NXT-ID (NASDAQ: $NXTD) and
Fit Pay, Inc. Announce Letter of Intent to Combine Their Businesses
Potential
Transaction Would add a Comprehensive Payment and Authentication Platform to
NXT-ID's Existing Products and Capabilities
MELBOURNE,
Florida - March 27, 2017 (Investorideas.com Newswire) NXT-ID, Inc. (NASDAQ:NXTD) (NXTDW) ("NXT-ID" or the
"Company"), a security technology company, and Fit Pay, Inc., a
privately held provider of payment, credential management, and authentication
platform services, today announced that the companies have entered into Letter
of Intent to combine their businesses in a deal that includes stock and cash
consideration. NXT-ID will not be raising additional capital to complete this
transaction.
"This
potential transaction with Fit Pay would not only add a critical component to
our payment and authentication products, but also a platform which will enable
a whole new suite of offerings including payments, credential management, and
secure authentication services," said Gino Pereira, Chief Executive
Officer of NXT-ID, Inc. "Fit Pay's leadership team has over 50 years of
experience in the payment space. The completion of this transaction would
provide an important addition to our business model, increasing our
opportunities with existing products and allowing us to rapidly expand in
digital payments and the Internet of Things (IoT), both of which are part of
our strategic plan."
Fit
Pay is a white-label technology platform that provides payment, credential
management, authentication, capabilities and other secure services to wearable
and IoT devices. Fit Pay has integrated with the major credit card networks and
chip manufacturers to provide an all-in-one solution and flexible integration
options with developer-friendly tools and documentation, including Trusted
Service Management services, full-featured API, mobile SDK (iOS & Android)
and a highly secure payment network tokenization scheme.
"Blending
our payment and authentication capabilities with NXT-ID's industry-leading
technology products will significantly accelerate our ability to capture market
share," said Michael Orlando, CEO of Fit Pay, Inc. "As consumers
interact with more and more devices, providing core secure services with the
confidence of knowing the user has been authenticated is critical. NTX-ID and
Fit Pay create a powerful combination that will do just that - offering
transformational products and services to the marketplace."
The
transaction remains subject to completion of due diligence reviews, customary
definitive documentation and Nasdaq review. The companies seek to complete the
transaction early in the second quarter of 2017.
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 non-monitored 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://www.nxt-id.com
About Fit Pay, Inc.
Based
in San Francisco, California, Fit Pay, Inc. is led by former CyberSource and
Visa executives with more than 50 years of payment and identity authentication
domain expertise. With payment capabilities enabled by Fit Pay, wearable and
IoT device manufacturers can create customer loyalty, tap into recurring
revenue streams, open new markets, and differentiate their products in an
increasingly competitive market. The company was named a "Cool
Vendor" by Gartner for 2016. Learn more at http://www.fit-pay.com, or on Twitter.
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 other 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:
Fit Pay, Inc. Contact:
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