LOS ANGELES, CA--(Marketwired - Nov 15, 2016) - GTX Corp. (OTC PINK: GTXO), an IoT platform and leading provider of personal location GPS, BLE, cellular and RFID, tracking and monitoring wearable technology and wandering assistive technology, announced financial results for the third quarter ended September 30, 2016.
- Revenue increased 99% over 2015 comparable period
- Subscriber revenue increased 139% over 2015 comparable period
- Gross profit margin increased from 24% to 65% over 2015 comparable period
- Operating expenses decreased 17% over 2015 comparable period
- Net operating losses decreased 34% over 2015 comparable period
- Delivered our first military test order
- Expanded distribution into Mexico
Q3 Initiatives included increasing our customer and subscriber base, formulating our patent monetizing strategy for next year,delivering our new GPS/RF product line, exploring new BLE and RF business opportunities with our channel partners and increasing overall margins through cost reductions and better operational efficiency.
During Q3 the Company focused on basic fundamentals, such as growing revenues, improving customer service, working more closely with channel partners, exploring regional opportunities and ways to augment our GPS platform with new technologies such as low energy blue tooth and RF in regional markets and identifying new IP monetization strategies and growth opportunities for 2017.
Both RF and BLE technologies will start playing a more significant role in future product roll outs and will be part of a suite of new product offerings scheduled to come out over the next 6 months.
Our first new product using GPS and RF technology was delivered this quarter to a military base in Southern California. The Company delivered a new wide-area tracking system in the ISM 900MHz band, with 256-bit AES encryption, and up to 40-mile line-of-sight range with high-gain antennas. The system is a GPS and RF personnel, vehicle and asset tracking solution designed to provide ground situational awareness and real-time surveillance of all personnel and equipment traveling within a designated area, ranging from 2 - 200+ square-miles. Strategically deployed repeaters can extend this range and overcome "dead zones" due to rugged terrain, while the solar panels and extended battery will allow deployment of the repeaters to areas without existing power sources, making this solution ideal for military installations, oil rigs or any large area where cell coverage and or power is not available. Both the hardware and software are designed and manufactured in house, proving the Company with vertical manufacturing to delivery capability.
On the SmartSole production front, 750 units of version 1.25 GPS modules were manufactured and 300 units of version 1.5 were ordered and will go into production in December.
Patrick Bertagna, GTX Corp CEO, stated, "This was our 3rd quarter in a row with double digit revenue increases and a 99% increase over the same period last year. We are holding a steady positive trend of higher revenues, new revenues, higher margins, lower expenses and lower losses for both the 3 month and 9 month ending period 2016. The wearable technology industry is expected to see another big forecast jump to an estimated $25 billion by 2019 and is showing no signs of slowing down, which is very good news for GTX stake holders. Our early entry into this industry with patent filing dates going back to 2002, our brand recognition, industry knowledge and staying power is opening up incredible new opportunities for us. Limited capital is still a challenge for us to grow quickly, but we are growing and remain as committed and passionate as ever. Additionally management has elected to transfer accrued salaries into long-term convertible promissory notes, due on December 31, 2018. The total amount of salaries converted was $318,671, bringing down our outstanding accounts payable by 44%. Management will have the ability to convert up to 50% of their note into equity which is currently set at a fixed above market price, reflecting the continued long term commitment by senior management."
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 product categories
- Increasing our global subscriber base
- Supporting our partners growth initiatives
- Scaling and streamlining manufacturing and distribution processes
- Introducing new products into new markets
- Applying for additional reimbursement codes
- Working with local, federal and international government agencies
- Building brand and product awareness
- Building out corporate infrastructure to support growth in 2017
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 URL's and was recently featured in a 38 page research piece which outlines the value proposition of the Company's IP portfolio.
Online: www.gtxcorp.com, www.gpssmartsole.com
Consumer Purchase of GPS SmartSoles
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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.