SHELTON, CT - October 8, 2013 (Investorideas.com biometrics/ defense stocks newswire) NXT-ID Inc. (
OTCQB: NXTD),
a biometrics company focused on the growing mobile commerce market,
today announced that it has issued the following product update for the
Wocket™ and 3D FaceMatch™ Systems.
Mr. Gino M. Pereira, CEO of NXT-ID Inc., notes, "NXT-ID is building
an innovative, next generation information security platform using
advanced biometric technology to enable secure transactions, identity
management, and access control via mobile and other devices in an
intuitive, cost-effective and easy-to-use manner. NXT-ID is creating a
new paradigm in information security."
He also added, "At the heart of NXT-ID's new paradigm is real-time,
dynamic, multi-factor biometric authorization that is user friendly and
extremely difficult to hack, thus providing greater security beyond
conventional security systems. This system combines multiple attributes
that are unique to each user such as face, voice, fingerprint, and
retina with multiple attributes that are unique to other identifiable
features, such as devices and accounts, to form an impenetrable security
solution. By introducing this new paradigm, NXT-ID hopes to shatter the
conventional User/Password structure that currently exists."
"The market opportunity for NXT-ID's biometric security products is
significant. The Wocket™ alone has a target market of nearly $1B in the
U.S. The opportunity will expand across multiple segments, given that
the company's products target consumers, enterprise and government
agencies in the U.S. and overseas."
NXT-ID's expertise in biometrics, along with its growing patent
portfolio of cutting edge technology, gives the company a solid
foundation upon which to make the new security paradigm a reality in the
marketplace. The product roadmap is ambitious with several new security
products scheduled for release in the months ahead, all of which are
based off of the company's Mobile-Bio™ platform. NXT-ID is using its
Mobile-Bio™ platform to commercialize a range of next generation
security products targeted at a range of applications that extends
across multiple segments. These products include:
1. The Wocket™ - a new class of biometrically secure mobile devices
designed to bring the traditional wallet into the 21st century by
providing the functionality of a wallet and incorporating a touch screen
and a single dynamically programmable card to use for credit, debit and
any other magnetic stripe functions.
2. Mobile-Bio FaceMatch™ - 2D, 3D and pseudo 3D methods to perform
facial recognition. Additionally, NXT-ID is seeking to incorporate its
patent pending "FacePassword" as a method to add multi-factor face and
face movement to Dynamic Pairing Codes using simple low-power embedded
processor on an external device (biosensor), such as a Wocket™, that
then connects to other end-points using Dynamic Pairing Codes.
3. Mobile-Bio Sensor™ - a simple, web-enabled, biometric-enabled
external device that is used for local authentication and remote
authentication with the BioCloud™ and/or remote servers.
4. VoiceMatch™ - a unique biometric-enabled method to add
multi-factor biometric identifiers (both speech and speaker recognition)
to Dynamic Pairing Codes using simple low-power embedded processor on
an external device (e.g., BioSensor), such as the Wocket™, that then
connects to other end-points using NXT-ID's Dynamic Pairing Codes.
5. Mobile BioCloud™ - a cloud-based end-point (authentication
service) to authenticate any "end-point" along a communication path,
such as external biosensors such as the Wocket™ and/or other PCs or
servers along the path. A dynamic pairing code is sent to the BioCloud™
where it is combined with other "identifiers" (such as device serial
number, master key, wallet key, dynamic pairing keys, Firmware key)
dynamically (per NXT-ID's proprietary algorithm that selects which
identifiers are used when) to issue a response, which is the compared by
each end-point.
NXT-ID's Mobile-Bio™ platform is diverse and contains a host of
proprietary, next generation security technologies. The diversity of the
platform is a key asset. It reflects the experience and depth of the
company's management and software developers in biometric technology.
The platform enables NXT-ID to produce a range of innovative products
incorporating proprietary methods targeted at different applications and
market segments that includes m-commerce, enterprise, law enforcement,
defense and Homeland Security.
NXT-ID plans to develop and foster market niches targeted at
consumers and small business while continuing to serve the law
enforcement and defense markets.
The Company is currently testing its 3D FaceMatch system for law
enforcement with Palm Bay Police in Florida and is ruggedizing the
system for real world conditions. This work is expected to be completed
by the end of November 2013 and the 3D facial recognition system is
anticipated to be launched for sale to law enforcement and corporations
desiring secure access control in December 2013. The Company has hired
an in-house sales representative to facilitate demonstrations and sales.
The Wocket development is proceeding well and several key modules
have been completed. A manufacturing prototype is anticipated to be
completed by December 2013 and sales of this product are expected to
commence in the first quarter of 2014. The Company is taking a segmented
approach to this very large consumer market and targeting 3 niche
markets initially;
a) Students at colleges and universities
b) Organizations that offer members identity protection services, and
c) Banks that wish to offer premier customers a novel, advanced, secure method of payment
About NXT- ID Inc. - Mobile Security for a Mobile World
NXT-ID, Inc.'s (OTCQB: NXTD) 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. NXT-ID'
wholly owned subsidiary, 3D-ID LLC, is engaged in biometric
identification has 22 licensed patents in the field of 3D facial
recognition
http://www.nxt-id.com/,
http://3d-id.net/
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.
Contact:
Corporate info:
info@nxt-id.com
Investor Relations
Kirin Smith
ProActive Capital Group
Direct: 646 863 6519
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About NXT- ID Inc. - Mobile Security for a Mobile World