SOURCE: GTX Corp

GTX Corp

November 19, 2015 08:00 ET

GTX Corp Reports Third Quarter 2015 Financial Results and Business Overview

LOS ANGELES, CA--(Marketwired - Nov 19, 2015) - GTX Corp (OTCQB: GTXO), an IoT platform and leading provider of personal location GPS wearable technology and wandering assistive technology, announces the results of its financial performance for the third quarter ended September 30, 2015.

Third-Quarter Highlights

  • Revenue increased 189% over 2014 comparable period
  • Expenses decreased 169% over 2014 comparable period
  • Net losses decreased 30% over 2014 comparable period
  • GPS SmartSoles finish second (Microsoft first, Samsung third) at CTIA's Super Mobility Awards"
  • Signs global connectivity agreement with Telefonica
  • Added 3 more European countries to distribution list
  • SeeThruEquity initiated coverage with $.09 target price

"In Q3 2015 we held our course to expand channels of distribution, built strategic alliances by signing a global connectivity agreement with Telefonica, added several more distribution partners in Europe and began conversations within the U.S. with local and federal government agencies," commented Patrick Bertagna, CEO of GTX Corp. "We also finalized development of our next-generation monitoring platform, GPS SmartSole® hardware and Bluetooth low energy BLE SmartSoles, which are scheduled for release by early 2016."

GTX Corp's GPS SmartSole® is a non-visible GPS tracking device designed to monitor the location of people who have a tendency to wander, such as those afflicted with cognitive memory disorders like Alzheimer's, dementia, autism and TBI, as well as for people at risk of kidnapping, such as government employees and high level executives. The company's flagship, patented GPS SmartSoles were recently showcased in Munich at the Telefonica Digital Innovation Day 2015, featured in AARP's 2015 technology gear guide and came in second place, with Microsoft finishing first and Samsung taking third, in the 2015 Wearables, Health, Fitness & Wellness category at CTIA's Hot for the Holidays...

For the remainder of the year, GTX Corp will continue to advance its next-gen technologies and take action aligned with its broader growth strategy, which includes:

  • Increasing sales in all three product categories
  • Growing and servicing partners and channels of distribution
  • Scaling and streamlining manufacturing processes
  • Reaching out to broader market segments, such as adults with autism and the security market
  • Continuing pilot programs with assisted living facilities, local sheriffs and police departments
  • Applying for additional reimbursement codes
  • Working with local, federal and international government agencies
  • Building brand and product awareness
  • Increasing our social media footprint
  • Building out corporate infrastructure to support growth in 2016
  • Increasing our global subscriber base

"Together, these initiatives underwrite our corporate mission to build a best in class solution for the millions of people all over the world which need a simple, affordable and effective tracking and monitoring solution," says Bertagna.

About GTX Corp
GTX Corp (GTXO) is a pioneer in IoT wearable technology and a thought leader in enterprise 2 way GPS real-time personal location based services. Founded in 2002, headquartered in Los Angeles, California, with distributors in over 14 countries. The Company is known for its innovative, game-changing and award-winning GPS SmartSole and its blockbuster Smartphone GPS Tracking App. GTX provides solutions that answer the "where" question: where is my mother, child, employee, vehicle, drone and high value assets.

Through a robust global enterprise monitoring platform and licensing subscription business model, the Company offers a complete end to end solution of location based hardware, middleware, apps, global cell connectivity and professional services. Letting you know where or how someone or something is at the touch of a button, delivering security and peace of mind in an instant. GTX Corp also owns and operates LOCiMOBILE, Inc which develops applications for smart phones and tablets and Code Amber Alertag. The Company has a comprehensive intellectual property strategy and owns an extensive portfolio of patents, patents pending, registered trademarks, copy rights and URLs and was recently featured in a 38-page research piece outlining the value proposition of the company's IP portfolio, and was also published in a SeeThruEquity research report discussing the underlying value of the Company.

Online: www.gtxcorp.com www.gpssmartsole.com www.locimobile.com
Consumer Purchase of GPS SmartSoles

Social media - #withyou #smartsoles
https://www.facebook.com/gtxcorpcom
GTX Corp | LinkedIn
http://www.twitter.com/gtxcorp
http://www.pinterest.com/GTXCorp/
http://instagram.com/gtxcorp

Disclaimer: GTX Corp does not warrant or represent that the unauthorized use of materials drawn from the content of this document will not infringe rights of third parties who are not owned or affiliated by GTX Corp. Further GTX Corp cannot be held responsible or liable for the unauthorized use of this document's content by third parties unknown to the company.

Forward Looking Statements
This news release contains forward-looking statements. The terms and phrases "expects," "would," "will," "believes," and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by GTX in light of its experience and its perception of current conditions and expected future developments, as well as other factors that GTX believes are appropriate in the circumstances. Many factors could cause GTX's actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. Certain risk factors that may cause actual results to differ are set forth in GTX's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (which may be obtained at http://www.sec.gov). These factors should be considered carefully, and readers should not place undue reliance on GTX's forward-looking statements. GTX has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Contact Information