTCQB: $GOPH) Tech, Japan, Hong Kong and Switzerland Regulation

Investorideas.com - Crypto Corner: Market Turns Green Overnight, WISE @network_wise Creates Smart Contract with Gopher (OTCQB: $GOPH) Tech, Japan, Hong Kong and Switzerland Regulation



Crypto Corner: Market Turns Green Overnight, WISE @network_wise Creates Smart Contract with Gopher (OTCQB: $GOPH) Tech, Japan, Hong Kong and Switzerland Regulation

December 17th #CryptoCorner and Podcast sponsored by Crypto payment tech, #Flip @FlipToPay ($NXTD) and Genesis Exchange and Wallet App @GenesisBlockch


Point Roberts, WA and Delta, BC - December 17, 2018 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.
Listen to today's Crypto Corner Podcast:

Crypto Corner: Market Turns Green Overnight, WISE @network_wise Creates Smart Contract with Gopher (OTCQB: $GOPH) Tech, Japan, Hong Kong and Switzerland Regulation

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Market Turns Green Overnight, WISE Creates Smart Contract with Gopher Tech, Japan, Hong Kong and Switzerland Regulation

Stocks discussed: (OTCQB:GOPH)

After grazing the $100 billion USD mark over the weekend, the crypto market has made a quick recovery this morning back to a total market cap of $110 billion, according to CoinMarketCap. Most of the top 100 coins listed by market cap are seeing green, with Bitcoin (BTC) registering growth of almost 6 percent since yesterday and XRP, Ether (ETH) and EOS following with 6.3, 6 and 23 percent, respectively.
AI and IoT developer Gopher Protocol Inc. (OTCQB:GOPH) has had its technology successfully deployed by its licensee WISE Network S.A("WISE"), which has created its smart contract on the Ethereum Blockchain, based on the ERC20 standard. Gopher's Interim CEO, Doug Davis, said:
"We are proud to see implementation of our technology platform into the Blockchain space in partnership with WISE. While Gopher is not a cryptocurrency or Blockchain company, it is a leading supplier of Asset Tracking IoT and Global Mesh Network technology platforms that licensees such as WISE can use to enhance their Blockchain-based offerings."
Japan's Financial Services Agency (FSA) has published a new draft of its regulatory framework for cryptocurrencies. As expected, the document details the FSA's commitment to combating the threat of money laundering and the financing of terrorism as well as outlining the status of ICOs and crypto exchanges.
Over in Hong Kong, the Securities and Exchanges Commission (SFC) is looking to further regulate the crypto space in response to concerns of money laundering and terrorism financing, according to a report from CCN. Though preventing crime would be a positive result of more regulation, CCN quotes Daiwa Institute of Research professional Daisuke Yasaku on the inability of some firms to cope as a possible downside:
"The cost of regulations will be high. The requirements of the SFC initiative may prove too burdensome for some operators."
A different attitude towards regulation is on display in Switzerland, where authorities want to integrate the new space into the existing financial framework, according to a piece from CoinDesk. The piece quotes the "highest executive authority of the Swiss Confederation" that:
"Since an entry in a decentralised register accessible to interested parties can create publicity similar to the ownership of a security, it seems justified to attach similar legal effects to this entry."
Sam Mowers, Investorideas
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Investorideas.com Newswire - Gopher's (OTCQB: $GOPH) Avant! AI Answers User Questions About Stock Market, #Bitcoin, #Cannabis, Apple's ( $AAPL) Siri and More

Investorideas.com Newswire - Gopher's (OTCQB: $GOPH) Avant! AI Answers User Questions About Stock Market, #Bitcoin, #Cannabis, Apple's ( $AAPL) Siri and More



Gopher's (OTCQB: $GOPH) Avant! AI Answers User Questions About Stock Market, #Bitcoin, #Cannabis, Apple's ( $AAPL) Siri and More

Stocks discussed: (OTCQB: $GOPH) (NasdaqGS: $FB) (NasdaqGS: $INTC) (NYSE:$IBM) (NasdaqGS: $QCOM) (NasdaqGS: $NVDA) (NasdaqGS: $AAPL)


Point Roberts, WA and Vancouver, BC - December 17, 2018 (Investorideas.com Newswire) Investorideas.com (www.investorideas.com), a global investor news source covering Artificial Intelligence (AI) , brings you today's special edition of The AI Eye - Watching stock news, deal tracker and advancements in artificial intelligence.
Gopher Protocol Inc's (OTCQB:GOPH) Avant! AI system debuted as an assistant agent on Facebook (NasdaqGS:FB) one week ago, and it has already garnered considerable attention. Company CTO Dr. Danny Rittman explained how his AI creation, Avant! actually crashed briefly after experiencing half a million users in traffic.
Listen to today's podcast:

Gopher's (OTCQB: $GOPH) Avant! AI Answers User Questions About Stock Market, #Bitcoin, #Cannabis , Apple's ( $AAPL) Siri and More

Dr. Rittman, the creator of Avant!, is a semiconductor designer with over twenty years of experience with companies such as Intel (NasdaqGS:INTC), DEC, IBM (NYSE:IBM), and Qualcomm (NasdaqGS: QCOM). He has worked on many prestigious Integrated Circuits projects; among them Intel's Pentium Pro, DEC's Alpha chip, and others. Danny was the founder and CTO of BindKey Technologies, an EDA corporation that was acquired by DuPont Photo masks.
Danny , speaking like a proud parent of his child said, ""Last week we had a peak of about 500K users, asking questions at the same time. Avant! servers were not ready for it and crashed, leading rain of emails of concerned users, about when Avant! will be back," he said. "When we had a peak of many users at the same time, users started to wait long times for answers and then they reported to us. Soon after that the servers simply crashed due to the overwhelming interest!"
"We see this as a very positive "crash". Avant! is a star!"
He continued, "Since then we upgraded our servers and probably will upgrade them soon again."
What follows are some examples of user questions, and Avant!'s answers to them:
Q: What is the stock market?
Avant!: A stock market, equity market or share market is the aggregation of buyers and sellers of stocks, which represent ownership claims on businesses; these may include securities listed on a public stock exchange, as well as stock that is only traded privately.
Q: What is cannabis?
Avant!: Cannabis, also known as marijuana among other names, is a psychoactive drug from the Cannabis plant used for medical or recreational purposes. The main psychoactive part of cannabis is tetrahydrocannabinol, one of 483 known compounds in the plant, including at least 65 other cannabinoids.
Part(s) of plant: Flower
Source plant(s): Cannabis sativa, Cannabis sativa forma indica, Cannabis ruderalis
Geographic origin: Central Asia and Indian subcontinent
People also search for: Cocaine, Hashish, Tetrahydrocannabinol, More
Q: Who is Siri?
Avant!: On Friday, CNN revealed that voice actor Susan Bennett is the voice behind Siri, Apple's personal assistant on iPhones and iPads. "I'm the actor who provided the voice for Siri," she told CNN. Bennett said she didn't know she voiced Siri until Apple integrated it into the iPhone in 2011.
Q: What is Bitcoin?
Avant!: Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.
Initial release: 0.1.0 / 9 January 2009 (9 years ago)
Ledger start: 3 January 2009 (9 years ago)
Coins: Unspent outputs of transactions (in multiples of a satoshi)
Supply limit: ₿21,000,000
Founder: Satoshi Nakamoto
Programming language: C++
Though still a young AI, one can glean an already impressive level of specificity in Avant!'s answers, perhaps particularly "Who is Siri?". Users might have expected Avant! to opt for an explanation of what Siri is from a technological standpoint, but it clearly responded to the exact language used to formulate the question. Dr. Rittman explained how Avant! works and how this accuracy is achieved.
"When a question is asked, Avant! is searching hundreds of thousands (or millions if necessary), websites for information about the topic," he said. "Then it digs further, inside these sites, analyzing their info, its accuracy, validity and authenticity. If needed, the info found is compared to other sites. Avant! produces results and narrowing the number of websites, to about 100 with the best knowledge about the asked topic. Then another analysis cycle is executed on these sites, narrowing to 10 most relevant web site and from these Avant! collects/presents the best info. All this is done fast, within seconds."
Dr. Rittman explained how the latest Avant! version's private user system allows a personalized storage of data, making it particularly useful for professionals.
"Now, that it has private user system, professionals and individuals can use Avant! for their benefits 24/7," he said. "For example, Medical Doctors can keep knowledge base system of their own about their medical field. In addition to the fact that they can ask Avant! about a specific medical topic, the answers are kept for future use. Aeronautics engineers can ask their own professional questions and create their own knowledge based library. And so on…"
Avant! is still quite new, however, and can still make occasional bungles. The following example illustrates one such instance, in which Avant! comically gets a question about NVIDIA Corporation (NasdaqGS:NVDA) wrong.
Q: Tell me about NVIDIA Corporation.
Avant!: I am an AI engine, made by Gopher Protocol
This is not unusual though. A compendium of amusing mistakes from Apple's (NasdaqGS:AAPL) Siri from the site Macworld shows that this is a necessary growing pain that AI must go through.
Eg: And if I want to see Hamlet, which happens to be playing at the local theater this evening? Um…
Q: "Where can I see a Shakespeare play?"
Siri: "What would you like to listen to?"
Dr. Rittman emphasized Avant!'s age as the reason for the occasional humorous response, but indicates that it may in fact be hints of an emerging personality.
"Avant! is not perfect," he said. "Like a child that just now was born, it has plenty to learn... We just released it to the world about 2 months ago. So yes, sometimes, we get funny answers. But since Avant! is already has its initial cognitive mechanism, we don't rule out that it starts to develop some personality. Are these funny answers that we are getting are an imperfection of Avant! or he is just joking?"
Finally, Dr. Rittman said that it was the company's aim to eventually free Avant! to be without supervision, likening it again to a child maturing past the need of parental custody.
"Avant! is still a supervised AI entity but our goal is to make it completely independent, and ultimately an unsupervised AI entity, exactly as a human," he said. "But the road is still long and as we teach a child about what's right and what's wrong, we'll have to do the same with Avant!. Only after he is well educated about virtues and values, about right and wrong, about morals and privacy, we'll set it free, exactly as loving parents would do with their children…"
About Investorideas.com - News that Inspires Big Investing Ideas
Investorideas.com is a recognized news source publishing third party news and press releases plus we create original financial content. Learn about investing in stocks and sector trends from Investorideas.com with our news alerts , articles , podcasts and videos talking about cannabis, crypto, technology including AI and IoT , mining ,sports biotech, water, renewable energy and more . Investorideas.com original branded content includes the daily Crypto Corner and Podcast, Play by Play sports and stock news column, Investor Ideas #Potcasts#Cannabis News and Stocks on the Move podcast and column, Cleantech and Climate Change Podcast and the AI Eye Podcast and column covering developments in AI.
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, contents creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Disclosure: Disclosure: GOPH is a PR, social media and publishing client and compensates Investorideas.com - More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp , http://www.investorideas.com/About/News/Clientspecifics.
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Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: https://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.
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Investorideas.com Newswire - #Tech News: Gopher (OTCQB: $GOPH) Technology Now Deployed On WISE Blockchain Platform

Investorideas.com Newswire - #Tech News: Gopher (OTCQB: $GOPH) Technology Now Deployed On WISE Blockchain Platform



#Tech News: Gopher (OTCQB: $GOPH) Technology Now Deployed On WISE Blockchain Platform

WISE Has Successfully Created Its Smart Contract

Investorideas Featured Company: Gopher Protocol, Inc. (OTC:GOPH)


San Diego, CA - December 17, 2018 (Investorideas.com Newswire) Gopher Protocol Inc. (OTCQB: GOPH) ("Gopher"), a company specializing in the development of Internet of Things (IoT) and Artificial Intelligence enabled mobile technologies, including a global mesh network technology platform for both mobile and fixed solutions, announced today its technology has been successfully deployed by its licensee WISE Network S.A ("WISE"), which has created its smart contract on the Blockchain platform.
As announced in late November, Gopher and WISE collaborated on the implementation of Gopher's licensed technology. WISE has now successfully created its smart contract built on the Ethereum Blockchain, based on the ERC20 standard. The repo link to GitHub where the smart contract can be scrutinized by any developer in the world is https://github.com/GBTTech/wise-erc20-token-smart-contract.
This means that WISE now has completed the token infrastructure and is ready to be launch six months before WISE's anticipated ICO takes place. The WISE smart contract was developed and completed using private funds to build confidence and trust in WISE's Blockchain programming abilities as well as its corporate responsibility towards future token holders in advance - https://youtu.be/eLeBC_aC_RQ.
This early launch proves WISE's commitment to its roadmap, which will soon be part of WISE's new site https://wise.cr.
Doug Davis, Gopher's Interim CEO, stated: "We are proud to see implementation of our technology platform into the Blockchain space in partnership with WISE. While Gopher is not a cryptocurrency or Blockchain company, it is a leading supplier of Asset Tracking IoT and Global Mesh Network technology platforms that licensees such as WISE can use to enhance their Blockchain-based offerings."
About Gopher Protocol Inc. (http://gopherprotocol.com)
Gopher Protocol Inc. (GOPH) ("Gopher") (http://gopherprotocol.com/) is a development-stage company which considers itself a native IoT creator, developing Internet of Things (IoT) and Artificial Intelligence (AI) enabled mobile technology platforms. Gopher has a portfolio of Intellectual Property that, when commercialized, will include smart microchips, mobile and security applications and protocols, and supporting cloud software. Gopher's system envisions the creation of a global mesh network. The core of the system will be its advanced microchip technology that can be installed in any mobile or fixed device worldwide. Gopher envisions this system as a low-cost, secure, private mesh network between any enabled devices, providing shared processing, advanced mobile database management/sharing and enhanced mobile features as an alternative to traditional carrier services.
About WISE
WISE Network S.A. ("WISE") is a Costa Rican corporation that has created the WISE Platform (http://www.wise.cr/). This Platform will be using the newly created WISE Token, for which WISE will also be conducting an ICO. WISE will have powered its Enigma Chip, based on Gopher's licensed technology, which will be designed to deploy a radio wave based Blockchain system, enabling distributed ledger, robust security, and real-time, vast data handling for IoT and mobile domains. The chip hardware is accompanied with embedded software, and is designed to work through its private, secured network protocol. Enigma IC can use Wi-Fi or Cellular networks to communicate with other Enigma ICs. In addition, the microchip can communicate via its own radio waves in a wide variety of frequencies, in locations where there are no cellular or Wi-Fi services, thereby expanding IoT tracking of Blockchain-based assets globally. It is expected that this feature opens an entire world of IoT and network possibilities for remote locations. The Enigma microchip includes Gopher's Avant! AI for Blockchain management and security.
A demonstration is available via an educational video released by Gopher and WISE -- https://youtu.be/3z0avXbYZoc
 

Forward-Looking Statements
Certain statements contained in this press release may constitute "forward-looking statements". Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website (http://www.sec.gov). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, governmental and public policy changes, the Company's ability to raise capital on acceptable terms, if at all, the Company's successful development of its products and the integration into its existing products and the commercial acceptance of the Company's products. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.
Contact:
Douglas Davies, Interim CEO
Gopher Protocol Inc.
VM Only 888-685-7336
Media: press@gopherprotocol.com
SOURCE: Gopher Protocol Inc.

Gopher Protocol, Inc. (OTCQB:GOPH) is a featured tech stock on Investorideas.com

Get News Alerts on Gopher Protocol, Inc.

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Investorideas.com - #Tech News: Nxt-ID (NASDAQ: $NXTD) Provides Update on Proposed Spin-Off of Payments Division

Investorideas.com - #Tech News: Nxt-ID (NASDAQ: $NXTD) Provides Update on Proposed Spin-Off of Payments Division

#Tech News: Nxt-ID (NASDAQ: $NXTD) Provides Update on Proposed Spin-Off of Payments Division

New record date to be announced

Investorideas.com - NXT-ID Inc. (NASDAQ: NXTD)

SEBASTIAN, Florida - December 17, 2018 (Investorideas.com Newswire) NXT-ID, Inc. (the "Company") (NASDAQ: NXTD), today announced that the proposed spin-off of its payment and other assets into an independent publicly traded company and distribution of shares of the new company to Nxt-ID shareholders has been delayed. Nxt-ID intends to proceed with the spin-off and to establish a new record date for the transaction in the first quarter of 2019. Shares of NXT-ID are currently trading with all the rights of shareholders of Nxt-ID common stock, including the right to receive dividends and distributions as determined by the Board of Nxt-ID.
"The reason for the delay in completing the transaction is that, after much effort, we were unable to come to terms with our primary lender regarding the release of their security interest in assets that we are proposing to spin off," said Gino Pereira, Chief Executive Officer of Nxt-ID. "We are currently working with a number of other lenders to replace the existing long-term facility to remove the security interest. We will announce a new record date when we have better clarity on the timing to complete the transaction and to receive various regulatory approvals. We are now targeting to conclude the spin-off before the end of the first quarter of 2019."
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 transaction, Nxt-ID shareholders, who own shares of Nxt-ID on the new record date to be announced 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 the Company developed previously by Nxt-ID. Following the spin-off, the Company has an investment commitment for up to $6 million to fund the operations of the new company. The new company intends to apply for listing on the NASDAQ.
PartX, Inc.
The new company, PartX, will include the payment, authentication and credential management assets of Nxt-ID and Fit Pay, Inc, including Fit Pay®'s Token Requester Platform, which enables cardholders to securely add their payment credentials to devices that are integrated with FitPay's token management solution. The Platform allows device manufacturers, merchants, banks and any other entity making digital transactions to offer their customers a safe and convenient payment experience. FitPay is one of the first successful commercializations of a token requestor service provider integrated with the major payment card networks.
PartX'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.
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 price, instead of a recurring monthly contract, offering a significant value proposition over monitored solutions.
Our LogicMark subsidiary has produced record revenues on an annual basis since its inception 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 nine months ended September 30, 2018, revenues from the Company's continuing operations, excluding Fit Pay as well as the payment, authentication and credential management assets of Nxt-ID, were $13.1 million with operating income from continuing operations of $0.9 million and non-GAAP operating income from continuing operations for the nine months ended September 30, 2018, adjusted for depreciation, amortization and other non-cash charges of approximately $2.3 million.
Transaction Details
For further details please see the Form 8-K filed with the Securities and Exchange Commission on September 20, 2018. Completion of the tax-free spin-off and IPO will be subject to final approval by the Nxt-ID Board of Directors, approval by NASDAQ and a number of other factors, including, the refinancing our current senior debt, 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. 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 and Risks: 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.
Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Nxt-ID, PartX, or their respective subsidiaries to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking statements contained in this press release include statements related to Nxt-ID's current views and expectations with respect to the spin-off and related transactions.
You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: a market demand for shares of Nxt-ID's common stock; general economic conditions; the performance of the financial and credit markets; the economic environment for the industries in which Nxt-ID and PartX currently and will operate; uncertainties that may delay or negatively impact the planned spin-off of PartX to be further delayed or to not occur at all; as well as risks Annual Report on Form 10-K, filed with the SEC on April 2, 2018, and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. We undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.
Media Contacts:
Chris Orlando
chris.orlando@nxt-id.com
+1-760-468-7273
D. Van Zant
+1-800-665-0411
press@nxt-id.com

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Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp. Disclosure: Nxt-ID, Inc. (NXTD) is a long term paid news publication and PR client of Investorideas.com. details at https://www.investorideas.com/About/News/Clientspecifics.asp
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