Nxt-ID announced that PartX, Inc. will be the name of the planned entity by which it will spin-off its payments, authentication, and credential management business. On September 21, Nxt-ID announced that it intends to separate its payments, authentication, and credential management business into an independent company and distribute shares of the newly created company to its shareholders through the execution of a spin-off, which the company believes will qualify as a tax-free distribution. The new company, PartX, will include the assets acquired in the May 2017 business combination with Fit Pay as well as the payment, authentication, and credential management assets that the company developed since inception. Following the spin-off, the PartX has an investment commitment for $6.0M to fund its operations. PartX plans to apply for listing on the NASDAQ exchange. Michael Orlando, current Nxt-ID COO and president of Fit Pay, will be the CEO of the new company. Orlando and Nxt-ID CEO, Gino Pereira, will serve on the Board of Directors of both companies.