NFC TIMES Exclusive Insight – U.S.-based Nxt-ID disclosed late Thursday that the spin-off of its payments unit, Fit Pay, which provides bank card provisioning for Garmin Pay, would again be delayed, as it waits another couple of weeks for the closing of a nearly $17 million loan it needs to move forward with the new company.
Fit Pay, which also provides tokenized payment card provisioning for the smaller SwatchPAY! project in Europe, would list separately from parent Nxt-ID on Nasdaq under the new name PartX, as it seeks to expand its business in the payments wearables and IoT market, while promoting other products.
“We are making progress on that (spin-off); it will be slower than ideally we would like,” Nxt-ID CEO Gino Pereira said on a conference call with analysts late Thursday. “We’ve previously announced that we have a refinancing for the company’s current term loan, which would allow us to proceed with the spin-off.”