SHELTON, CT — (Marketwired) — 10/08/13 — 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. – 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. – 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. – 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. – 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. B – 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
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-s wholly owned subsidiary, 3D-ID LLC, is engaged in biometric identification has 22 licensed patents in the field of 3D facial recognition ,
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:
Investor Relations
Kirin Smith
ProActive Capital Group
Direct: 646 863 6519
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