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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​GTX Corp’s (GTXO) Military Contract Shows an IoT Provider Soaring in Multiple Sectors

gtxcorpreceivesfirstusgovenmentcontractforgpstrackingtechnology ​GTX Corps (GTXO) Military Contract Shows an IoT Provider Soaring in Multiple Sectors

It is a remarkable moment for the secular shift to the Internet of Things. This new technology is permeating into many corners of various industries and disrupting a myriad of legacy business models. One company at the forefront is GTX Corp (GTXO), an innovator with a sizeable portfolio of patented and award-winning technologies. Recently, the company announced a brand-new contract with the Department of the Air Force, further validating its industry-leading GPS wearable technology.

GTX will be supplying Edwards Air Force Base with specially-designed non-cellular GPS technology to track personnel and equipment. The Personnel/Equipment Tracking System (PETS) developed by GTX allows for large-scale monitoring of both human and non-human assets in remote areas with poor cellular coverage. GTX’s devices for the Air Force will… Read the full article at Equities.com

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 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 GPS 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. GTX puts the “Where” in Wearable Tech.

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

 

Social media – #withyou   #smartsole   #connectedandprotected

GTX Blog http://gpsinsole.com/

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 contact details are:

Email: nsriddle@gtxcorp.com

Tel: +44 7785 364100

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GTX Corp Receives Military Contract

Department of the Air Force Awards Contract for Personnel/Equipment Tracking System
gtxcorpreceivesfirstusgovenmentcontractforgpstrackingtechnology GTX Corp Receives Military Contract
LOS ANGELES, CALIFORNIA – September 20, 2017 – GTX Corp (OTCBB: GTXO), an Internet of Things (IoT) solutions provider in the personal location, wearable and wandering assistive GPS technology business, announced today that it has filed and 8K for receiving a material contract from the Department of the Air Force to supply  Edwards Air Force Base (AFB), located in Southern California, 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 the new GPS devices which are specifically developed 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 devices need to transmit through RF technology, report latitude and longitude coordinates every second and encrypt the data. The customized devices will be enclosed in a hardened military grade encasement with the system consisting of transportable GPS trackers, repeaters, which will be strategically installed throughout the base. 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.

Under the 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 and most of the software and firmware is expected to be manufactured and coded by the Company at its headquarters in Los Angeles, California.  

Patrick Bertagna, GTX Corp CEO, commented, “Receiving our first sizeable military contract is a significant milestone for the Company and is a true testament to our teams’ collective years of experience and knowledge about the GPS tracking business. We are deeply honored to have been awarded this contract and view this as a great opportunity to develop and deliver technology solutions that at the core are designed to help save lives. Edwards AFB conducts live ammunitions testing, and hence knowing where every person and asset are on the base in real time is of vital importance. I want to conclude by wishing the Air Force a happy 70th birthday.”

In preparation for developing an ongoing relationship with the military, GTX Corp has renewed and updated its System for Award Management (SAM) and General Services Administration (GSA) entity registrations.

Known for its patented GPS SmartSole and Smartphone GPS Tracking App, GTX Corp has previously been recognized and granted numerous awards by prestigious organizations, including most recently honored as the winner of Technology Media Telcoms (TMT) News Magazine’s “Best Wearable Technology Company – USA” and “Most Innovative Tracking & Recovery Technology”, given a 4 star ranking by Able Magazine, in AARP top 10 best new technologies for seniors, the People’s Choice Award for most innovative connected device, nominated for the 100 Most Important Inventions of Mankind, exhibited in the Technology Museum of Sweden, included in Entrepreneur Magazine’s top 100 Brilliant Companies, identified by ABI Research as ‘paving the way into the next billion dollar market’ and as the 2nd Place Winner (between Microsoft-1st, and Samsung-3rd,) in the 2015 CTIA E-Tech Awards in the “Wearables, Health, Fitness & Wellness” category.

 

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 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 GPS 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. GTX puts the “Where” in Wearable Tech.

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

 

Social media – #withyou   #smartsole   #connectedandprotected

GTX Blog http://gpsinsole.com/

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 contact details are:

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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