GTX Corp Third Quarter 2017 Summary Results

LOS ANGELES, CA – November 20, 2017 – GTX Corp. (OTCQB: GTXO), an IoT platform and provider of personal location GPS wearable technology and wandering assistive technology, announces financial summary for the third quarter ended September 30, 2017.

Third Quarter Highlights:

  • Product revenues increased by 7% over 2016 comparable period
  • Service revenues increased by 8% over 2016 comparable period
  • COGS decreased 20% from 2016 comparable period
  • Product & Service Gross Margins increased from 41% to 56% over 2016 comparable period
  • Professional fees decreased 40% from 2016 comparable period
  • G&A decreased 18% from 2016 comparable period
  • Total operating expenses decreased 6% from 2016 comparable period

Nine Month Highlights:

 

  • Product revenues increased by 17% over 2016 comparable period
  • Service revenues increased by 12% over 2016 comparable period
  • COGS decreased 11% for 2016
  • Gross margins increased from 30% to 46% over 2016 comparable 9 month period

 
During the period ending September 30, 2017, the Company received a contract from the Department of the Air Force to supply Edwards Air Force Base (AFB) with a non-cellular, encrypted GPS technology platform in order to track personnel and equipment on the base. Edwards AFB will be the first military base to deploy this new GPS system developed and manufactured by GTX Corp for large scale installations and bases that need to monitor the location and movement of both human and non-human assets, but due to their remote location or lack of conventional cellular coverage, the system needs to transmit through RF technology, report latitude and longitude coordinates every second and encrypt the data transmission. The Personnel/Equipment Tracking System (PETS) will have solar panels to achieve several months of battery life and a base station that collects the encrypted data for display providing real time updates on every moving asset on the base.

Under the AFB contract, GTX Corp will be responsible for the manufacturing, installation and ongoing maintenance and support of the PETS platform. The Company plans to start delivering parts of the contract in the coming weeks and throughout the remainder of 2017 and into 2018. All of the hardware, software and firmware is expected to be designed, manufactured and coded by the Company at its headquarters in Los Angeles, California. GTX has also design the PCB boards in house in order to keep tight control of the entire design and manufacturing processes.

The Company also partnered with ORBCOMM Inc. (NASDAQ: ORBC), to provide connectivity and distribution in the U.S. for its new Verizon GPS SmartSole(r) product which will operate on the Verizon nationwide network.

The Company signed a collaboration agreement with Veristride, Inc., a company that specializes in gait movement and analysis using custom sensors at the foot and biomechanical analytics to provide feedback on how people walk, run and move. Under the agreement GTX will incorporate its inductive charging technology, look at ways to enhance and miniaturize the electronics, develop a Low Energy Blue Tooth (BLE) gateway and embed the final hardware assembly into a SmartSole. The two companies also plan to explore having GTX do the commercial manufacturing of the products that are currently in development. The business value of analyzing gait and gait technology is significant in fall risk detection and prevention, medication reaction, undetected stroke and early prediction of dementia. Being able to accurately monitor changes in gait/stride or activity levels specifically for seniors can have a major impact on their morbidity and mortality. Despite extensive preventive efforts, falling continues to be a major problem for seniors both at home and in community living facilities. Being able to accurately predict falls, strokes or early onset of dementia by wearing a smart non-intrusive footwear device can offer significant advancements in senior care and wellness. We are on track to have prototypes and working samples by the end of the year and both companies have already received interest from health institutions looking to pilot this innovative technology or to provide grant money.

The Company also partnered with TruSense which combines wireless sensors, Amazon Echo Dot and GPS Technology including GTX’s GPS SmartSole(r) to track daily activities, health patterns and variables, to address the needs of an entire family. This is GTX’s first entry into the Smart Home business and links the GPS SmartSoles with the Amazon voice activated Echo Dot. A TruSense user can ask Alexa where is grandma and receive a voice reply, “Grandma is at 117 W 9th St. in Los Angles California.”

The Company also formed a strategic alliance with HeartMath(r), Inc., an acknowledged world leader in stress and resilience technologies. Dr. Deborah Rozman, President of HeartMath Inc., has worked with thousands of health professionals, and hundreds of hospitals and clinics and through the partnership we created a health guide now available to the GPS SmartSole caregivers which are looking for tools that can help them cope with the physical, emotional and many times financial stress which comes from 24/7 caregiving.

As expected we have now received the first prototypes of The SmartSole lite, which are being developed for lower disposable income markets and more of general population use, and plan to begin field testing in December and go into production in Q1 2018.

On the IP front, Inventergy continues to solicit licensing agreements and has hired a law firm to start litigation with several identified companies in the GPS industry.

Patrick Bertagna, GTX Corp CEO, commented, “This was a fruitful quarter for us in terms of new business and product development. We added a new product line and vertical channel with our PETS military platform. We expanded our SmartSole platform by adding the bio metrics gait analysis and with the development of a smaller lower cost GPS Smartsole both expected to launch in Q1 2018. We also formulated new partnerships with Orbocom, Verizon, Veristride, TrueSense and HeartMath. And we made significant progress on our IP monetization campaign and overall IP portfolio, more news to come shortly. While revenues grew at a modest pace, we still managed to accomplish a lot in business and product development, while lowering our operation costs, increasing subscribers and subscriber revenues, lowering our cost of goods and growing product and service margins. As we drive towards cash flow positive by adding more subscribers we are also evaluating new opportunities to create additional revenue streams from all our assets. I want to thank our team, shareholders, stakeholders, partners and vendors for your continued support.”

About GTX Corp

GTX Corp (GTXO) is a pioneer in Smart, Mobile and Wearable GPS, cellular and BLE tracking and recovery location based services. Through its proprietary enterprise monitoring platform and licensing, subscription recurring revenue business model, GTX Corp offers a complete end-to-end solution of hardware, software and connectivity, backed by an extensive portfolio of patents, patents pending, registered trademarks, copy rights and URL’s.   Headquartered in Los Angeles, California, with distributors in over 14 countries, GTX is known for its game-changing patented GPS Smart Shoe, Smartphone GPS Tracking App, and award winning, patented GPS and BLE SmartSole, the world’s first, invisible wearable wander guard GPS tracking device, initially created for quick recovery of those at risk of wandering due to Alzheimer’s, dementia, autism or traumatic brain injury. GTX provides solutions that answer the “where” question: where is my mother, child, employee, vehicle, drone and high-value assets. The Company doesn’t just make and sell the best GPS tracking products, they deliver in over 35 countries, innovative, miniaturized, low power consumption wearable tech that provides safety, security and peace of mind at the touch of a button. We put the “Where” in Wearable Tech.

Online: www.gtxcorp.com    Track My Workforce | GTX Corp        www.gpssmartsole.com          

 

Social media:  #withyou     #smartsole    #connectedandprotected

https://www.facebook.com/gtxcorpcom

http://www.twitter.com/gtxcorp

www.linkedin.com/in/gtxcorp

http://www.pinterest.com/GTXCorp/

http://instagram.com/gtxcorp

 

General information, investor relations, wholesale licensing, consumer purchase:

213.489.3019

 

info@gtxcorp.com

ir@gtxcorp.com

http://gtxcorp.com/contact-us/

Consumer Purchase of GPS SmartSole

 

GTX Corp United Kingdom

In the UK, GTX Corp operates from its London office. For more information, please contact: Nelson Skip Riddle

Email: nsriddle@gtxcorp.com

Tel: +44 7785 364100

 

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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GPS SmartSole Now Available on the TruSense Platform

TruSense combines wireless sensors, Amazon Echo Dot and GPS Technology including GTX’s GPS SmartSole® to track daily activities, health patterns and variables, to address the needs of the entire family.

LOS ANGELES, CALIFORNIA – August 30, 2017 – GTX Corp (OTCBB: GTXO), an IoT platform in the personal location wearable and wandering assistive technology business, today announced it has joined forces with TruSense, which provides family-friendly smart home technology for seniors, to include GTX’s patented GPS SmartSole® on TrueSense’s on-line store. Like GTX, TrueSense empowers seniors to remain independent and delivers peace of mind by safeguarding loved ones and providing insights to let users know if they’re okay.

TruSense recently unveiled the first integrated smart home experience for seniors, bringing assurance to loved ones and keeping older adults in their own home longer. The Company uses sensor and GPS technology to discern the way a person lives—time spent sleeping, in the kitchen, or getting out of the house. When a pattern shifts, TruSense notices, and updates the user and the circle of people who they’ve chosen via custom notifications—it can even notify the 24/7 emergency monitoring center through a voice integration with the Amazon Echo Dot (click here to view a video showcasing how TruSense works).

Assisted living costs can be as high as $6,000 per month in some states. At a price point of just $199 for equipment plus a low $49 monthly subscription, TruSense is the only consumer-priced product of its kind. In stark contrast to stigmatized and outdated age-in-place senior products, and without requiring seniors to move out of their homes, TruSense empowers older adults to stay at home, reduce burden on family members and embrace age without compromising their independence or dignity.

“We are in a caregiving crises in this country,” says Rob Deubell, vice president of TruSense. “A recent survey indicated 40 percent of caregivers report a very high burden on their lives. While cost of living is a major factor in the family decision to age-in-place, there is also a growing shortage of in-family caregivers as well professionals due to disparate family members, growing aging population and costly and unreliable in-home care options. TruSense’s smart home technology was designed to give the nearly 40 million seniors that live alone today an option that makes it easier to stay in their own homes longer, while providing their caregivers and loved ones with more information on their health and wellness when they cannot be there, bringing assurance and peace of mind to the entire family.”

Patrick Bertagna, CEO of GTX Corp commented, “We are very pleased to be one of the selected wearable devices to operate on the TrueSense smart home platform. Since we specialize in wearable GPS tracking solutions for people afflicted with cognitive decline, we recognize the great work that TruSense has done in providing easy to use solutions that keep seniors safe, at home longer, while empowering their caregivers often their children to have remote yet noninvasive digital oversight. We share a same ethos as TrueSense to empower both caregivers and seniors to improve their safety, health, well-being and overall quality of life.”

Smart Technology that Goes Beyond Daily Activity

In addition to an individual’s activity, TruSense can also report how much time caregivers or other visitors spend in the home while also monitoring for comfortable home temperature, dangerous water leaks and vehicle GPS. Also, should they be experiencing early stages of dementia and have a tendency to get lost or wander, through its partnership with the GPS SmartSole, if a loved one leaves the house, TruSense will report their location and send real time alerts to caregivers on their whereabouts, providing safety and peace of mind. Not only can family members get insights from the web, phone and text, with the integration of the Amazon Echo Dot, family members can also use the Amazon Echo Dot to check up on their loved one to find out what time they woke and current room location as well as system status.

Emergency Response Services

TruSense does not require a wearable to deliver 24/7 emergency response. The in-home sensors operate together as a new kind of personal emergency response system (PERS). The ultimate goal is for TruSense to identify when daily activity level patterns change so family members or care workers can intervene in order to prevent emergencies from happening, or identify the development of a more serious medical condition. Loved ones or caregivers that are granted access to the trusted reporting circle by the family can get at-a-glance updates on activity from any device with an internet connection. TruSense has alerts when something goes wrong based on customized user thresholds that can trigger a text or phone call. Voice commands can also be used to notify the TruSense 24/7 emergency monitoring center via integration with digital assistants such as the Amazon Echo Dot.

Multiple Layers of Protection

TruSense is the only solution that delivers multiple layers of protection, providing a fail-safe system that provides a safety net. Through integration with multiple technology options (e.g. Echo Dot, Motion Sensors, GPS) TruSense provides redundancy for additional peace of mind. Seniors are often at risk with single-solution products, as they have a false sense of security when they forget to charge or wear their pendants.  

Pricing and Availability

TruSense is available for purchase at www.mytrusense.com. There is a one-time equipment fee of $199 and a cancel-anytime subscription cost of $49 per month for the data plan that enables the activity reporting.  

For more information on the company or the TruSense system visit the website at www.mytruense.com.  For media inquiries, or to schedule a demo, please contact Kimberly Angell of Wish Public Relations at kim.angell@wishpr.com or (415) 471-7272.

About TruSense

TruSense is family-friendly smart home technology for seniors that brings assurance to loved ones and helps older adults stay in their own homes longer. Using in-home sensors, TruSense is non-intrusive and does not require a wearable or pendant to deliver insights into daily activities. The solution also measures variables that can impact health and safety such as home leak detection, temperature and even vehicle and personal GPS tracking. TruSense also tracks caregiver visits and uses alerts and notifications based on customized user thresholds that can trigger a text or notify our 24/7 emergency response team.  

About GTX Corp

GTX Corp (GTXO) is a pioneer in Smart, Mobile and Wearable GPS tracking and recovery location based solutions, supported through a proprietary IoT enterprise monitoring platform. GTX offers a complete end-to-end solution of hardware, software and connectivity. The Company develops 2 way GPS tracking technologies which seamlessly integrate with consumer products and enterprise applications. GTX Corp utilizes the latest in miniaturized, low power consumption GPS, Cellular and BLE technology and offers a proprietary platform that enables subscribers to track in real time the whereabouts of people or high valued assets through a complete end to end – customizable transceiver module, wireless connectivity gateway, smart phone Apps, middleware, and IoT portal. Headquartered in Los Angeles, California, with distributors in 14 countries and customers in over 35 countries, GTX is known for its award-winning patented GPS SmartSole® – Think Dr. Scholl’s meets LoJack, the world’s first invisible wearable technology device created for those at risk of wandering due to Alzheimer’s, dementia, autism and traumatic brain injury. Currently there are 100 million people worldwide who are part of this at risk wandering group and that number is expected to reach 277 million by 2050. The Company doesn’t just make and sell the best GPS tracking products, they deliver innovative, miniaturized, low power consumption wearable tech that provides safety, security and peace of mind at the touch of a button. We put the “Where” in Wearable Tech.

 

Online: www.gtxcorp.com                     Track My Workforce | GTX Corp        www.gpssmartsole.com          

 

Social Media – #withyou     #smartsole    #connectedandprotected

https://www.facebook.com/gtxcorpcom

http://www.twitter.com/gtxcorp

www.linkedin.com/in/gtxcorp

http://www.pinterest.com/GTXCorp/

http://instagram.com/gtxcorp

 

General Information, Investor Relations, Wholesale Licensing, Consumer Purchase:

213.489.3019

 

info@gtxcorp.com

ir@gtxcorp.com

http://gtxcorp.com/contact-us/

Consumer Purchase of GPS SmartSoles

 

GTX Corp United Kingdom

In the UK, GTX Corp operates from its London office. For more information, please contact: Nelson Skip Riddle:

Email: nsriddle@gtxcorp.com

Tel: +44 7785 364100

 

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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