NXT-ID Announces Issuance of US Patent for IoT Device Collaboration

MELBOURNE, Florida, May 23, 2018 /PRNewswire/ --

NXT-ID, Inc. (NASDAQ: NXTD) today announced that the United States Patent and Trademark Office has issued US Patent Number 9,979,724, entitled "Distributed Method and System to Improve Collaboration Services Across Multiple Devices." The patent introduces the concept of collaborative services across multiple devices that may be used to utilize a common data or algorithms to recognize and authenticate a user for purposes of performing a variety of actions across many devices. It enables devices without specific authentication hardware or software components the ability to leverage the capabilities of nearby devices or contribute by sending data to an authentication service.

"This technology improves the security and operation of the IoT by enabling multiple devices to work together to improve accuracy and convenience," David Tunnell, CTO of NXT-ID. "Now, instead of simply authenticating with a single device, multiple devices may work together to identify and authenticate users. This introduces numerous possibilities for collaborative services in the future as the IoT grows. Beyond authentication, these collaborative services can include jointly performing tasks or jointly providing services to the user."

"Expanding our patent portfolio in the areas of credential management, authentication and payments is a key component of our strategy to be at the center of the ever-growing Internet of Things," said Gino Pereira, Chief Executive Officer of NXT-ID. "The technology behind this patent creates a range of potential use cases - everything from securing payments to personalizing room environments - that will make IoT devices more secure, more personalized, more efficient and, ultimately, even more powerful."

About NXT- ID, Inc. 

NXT-ID, Inc. (NASDAQ: NXTD) provides a comprehensive platform of technology products and services that enable the Internet of Things (IoT). With extensive experience in access control, biometric and behavior-metric identity verification, security and privacy, encryption and data protection, payments, miniaturization and sensor technologies, NXT-ID develops and markets groundbreaking solutions for payment and IoT applications. Its industry-leading technology products and solutions include MobileBio®, a suite of biometric solutions that secure consumers' mobile platforms, the Wockettm, a next-generation smart wallet and the Flye, a digital credit card developed in collaboration with WorldVentures.

NXT-ID includes three mobile and IoT-related subsidiaries: LogicMark, LLC, a manufacturer and distributor of non-monitored and monitored personal emergency response systems ("PERS") sold through dealers/distributors and the United States Department of Veterans Affairs; Fit Pay, Inc., a proprietary technology platform that delivers end-to-end solutions to device manufacturers for contactless payment capabilities, credential management, authentication and other secure services within the IoT ecosystem, and 3D-ID LLC, which is engaged in biometric identification and authentication. Learn more about NXT-ID at www.nxt-id.com. FitPay and the FitPay Payment Platform are the sole property of Fit Pay, Inc. For NXT-ID Inc. corporate information contact: [email protected]

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.

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SOURCE NXT-ID, Inc.