Los Angeles, Calif. – November 20, 2014 – GTX Corp. (OTCQB: GTXO), a pioneer in location-based wearable technologies, announced today commentary on its third quarter performance.
Q3 2014 Highlights:
- Revenues up 60% over last year’s quarter
- Cost of goods sold decreased by 16% from last year’s quarter
- Increases in unit sales & subscriptions for drones and other niche applications
- Entered commercial production of flagship GPS SmartSoles
- Entered Security Market
- In Beta testing of BLE SmartSoles
- New “Brand Ambassador” retired professional boxer Ray Ciancaglini
“We are starting to see the ship turn with small and steady increases in performance that reflect the strategy we embarked on earlier this year, of direct sales and penetrating new markets with our core suite of embedded, all purpose and digital tracking and monitoring solutions,” commented Patrick Bertagna, Chief Executive Officer of GTX Corp. “Our current focus remains on the commercial roll out of our GPS SmartSoles, which are now in production and plan to start shipping to customers in early January. We have 1,500 GPS SmartSoles being manufactured, with 500 that are expected to arrive in December. As we begin to deliver our B2B international orders, domestic SmartSole pilot programs and to consumers that are on our pre-order list, we expect to see significant increases in Q1 2015 on both the unit and subscription revenues. We have recently signed up several new pilot programs with major accounts that we believe will contribute to our rollout and growth in 2015.”
Mr. Bertagna continued, “We do remain laser focused on our overall strategy of developing and selling products across each of our product lines – embedded, all purpose, and digital and building a global tracking and monitoring platform. We all have someone or something we care about and want to know there whereabouts at the touch of a button. A child, a parent, an employee or even a UAV drone, we all want to stay connected to who or what matters most and the GTX platform empowers that real-time connection. We are pleased to see the uptick in product and service revenue from our all-purpose product line through our Amazon sales and Drone-Mod partner, and expect that we will continue to see growth here through the fourth quarter. We also are anticipating an increase in our digital product line through the sales of our enterprise Track My Work Force App and will Beta release later this month, our new fully automated portal in order to handle large scale on boarding of new customers. In addition, the increase in our gross margin reflects successful implementation of our direct sale strategy and channel partner business model.”
GTX Corp (GTXO) is a pioneer in wearable technology and a leader in enterprise 2 way GPS real-time personal location based services. Founded in 2002, headquartered in Los Angeles, California and known for its game-changing and award-winning patented GPS Smart Shoe, its block buster Smartphone GPS Tracking App, and GPS SmartSole, GTX provides solutions that answer the “where is” question: where is my mother, child, pet, vehicle and high value asset.
Through a robust enterprise platform and licensing 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.
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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.