Nxt-ID, Inc. (NASDAQ:NXTD) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
Appointment of Director
Effective June 30, 2017, Nxt-ID, Inc.’s (the “Company”) Board of Directors appointed Mr. Michael Orlando, Chief Operating Officer of the Company, as a director to serve on the Board of Directors of the Company. There are no understandings or arrangements between Mr. Orlando and any other person to which Mr. Orlando was selected as a director beyond the contractual undertaking of the Company to the recent merger agreement wherein the Company acquired Fit-Pay, Inc., which was disclosed in a current report on Form 8-K on May 30, 2017.
Resignation of Director
On July 5, 2017, Stanley E. Washington notified the Company that he would resign from his position as a Director of the Company, effective immediately. Mr. Washington’s resignation was not the result of any disagreement with the Company.
Immediately following his resignation, Mr. Washington will join the Advisory Board of the Company to consult with, and provide advice to, the Company’s management as part of our primary focus on IoT products and services. Mr. Washington, a former American Express executive and CEO of Pantheon Business Consulting, will lead our business development and overall growth initiatives in this area and will be focused on increasing the Company’s strategic partnerships in an expanded leadership role.
About Nxt-ID, Inc. (NASDAQ:NXTD)
Nxt-ID, Inc. is a technology company. The Company is focused on products, solutions and services for security on mobile devices. The Company’s core technologies consist of those that support digital payments, biometric identification, encryption, sensors and miniaturization. It has three lines of business: mobile commerce (m-commerce), primarily through the application of secure digital payment technologies; biometric access control applications, and Department of Defense contracting. It intends to use its core biometric facial and voice recognition algorithms to develop security applications (both cloud based and locally hosted) that can be used for companies, as well as individuals, law enforcement, the defense industry, and the United States Department of Defense. Its offerings include Wocket, a physical electronic smart wallet; the NXT Smartcard, a standalone smartcard; Wi-Mag, an antenna and payment technology, and 3D FaceMatch and 3D SketchArtist facial recognition products.
