Friday, December 21, 2012

The New Face of Mobile Security: Q&A Interview with CEO of NXT-ID, Inc

New York, New York, Point Roberts, WA - December 21, 2012 ( newswire, staff:, an investor research portal specializing in sector research for independent investors including tech stocks features an exclusive Q&A interview with Mr. Gino Pereira, Chief Executive Officer of NXT-ID, Inc and its MobileBio technologies.

Gino, I understand the Company's core technology is based on biometrics that had successfully been deployed in other markets. Can you give us some background on the MobileBio group of technologies and the basis of the technology platform?
A: Gino Pereira, Chief Executive Officer
The founders of NXT-ID were the CEO and Vice-President of business development at Technest Holdings, an OTCBB public company, and its subsidiary Genex Technologies. Genex Technologies was founded in 1995 to develop and commercialize the unique Rainbow® method of capturing 3D data. Since its founding Genex has developed into one of the market leaders in advanced imaging, including 3D and 360-degree technologies. Genex has developed innovative technologies and products for all aspects of imaging, including capture, processing, display, and enhancement. Genex's products range from 3D cameras to surveillance algorithms to integrated facial recognition systems. Genex and Technest have won highly competitive awards from the Department of Defense, NIH, NIST and NSF amounting to over $30 million in support of this technology.
NXT-ID has licensed all the Technest /Genex technology (exclusively in many markets) to provide a product portfolio and a strong technical foundation for its further development efforts
In addition, NXT-ID has also licensed patents and know-how from Geometrix, a leading 3D imaging company using a different technical approach to Technest. This technology performed very favorably at the Face Recognition Vendor Test conducted by the National Institute of Science and Technology (NIST).
NXT-ID also has key scientific and engineering personnel that have had key roles in the development of these technologies and have an important intellectual knowledge base that the Company intends to leverage.
You are initially targeting the financial transactions market; can you give us insight into the roll out and how you plan to penetrate this growing global m-commerce market?
A: Gino Pereira, Chief Executive Officer
Juniper Research estimates that worldwide mobile payment volume will grow to $240 billion in 2012, and forecasts growth to $670 billion by 2015. Many major players around the world have announced plans for mobile payments including AT&T, Sprint, Verizon, T-Mobile, Google, Visa, MasterCard, American Express, Discover, Bank of America, Barclays, RIM and others
According to the Pew Research Center, a majority of technology experts and other internet stakeholders believe that by 2020 most people will have embraced and fully adopted the use of smart-device swiping for purchases they make, nearly eliminating the need for cash or credit cards. These experts feel that the explosive growth in the use of smartphones and other mobile devices, combined with the convenience, security, and other affordances of mobile payments systems, makes these systems an obvious choice to replace established modes of payment in day-to-day commerce. However, like any new technology, NFC still faces some potential hurdles. Before consumers jump into the world of mobile payments, they'll need to be assured that the technology is safe and secure. NXT-ID is developing a separate physical electronic wallet that holds information from credit cards, identification cards, and virtually any card to allow the owner of the card to use a reprogrammable secure card to replicate any of the cards in the wallet. This wallet will have a combination of biometric and password recognition for additional security. We expect to launch this product in 2013 through partnerships with financial institutions.
There are several products in development; MobileBio Wocket™, MobileBio™ Sensor and MobileBio FaceMatch™- can you us a brief overview of each one and the solutions it provides mobile users?
A: Gino Pereira, Chief Executive Officer
Aside from the "Wocket" which was just described the other two products we currently have in development are
MobileBio™ Sensor- For individuals that use a variety of secure devices where the identification of the specific individual is important; the MobileBio™ Sensor can communicate with the intended device directly or remotely. Verification is through cloud based identity management and information "BioCloud" assurance services hosted by the Company. This device will also help to secure one aspect of "BYOD" (Bring your own device) computing which is a growing concern among corporations where individuals are using their personal smartphones and tablets to connect to their company's IT servers. This device can also be used by law enforcement officers and military servicemen to collect and transmit biometric data remotely. Connection to devices may be made through USB or by Bluetooth
MobileBio FaceMatch™- A modular facial recognition system for smartphones, tablets, laptop and desktop computers. Depending on the number of cameras available and level of security desired MobileBio FaceMatch will use 2D, pseudo 3D or 3D facial recognition algorithms to allow the user access to their device. The software can be hosted on the device or through cloud computing. The software will also be available as an "app" on the iPhone and Android platforms. One of the major areas of concern with facial recognition is user privacy with most companies utilizing private data for other marketing purposes. The MobileBio FaceMatch app will not retain any personal information on the user.
When can consumers expect to see MobileBio in the market and what phones are currently compatible?
A: Gino Pereira, Chief Executive Officer
We anticipate that MobileBio FaceMatch™ will also be available in 2013 and be available as an app on Android smartphones, such as the Samsung Galaxy, and the Apple iPhone.
In closing, where do you see your biggest growth opportunity?
A: Gino Pereira, Chief Executive Officer
I believe that we our products address substantial concerns in large markets. According to the International Biometrics Group, the world-wide facial recognition market for all applications of the technology is expected to exceed $1B in the year 2012. There is an increased need for greater security as risks to national security become more dangerous and costs of identity theft grow. Identity theft in the US cost victims $54 billion in 2009. The value proposition that we offer customers with our versatile, simple MobileBio technology is complete interoperability of sensors with mobile applications and cloud-based services, which will secure the mobile money/m-commerce market by filling a versatility and flexibility gap that is lacking with current solutions.
About NXT-ID
NXT-ID, Inc.'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.
Gino Pereira
Chief Executive Officer
Phone: 203-305-3568;
Fax: 203-888-7399
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