NXT-ID, Inc. (NASDAQ: $NXTD) Enters into Purchase
Agreement for the Acquisition of LogicMark, LLC.
MELBOURNE,
Fla. - May 18, 2016 (Investorideas.com Newswire) NXT-ID, Inc. (NASDAQ:NXTD) (NXTDW), a company focused on the growing
mobile commerce market announces it has entered into an interest purchase
agreement to acquire 100% of the membership interests of LogicMark, LLC, a
leading provider of unmonitored personal emergency response devices (PERS).
As
per the terms of the agreement, NXT-ID, Inc. will acquire LogicMark for $20
Million in cash, with an anticipated closing date no later than June 30, 2016,
subject to customary closing conditions, including a financing contingency. In
addition, LogicMark members will be paid an earn out based on achieving certain
performance goals within the next 18 months. The financing for the acquisition
will be a combination of senior secured debt and equity.
The
audited financial statements for LogicMark for the year ended December 31, 2015
showed revenues of $11.1 million and pre-tax net income of $3.1 million. The
Company has a staff of 22 full-time professionals, 3 part-time professionals,
and 5 contractors.
Gino
Pereira, Chief Executive Officer of the Company, said, "This accretive
acquisition fits into our strategy of utilizing our core competencies to create
diverse new opportunities for the Company."
Kevin
O'Connor, Logicmark's President, added, "We are excited to become a part
of NXT-ID Inc. and leverage their technology and channel partnerships to expand
our product portfolio and markets."
NXT-ID,
Inc. plans to integrate its voice biometric technology as well as fall
detection sensors and miniaturization skills to future versions of LogicMark products.
In addition, the company believes it can potentially enhance the retail
presence of LogicMark products.
Mr.
Pereira also went on to say, "We are utilizing additional resources and
consultants to assist with LogicMark integration and management as well as
retaining key LogicMark staff. We remain very focused on delivering the new
WorldVentures DreamTrips™ smart cards which are currently in pre-production and
will be ready for field testing in the coming weeks. We expect to make our
first production deliveries to WorldVentures in July 2016."
Logicmark
was advised through the sale by Livingstone, an international mid-market
M&A and debt advisory firm.
About NXT- ID Inc. - Mobile Security for a Mobile World
NXT-ID (NASDAQ:NXTD) 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. www.nxt-id.com, www.wocketwallet.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:
Media:
D. Van Zant
800 665-0411
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