SEBASTIAN, Florida, Oct. 18, 2018 /PRNewswire/ — Nxt-ID, Inc. NXTD, -11.34% NXTD, -11.34% today appear that PartX, Inc. will be the name of the planned article by which it will aftereffect its payments, authentication, and credential administration business. The name is advised to arm-twist connectively, adherence and amaranthine possibilities.
The name PartX™ is aggressive by Charles Pajeau’s apparatus of Tinker Toys in 1914. Pajeau’s apparent included a allotment alleged ‘Part W’ – a annular ball with holes accomplished about the perimeter. It was advised so that back affiliated to the set’s board sticks it formed absolute 90-degree angles, accouterment backbone to an absolute aggregate of structures.
“PartX is the change of Pajeau’s eyes – technology platforms and articles that affix bodies to devices, and accessories to ecosystems,” explained Michael Orlando, COO of Nxt-ID and admiral of Fit Pay, Inc. “The aggregation will facilitate connected commerce, making agenda affairs secure, bland and personalized.”
The PartX name and branding will be alien at Money20/20, a payments industry accident abounding by added than 11,500 professionals, demography abode October 21-24, 2018 in Las Vegas, Nevada. The aggregation will be announcement at the accident and is a sponsor.
On September 21, 2018, Nxt-ID appear that it intends to abstracted its payments, authentication, and credential administration business into an absolute aggregation and administer shares of the anew created aggregation to its shareholders through the beheading of a spin-off, which the Aggregation believes will authorize as a tax-free distribution.
The new company, PartX, Inc., will accommodate the assets acquired in the May 2017 business aggregate with Fit Pay, Inc. as able-bodied as the payment, authentication, and credential administration assets that the Aggregation developed back inception. Following the spin-off, the PartX has an advance charge for $6.0 actor to armamentarium its operations. PartX affairs to administer for advertisement on the NASDAQ exchange.
Michael Orlando, accepted Nxt-ID COO and admiral of Fit Pay, will be the arch controlling administrator of the new company. Orlando and Nxt-ID CEO, Gino Pereira, will serve on the Board of Directors of both companies.
Sign up to accept updates about PartX, Inc. at www.PartXinc.com.
For added capacity about the aftereffect transaction, amuse see the Form 8-K filed by Nxt-ID with the Securities and Barter Commission on September 21, 2018. Completion of the tax-free aftereffect and the new company’s consecutive advertisement will be accountable to final approval by the Nxt-ID Board of Directors, approval by NASDAQ and a cardinal of factors, including bazaar conditions, the beheading of inter-company agreements and added matters. Nasdaq has not accustomed the aftereffect aggregation for advertisement and there are no guarantees that the aggregation will be able to account on Nasdaq or any added exchange.
About Nxt- ID, Inc.
Nxt-ID, Inc. NXTD, -11.34% provides a absolute belvedere of technology articles and casework that accredit the Internet of Things (IoT). With all-encompassing acquaintance in admission control, biometric and behavior-metric character verification, aegis and privacy, encryption and abstracts protection, payments, miniaturization and sensor technologies, Nxt-ID develops and markets groundbreaking solutions for acquittal and IoT applications. Its industry-leading technology articles and solutions accommodate MobileBio®, a apartment of biometric solutions that defended consumers’ adaptable platforms, the Wocket™, a next-generation acute wallet and the Flye, a agenda acclaim agenda developed in accord with WorldVentures.
Nxt-ID includes three adaptable and IoT-related subsidiaries: LogicMark, LLC, a architect and benefactor of non-monitored and monitored claimed emergency acknowledgment systems (“PERS”) awash through dealers/distributors and the United States Department of Veterans Affairs; Fit Pay, Inc., a proprietary technology belvedere that delivers end-to-end solutions to accessory manufacturers for contactless acquittal capabilities, credential management, affidavit and added defended casework aural the IoT ecosystem, and 3D-ID LLC, which is affianced in biometric identification and authentication. Learn added about Nxt-ID at www.nxt-id.com. Fit Pay and the Fit Pay Acquittal Belvedere are the sole acreage of Fit Pay, Inc. For Nxt-ID Inc. accumulated advice contact: [email protected]
Forward-Looking Statements for Nxt-ID: This columnist absolution contains advanced statements aural the acceptation of the Private Securities Litigation Reform Act of 1995. Advanced statements reflect management’s accepted expectations, as of the date of this columnist release, and absorb assertive risks and uncertainties. Advanced statements accommodate statements herein with account to the acknowledged beheading of the Company’s business strategy. The Company’s absolute after-effects could alter materially from those advancing in these advanced statements as a aftereffect of assorted factors. Such risks and uncertainties include, amid added things, our adeptness to authorize and advance the proprietary attributes of our technology through the apparent process, as able-bodied as our adeptness to possibly authorization from others patents and apparent applications all-important to advance products; the availability of financing; the Company’s adeptness to apparatus its continued ambit business plan for assorted applications of its technology; the Company’s adeptness to access into agreements with any all-important business and/or administration partners; the appulse of competition, the accepting and aliment of any all-important authoritative clearances applicative to applications of the Company’s technology; and administration of advance and added risks and uncertainties that may be abundant from time to time in the Company’s letters filed with the Securities and Barter Commission.
Chris Orlando [email protected] 1-760-468-7273
D. Van Zant 1-800-665-0411 [email protected]
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SOURCE Nxt-ID, Inc.
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