MELBOURNE, Florida - July 7, 2017 (Investorideas.com Newswire) NXT-ID, Inc. (NASDAQ:NXTD) (or the "Company") today announced that Michael Orlando joined its Board of Directors, effective July 6, 2017. Orlando's appointment to the Board follows the completion of the business combination with Fit Pay, Inc., which Orlando co-founded and served as Chief Executive Officer. In addition to his role on the Board, Orlando will serve as Chief Operating Officer for NXT-ID and President of Fit Pay, Inc., as was previously announced.
"Michael brings a wealth of experience not only within the payment and technology space but also building successful companies and growing large organizations," said Gino Pereira. "His technical knowledge and deep network within the industry will add an important perspective to the Board and increase the depth of our operational expertise."
With more than 20 years of payment services and technology business execution experience, Orlando has served in leadership positions in several successful companies, including Cybersource, where he oversaw all enterprise sales and professional services functions worldwide, driving revenue growth to more than $340 Million and establishing new international offices in Singapore, China, Brazil, Australia, and Dubai. Orlando played a primary role in the $2 Billion acquisition of Cybersource by Visa, Inc. and helped lead the post-acquisition integration. He remained at Visa in an executive role until 2012. In 2014, Orlando co-founded Fit Pay, Inc. with a vision to build a comprehensive payment and secure authentication platform for the IoT and wearable devices. NXT-ID completed a business combination with Fit Pay in May 2017.
"I am very pleased to join such as talented Board and look forward to contributing to the strategic direction of the company," said Orlando. "My goal will be working with the other Board members and management team to leverage NXT-ID's comprehensive IoT platform to create long-term value for shareholders."
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://nxt-id.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.
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