NXT-ID (NASDAQ: $NXTD) Announces Pre-Payment for First Production Run of WorldVentures DreamTrips SmartCards
MELBOURNE, Fla. - June 15, 2016 (Investorideas.com Newswire) NXT-ID, Inc. (NASDAQ:NXTD) (NXTDW) ("NXT-ID" or the "Company"), a company focused on the growing mobile commerce market, announces it has received a $1.2 M dollar payment from WorldVentures as part of a total of $2.5 million for the first production run of the DreamTrips SmartCards to be delivered at the end of July.
The DreamTrips™ card created exclusively for WorldVentures ("WVH"), a privately held leading direct seller of vacation and entertainment club memberships, is intended to make travel, vacationing and daily purchases for its membership simpler and more secure. As initially announced on January 4, 2016, the DreamTrips™ card is part of a broader alliance between the two companies. Effective December 31, 2015, WorldVentures entered into a Master Product Development Agreement with the Company, the terms of which have been previously disclosed. Among other things, the development agreement provides initial term of two (2) years. Pursuant to the Development Agreement, WVH has retained the Company to design, develop and manufacture a series of Proprietary Products (as defined in the Development Agreement) for distribution through WVHs its network of sales representatives, members, consumers, employees, contractors or affiliates. The Proprietary Products will utilize the Company's existing Background Technology (as defined in the Development Agreement) and customized hardware designs/solutions and software tools/applications developed by the Company for WVH.
WorldVentures announced the features of the new DreamTrips SmartCards in a press release on May 31 to its members stating:
"The SmartCard, customized exclusively by NXT-ID for WorldVentures DreamTrips Members, currently numbered at over 500,000 worldwide and growing, is intended to allow Members to:
- · Load up to 10 records (credit cards, loyalty cards, identity cards, and other data); additional records may be stored on WorldVentures's DreamTrips mobile app and interchanged with the records on the SmartCard at the election of a Member
- · Use as a payment method in the same way as a credit card, where accepted
- · Earn points at select restaurants worldwide that can be used towards DreamTrips vacations
- · Engage and interact socially with other DreamTrips Members worldwide through its communication features."
Read this release in full at http://www.investorideas.com/CO/NXT/news/2016/06151.asp
About NXT- ID Inc. - Mobile Security for a Mobile World
NXT-ID is an emerging growth technology company that is focused on products, solutions, and services for security on mobile devices. Our core technologies consist of those that support digital payments, biometric identification, encryption, sensors, and miniaturization. We have three distinct lines of business that we are currently pursuing: mobile commerce, primarily through the application of secure digital payment technologies; biometric access control applications, and Department of Defense contracting. Our initial efforts have primarily focused on the development of our secure products for the growing m-commerce market, most immediately, a secure mobile electronic smart wallet, the Wocket®. The Wocket® is a smart wallet, designed to protect your identity. http://nxt-id.com/ wocketwallet.com/
WorldVentures Marketing, LLC is the leading international direct seller of vacation club memberships and helps people achieve more fun, freedom and fulfillment through their DreamTrips memberships which offer highly curated vacation, local entertainment, dining and event experiences enjoyed with the member community or individually. WorldVentures is a privately held company based in Plano, Texas, with active Representatives and Members in 28 countries. For more information, please visit http://worldventures.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.
NXT- ID Inc Contact:
D. Van Zant
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