Los Angeles, Calif., April 16, 2015 (GLOBE NEWSWIRE) -- GTX Corp. (OTCQB: GTXO), a leading provider of personal location GPS wearable technology and wandering assistive technology, announced today commentary on the Company's performance for last year and what shareholders can expect in 2015.
· Formal consumer launch of GPS SmartSoles
· Soft launch of BLE SmartSoles
· Added new distributors in international markets
· Expanded into new vertical markets, including drones and workforce tracking
· Started direct to consumer sales through partners such as Amazon
· Upgraded backend platform infrastructure and hired new personnel to support growth across product lines
· Eliminated all toxic convertible debt
· Strengthened intellectual property portfolio with issuance of '286' patent
Management commentary: Patrick Bertagna, CEO of GTX Corp.
In 2014, we successfully completed the transition from a licensing model to owning our own product design, manufacturing, sales and distribution, and we cleaned our balance sheet to properly enter 2015 by eliminating all toxic convertible debt. Our most transformative event was the launch of our flagship GPS SmartSoles in late December, formally putting us into a revenue mode where we controlled our own destiny. As we move into 2015, our primary focus is on sales and distribution of our GPS and BLE SmartSoles. We have built a strong network of salespersons, international distributors, online affiliates, partners and vendors to accomplish this task. In Q1 2015, we sold out of our first production run of 500 GPS SmartSoles, and we see demand continuing to increase in the early part of Q2. It is extremely rewarding to be able to say we have turned the corner and 2015 is a brand new day in our company's history. Being a pioneer in personal location and wearable technology, I can't tell you how excited we are to see our products in the marketplace selling across multiple countries, providing innovative tracking and monitoring solutions. This past year, the entire GTX team has worked tirelessly to get to this juncture and begin delivery of a best in class product and service to the millions of those who need wandering assistive technology. GTX is a business, coupled with a passion and drive that comes from being socially conscious and doing good for people in need.
GTX at its core develops and sells products and services that help find people and things. Our business model involves selling those tracking and monitoring products along with a monthly service plan. We have a comprehensive tracking platform that supports all of our products and services that we have developed and enhanced since our inception. Our products are protected by an extensive IP portfolio including the addition of the '286' patent issued last year, which is not just restricted to footwear but has far broader implications. Our '286' patent effects ANY tracking device, from embedded devices as in the case of our GPS SmartSole®, to other products like a GPS watch, and further to the ubiquitous stand alone, hand held wireless GPS trackers.
Last year we announced segmentation of our business into three primary product categories: embedded, digital and all purpose. The 'embedded' category includes products where our technology is hidden within a consumer friendly form factor.
"The wearable but invisible" GPS SmartSoles are the flagship within this category and are targeted for persons with cognitive memory disorders, including Alzheimer's, dementia, autism, and traumatic brain injury. Our digital category offers apps and web products that allow people or organizations to track their persons of interest by using hardware they already own - namely, smartphones and tablets. Our Track My Workforce app is a prime example, which enables businesses to track employees in the field in real time. In our 'all purpose' category, we offer a myriad of miniaturized low power consumption tracking devices that can be used as desired by consumers or businesses seeking to track something or someone of value. Our "all purpose" products are used to track drones, shipping containers, medical cargo, vehicles, pets and people, among other uses.
Across all 3 categories, we employ a razor / razor blade model. We sell our hardware embedded with our technology, and we charge a monthly subscription fee for the data and service. We seek to deploy as many of our products in the field as possible, and continue to grow our subscriber base of monthly recurring revenues.
In 2015, we expect to continue to invest in product development to enhance our core products and provide additional form factors for new vertical markets. We are already in a product development cycle for the next generation of the electronics in our GPS SmartSoles which is expected to result in a smaller footprint, longer battery life, and additional tracking technologies such as WIFI and Bluetooth for indoor tracking. Our second generation hardware will enable us to enter into new markets such as children sized insoles, and will streamline our manufacturing and component procurement process reducing cost and increasing logistics efficiency.
Our initial traction for SmartSoles is in the "needs" market, where the product is a solution for someone who needs to be tracked regularly due to a cognitive memory disorder. Persons with Alzheimer's, autism, dementia, and traumatic brain injury all have high tendencies to wander. Currently there are 100 million people worldwide who are part of this group and that number is expected to reach 277 million by 2050. We continue to believe that the approach of delivering wearable wandering assistive technologies to this challenged growing population is the most effective way to gain traction in the market place.
We are currently in several pilot programs with large organizations where, if successful, we would be in a position to sell thousands of units to a single enterprise. We are generating strong awareness for our products on the retail front, and continue to see results from these efforts in direct consumer sales through our websites. In addition, in 2015 we added key salespeople to our team covering domestic markets. Our international distributors have seen success in Canada and in Europe, and we now are shipping and selling products in 13 countries worldwide.
We believe 2015 will be a breakout year for GTX. We were proud to have executed on all our business goals that we laid out in early 2014, and I want to thank our team, partners, shareholders and all the stakeholders that have contributed in bringing us to this exciting new phase in our journey.
GTX Corp (GTXO) is a pioneer in wearable technology and a leader in enterprise 2 way GPS real-time personal location based services. Headquartered in Los Angeles, California, with distributors in over 13 countries, the Company is known for its game-changing and award-winning patented GPS Smart Shoe, its blockbuster Smartphone GPS Tracking App, and innovative GPS SmartSole, 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, 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.
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.
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