SEBASTIAN, Florida - December 6, 2018 (Investorideas.com Newswire) LogicMark, LLC, a wholly owned subsidiary of NXT-ID, Inc. (NASDAQ: NXTD), today announced the commercial launch of Notifi911, a Personal Emergency Response (PERS) device, to be sold direct to consumers through big box retail stores and other sales channels. Notifi911, LogicMark's newest Mobile Emergency Response pendant, will connect users to 911 at the touch of a button on the wearable pendant allowing them to speak directly to a 911 operator anytime and anywhere there is cellular service.
"The retail launch of Notifi911 represents a significant expansion of our product offerings and distribution channels, which will allow us to offer security and safety products to entirely new markets and customers," said Kevin O'Connor, President of Logicmark. "Partnering with the nation's leading retailers offers an important new channel for our PERS products and will provide us with strong consumer distribution in the fast growing global PERS retail market."
Notifi911 will be available at Best Buy, BestBuy.com and other national retailers. It is currently undergoing the product onboarding process through Best Buy and will be available to purchase in the coming months. The launch of Notifi911, a self-contained unit that does not require a base station, landline or cellular plan, follows extensive in-store trials. There are no monthly charges, no monitoring fees, and no contract to use the device, which offers a distinct value proposition over other devices currently on the market. The Notifi911 pendant is fully rechargeable with a standby time of 3 months when fully charged. The robust design of the Notifi911 allows the pendant to get wet so it can be carried and used during outdoor activities and during heavy rain. LogicMark offers a one-year limited warranty on Notifi911.
"Our PERS device provides users with the comfort of knowing that with the touch of a button they can immediately reach emergency operators," said Stanley Washington, Chief revenue officer and president healthcare for NXT-ID, Inc. "We have seen strong demand from consumers who want that level of security and safety without a monthly fee. Launching our retail distribution strategy is a major step in making our devices available to a wider marketplace."
LogicMark is currently a major provider of PERS to the Veterans Administration. The Company's non-monitored product offering has disrupted the market for PERS by providing its end-users a product at less than 10 percent of the cost to customers over lifetime use of monitored devices offered by its competitors. LogicMark operates in the $6.3 billion global PERS market, which is projected to grow to $8.4 billion in 2020 (Source:IndustryARC Market Research). There are three major trends driving the market growth in PERS:
For seniors, falls result in more than 2 million injuries treated in emergency departments, including over 550,000 hospitalizations and more than 18,000 deaths per year. Falls are the leading cause of fatal injury and the most common cause of nonfatal trauma-related hospital admissions among older adults. (Source:NCOA). The financial toll for older adult falls is expected to increase as the population ages and may reach $54.9 billion by 2020.
Other market opportunities for the Notifi911 retail offering include:
LogicMark's has a long history of providing PERS devices to those aging in place and with medical conditions the ability to call 911 or to alert family and friends to an emergency with the simple touch of a button. The Company is a leading provider of medical alert systems that offer this emergency service without a monthly fee or contract. LogicMark offers both monitored and non-monitored PERS devices. Prior to this retail launch of Notifi911, the Company's devices were primarily sold through dealers and medical devices distributors as well as through the United States Department of Veterans Affairs.
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: firstname.lastname@example.org.
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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