Brief: Nxt-Id Announces Intention To Spin-Off Payments Division

LogicMark

21/09/2018 13:16

Sept 21 (Reuters) - Nxt-ID Inc  NXTD.O :
    * NXT-ID ANNOUNCES INTENTION TO SPIN-OFF PAYMENTS DIVISION
    * NXT-ID INC - COMPANY PLANS FOR INITIAL PUBLIC OFFERING TO
INCLUDE PAYMENT, AUTHENTICATION AND CREDENTIAL MANAGEMENT ASSETS
    * NXT-ID INC - FOLLOWING SPIN-OFF, NEW COMPANY HAS AN
INVESTMENT
COMMITMENT FOR $6.0 MILLION TO FUND ITS OPERATIONS
    * NXT-ID INC - NEW COMPANY WILL APPLY FOR LISTING ON NASDAQ
    * NXT-ID INC - NEW COMPANY WILL INCLUDE ASSETS ACQUIRED IN
MAY
2017 BUSINESS COMBINATION WITH FIT PAY
    * NXT-ID INC - NEW COMPANY WILL ALSO INCLUDE PAYMENT,
AUTHENTICATION AND CREDENTIAL MANAGEMENT ASSETS THAT COMPANY
DEVELOPED PREVIOUSLY
    * NXT-ID INC - FOLLOWING SPIN-OFF, NEW COMPANY HAS AN
INVESTMENT
COMMITMENT FOR $6.0 MILLION TO FUND ITS OPERATIONS
    * NXT-ID INC - TRANSACTION EXPECTED TO BE COMPLETED BY
NOVEMBER
15, 2018
    * NXT-ID INC - MICHAEL ORLANDO, CURRENT NXT-ID COO AND
PRESIDENT
OF FIT PAY, WILL BE CHIEF EXECUTIVE OFFICER OF NEW COMPANY
    * NXT-ID INC - ORLANDO AND PEREIRA WILL SERVE ON BOARDS OF
BOTH
COMPANIES
    * NXT-ID INC -  AFTER TRANSACTION, NXT-ID SHAREHOLDERS WHO
OWN
COMMON SHARES OF NXT-ID ON DIVIDEND DATE OF OCT 15, WILL OWN
SHARES OF BOTH COS
    * NXT-ID INC - BELIEVES TRANSACTION WILL QUALIFY AS A TAX
FREE
DISTRIBUTION
    * NXT-ID INC - COMPANY PLANS FOR INITIAL PUBLIC OFFERING TO
INCLUDE PAYMENT, AUTHENTICATION AND CREDENTIAL MANAGEMENT ASSETS

Source text for Eikon:  ID:nPn25wGXMa 
Further company coverage:  NXTD.O 

 ((Reuters.Briefs@thomsonreuters.com))