Breaking Tech News: NXT-ID (NASDAQ: NXTD) Issues Shareholder Corporate Update
SHELTON, Conn. - September 22, 2014 (Investorideas.com Newswire) NXT-ID, Inc., (NASDAQ: NXTD), a biometric authentication company focused on the growing mobile commerce market, issues the following corporate shareholder update following the uplisting to NASDAQ and the recent funding.
Letter from the CEO:
NXT-ID recently completed an essential round of funding and joined the NASDAQ to support ramping of production of Wocket™ as well as expand its other biometric and authentication products and services. This strategic achievement positions NXT-ID to pursue new markets and distribution channels while expanding staff in key technology and other positions and continuing to promote consumer awareness through social media and advertising to select markets. NXT-ID has already filled several new positions to accelerate our development of new, innovative features of Wocket and other products. We are adding to our existing staff of 12 and have signed a lease on a fulfillment and customer support center in Melbourne, FL.
Recent developments in the payment industry have brought focus to the many issues surrounding how we pay, and what we pay with. Another large data breach, this time at Home Depot, emphasizes that a smart wallet platform such as Wocket is needed now more than ever.
Although Apple Pay has dominated recent news and generated new life in existing technology built around NFC, Android device owners won't be able to take advantage of ApplePay; nor will those without a smart-phone or an iPhone 6 without a slide on case. NFC payment technology was introduced several years ago by services such as Google Wallet and Softcard (previously ISIS Wallet). In addition, some of the largest retailers such as Best Buy, Target, and Walmart are embracing yet another QR code-based technology called MCX, emphasizing the fragmentation in next generation payment systems.
Like Apple Pay, these digital wallets require a cell phone, with attendant battery life issues, an active data connection, and special hardware at the retailer.
Unlike cell phone dependent and connected technologies, Wocket works without a smart-phone, disconnected from cloud-based services, and maintains all the features of a wallet, allowing users to customize and carry whatever they need. It's truly the first universal secure payment solution. NXT-ID continues to work with several payment technologies and partners to take advantage of the flexible Wocket platform that includes biometric access protection and EMV like encryption through wocket numbers. 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, and checkout at locations that don't support NFC. Rather than a few hours of battery life between charges, an unprecedented minimum of 6 months can be achieved with typical Wocket use. In addition, Wocket is the only secure vault with a flexible platform that encompasses more than just a single payment method, and works everywhere you use your cards today.
Wocket secures all the information and cards users commonly store in their wallet, allowing them to continue paying with and using their credit, debit, loyalty, and insurance cards just as they do today. Wocket can even store login credentials, crypto currency accounts, and one thing that no digital wallet can ever replace -- cash. Wocket completely replaces the wallet and hosts a new generation of wallets that combine fashion with personal security.
The flexibility of the Wocket platform can support NFC and EMV, as well as Bluetooth and other forms of payment as they become prevalent in the future. Thus, unlike other technologies that are only accepted in certain locations, Wocket can be accepted everywhere while still providing security and privacy. Furthermore, Wocket is the only device that can secure all cards and personal information within your wallet directly under the owner's control, not within an impersonal cloud or unproven custodian of private data.
We will issue a marketing update with new initiatives including new TV ad campaigns and new celebrity ads this week followed by a detailed product manufacturing update, including delivery of the much anticipated Wocket.
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 the Wocket.
We believe we are delivering something to consumers and the market that has not been accomplished by our peers and competitors.
Chief Executive Officer
About NXT- ID Inc. - Mobile Security for a Mobile World
Nxt-ID'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 the Wocket™; a next generation smart wallet designed to replace all the cards in your wallet, no smart phone required. The Wocket works anywhere credit cards are accepted and only works with the user's biometric stamp of approval. www.wocketwallet.com.
NXT-ID's 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.
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