NXT-ID (NASDAQ: $NXTD)
Completes Acquisition of LogicMark
MELBOURNE, Florida - July 26, 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 completed its acquisition of
LogicMark, LLC ("LogicMark"), a leading provider of unmonitored
personal emergency response devices (PERS).
NXT-ID, Inc. has completed its previously
announced acquisition of LogicMark for $20,000,000, and $900,000 of stock and
warrants. In addition, LogicMark's selling equity holders may be paid an earn-out
of up to $6,500,000 based on achieving certain performance goals within the
next 18 months. The acquisition was financed with a $15,000,000 senior secured
debt facility provided by ExWorks Capital Fund and $4,500,000 of preferred
equity provided by several institutional investors.
Aegis Capital Corp. served as exclusive
placement agent for the debt and equity financing, as well as financial advisor
to NXT-ID. Livingstone, an international mid-market M&A and debt advisory
firm, served as advisor to Logicmark.
For the year ended December 31, 2015 LogicMark
had audited revenue and net profit of $ 11.1 million and $ 3.1 million
respectively. For the three months ended March 31, 2016, LogicMark had
unaudited revenue and net profit of $ 3.3 million and $ 1.0 respectively.
LogicMark is comprised of a staff of 22
full-time professionals, 3 part-time professionals, and 5 contractors.
Gino Pereira, Chief Executive Officer of the
Company, said, "This is a significant milestone for the Company. LogicMark
is a market leader in unmonitored PERS devices and we believe we can
potentially add significant value by integrating our voice biometric technology
as well as detection sensors and miniaturization to future versions of
LogicMark products. In addition, the Company believes it can potentially
enhance the retail presence of LogicMark products."
Kevin O'Connor, Logicmark's President, added,
"We are pleased that the acquisition is complete and look forward to being
part of the NXT-ID team. With our combined resources we are confident that we
will bring new solutions to the market, and expand our current offerings with
new channel partners."
About LogicMark
Founded in 2006, LogicMark has revolutionized
the personal emergency response system (PERS) industry by incorporating
patented two-way voice communication technology directly in the medical alert
pendant. With a focus on innovation, LogicMark provides a unique offering of
medical alert systems that contribute to improving the quality of life for
those choosing to continue to live independently. https://www.logicmark.com/
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. http://nxt-id.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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