NXT-ID (NXTD) security technology jumps 39% on government contract

NXT-ID saw its inventory rise 39% on Wednesday after the United States General Services Administration (GSA) awarded the personal emergency systems supplier a contract to sell its devices to federal, state and local buyers.

The Louisville, Ky.-Based company trades under the ticker symbol “NXTD” on the Nasdaq Capital Market. The stock hit an intraday high of $ 3.46 per share before giving up some gains. The shares were listed at $ 2.72, up 9% as of 2:05 p.m. ET (UTC-5).

Direct distribution to government agencies

The deal allows NXTD to expand its relationship with President Joe Biden’s government beyond the Veterans Health Administration (VHA). The company and its subsidiary LogicMark have provided low-cost or free lifesaving devices to military veterans for years through the VHA.

“These contracts are difficult to win and with this partnership we can now offer our products and services to more federal, state and state municipalities so that they can serve more people in this partnership,” NXTD CEO Chia-Lin Simmons said in a press release.

GSA provides products (including IT solutions), services, workspaces, and expertise to US government agencies. In addition, the GSA acts as the federal government’s global supply chain manager. The Washington, DC-based organization has 12,000 employees and 11 regional offices located across the country.

Solidarity economy

NXTD’s Internet of Things devices keep millions of Americans connected to emergency services, family members and caregivers. The company said its devices will play a vital role as people seek to age gracefully and live independently at home for as long as possible.

According to the press release, 10,000 people in the United States turn 65 every day and the number of seniors will double over the next few decades, representing more than 23% of the population by 2050.

“This is just the start for us as we grow and continue to reinvent technology for what we call the benevolent economy,” Simmons said.

Company history

NXTD went public in 2014 through an initial public offering (IPO). Simmons, a veteran tech company executive, joined us six months ago.

Previously, she was the founder and CEO of artificial intelligence social commerce company LookyLoo and, prior to that, was responsible for global partner marketing at Google Play.

NXTD’s board of directors includes retired U.S. Army General David Gust, who is an independent director. Gust most recently served as President of USfalcon, a private information technology contractor for the US defense sector.

He has also held managerial positions with Bechtel National and Technical and Management Services Corporation since completing 34 years of military service.

Read more: Motorola rejects CMA investigation into UK emergency network

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