NXT-ID Inc. On The Verge Of A Breakout
NXT-ID Inc has been one of the most active penny stocks on the NASDAQ markets. It’s one that we at Insider Financial have been following closely. We feel that shares are consolidating before making an explosive move higher. This comes as a lot of exciting news has been coming out of the company so far this year.
What got shares moving higher was the company’s deal with WorldVentures, which we said was a winner. NXT-ID and its partner WorldVentures announced the first purchase order for a new SmartCard being developed for WorldVentures vacation club members. The purchase order is for up to $15 million and is subject to WorldVentures acceptance of the prototype card now being manufactured. The purchase order calls for equal monthly deliveries with a value of $2.5 million a month from July to December 2016. With the exception of the order for the first $2.5 million, WorldVentures has the option to cancel, defer or increase monthly shipments with 90 days written notice on subsequent orders.
This follows the deal with WorldVentures that was signed in January. WorldVentures made a strategic investment of $2 million in Nxt-ID to develop a proprietary new wireless smart card for its members—numbering in the several hundreds of thousands worldwide—based on Nxt-ID’s Wocket, a unique smart wallet that serves to securely store all credit cards. The smart card will be customized with additional technologies and wireless features, such as the ability to seamlessly integrate with WorldVentures’s DreamTrips App to wirelessly check in and earn loyalty points towards free DreamTrips vacations at select restaurants.
DreamTrips is a travel club and entertainment community where nembers enjoy exciting excursions year-round to extraordinary destinations. WorldVentures currently has approximately 500,000 DreamTrips members, with as many as 80,000 new members joining every month. The vision of WorldVentures’s executive team is to make the smart card available to every existing member, and provide a member kit to every new member that includes the smart card. This strategic alliance is the first step in achieving that vision.
The latest news from the company was that it received notice of allowance from the US Patent Office on its “Unpassword” encryption patent. The invention relates generally to authenticating and encrypting information exchanged between two devices. A first device needs to authenticate a second device, before the first device will exchange information with the second device. “We want to be sure that the second device is not a bad guy or a hacker before actually sending sensitive information,” said David Tunnell, Chief Technology Officer of NXT-ID. Gino Pereira, CEO of NXT-ID said:
“These dynamic pairing codes are a cornerstone of our MobileBio encryption technology and we are pleased that this patent is about to be awarded. This technology allows a much higher level of security for transactions than is currently employed and the licensing of this technology is a potential path to generating recurring revenue on financial transactions and the reduction of fraud losses by financial institutions.”
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 solutions that secure consumers’ mobile platforms. NXT-ID’ wholly owned subsidiary, 3D-ID LLC, is engaged in biometric identification and has 22 licensed patents in the field of 3D facial recognition.
For more information: https://insiderfinancial.com/nxt-id-inc-nasdaqnxtd-on-the-verge-of-a-breakout
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