Financing and New Product Launch Positions Company for Subscriber Base Growth with a Broad Range of “Smart” Applications
Los Angeles, CA – November 19, 2013 – GTX Corp (OTCQB: GTXO), a pioneer in wearable technology and embedded GPS monitoring and real time tracking solutions, released the following letter to its shareholders related to third quarter results and a look ahead with new product introductions, new channel partners and increasing subscriber base strategy.
Highlights from this letter are:
· Secured sufficient financing from institutional investor through mid 2014
· Development of sales channel strategies for core product deployment
· Completed strategic agreements with Atlantic Footcare and Tracker.com
· Increased our IP portfolio
In the third quarter, we focused our efforts on securing the capital needed to execute on our plan, and positioning our business for high volume deployments. With our funding now secured through mid next year, our primary focus going forward is on executing our pipeline of business development. We are constantly striving to increase ways to grow our subscriber base, whether they are deployed in insoles, shoes, backpacks, containers, smart phones or the like. We generate monthly recurring revenues from our line of SMART (Satellite Monitoring and Real-time Tracking) hardware and software, which is where the long term value of our business resides. Our current results as disclosed in our September 30, 2013 filing do not detail out our base deployed devices; however, we do plan to release these metrics in 2014 as our business continues to grow.
Historically we have relied upon channel partners for sales and marketing of products that embed our technology. In the third quarter, upon securing new funding, we made the strategic decision to include and add direct to consumer (B2C) sales for certain products and markets. We expect to formally launch some of these products in the first quarter of 2014. To prepare for this launch, we have commenced development of a B2C ecommerce platform and certain marketing initiatives, including building a direct response strategy that we believe will have a significant effect on growing our brand and subscription base in 2014. In addition to our existing channels, we are also pursuing the children’s footwear market, certain cleantech programs, and new international markets such as Switzerland, Austria and Germany.
In our LOCiMOBILE subsidiary, we have also begun a new sales initiative with our TrackMyWorkForce app. We have seen an increase in our user base primarily from the pharmaceutical industry and expect this niche market to contribute to the growth of our subscription base in 2014, especially as we expand our marketing efforts and automate our ecommerce engine.
Our team remains deeply committed to the long term value of GTX Corp, our progress on corporate and strategic fronts and the ability to deliver game changing and potential life saving solutions. Thank you for your continued support and we look forward to 2014.
Patrick Bertagna, CEO, GTX Corp.
About GTX Corp (GTXO) –
GTX Corp. is a pioneer in wearable technology and a leader in enterprise 2 way GPS real-time personal location based services. Known for its game-changing and award-winning patented GPS Smart Shoe, its block buster Smartphone GPS Tracking App, and GPS SmartSole, GTX offers a robust enterprise GPS and cellular location platform that provides real-time tracking of the whereabouts of people, pets, vehicles and high valued assets.
GTX provides solutions that answer the “where is” question through a licensing business model and providing a complete end to end solution of hardware, software, apps, connectivity and professional services. Letting you know where or how someone or something is at the touch of a button, GTX Corp also owns and operates LOCiMOBILE, Inc which develops applications for smart phones and tablets and Code Amber Alertag. The Company has an aggressive intellectual property strategy and owns an extensive portfolio of patents, patents pending, registered trade marks, copy rights and URL's.
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