Los Angeles, Calif. – April 16, 2014 – GTX Corp. (OTCQB: GTXO), a leading provider of personal location wearable technologies, announced today commentary on the Company’s performance for last year and what shareholders can expect as it moves into the future.
- Began R&D of GPS and BLE SmartSoles – the next generation of wearable technology
- Hired German based engineering firm
- Introduced wireless inductive charging
- Signed a manufacturing agreement with Atlantic Footcare
- Signed a European distribution agreement with Swiss based Tracker.com
- Strengthened our intellectual property position in wearable technology, with now over 80 patents and new trade mark filings
- Secured institutional financing to support our business
2013 was a transformative year for GTX as it planned its transition from licensing its technology platform to bringing it back in house in order to control all aspects of product design, manufacturing, sales and distribution. The milestones achieved in 2013 positioned the Company to capitalize on the growing opportunities that are now presenting themselves in the first half of 2014 and will carry forward well into 2015. A recent study by IDC indicates that sales of wearable devices are expected to grow significantly in the next 5 years, from approximately 19 million units in 2014 to nearly 112 million units by 2018.
“As we move into 2014, our focus has completely shifted into product development and market penetration for our core suite of wearable technology solutions,” stated Patrick Bertagna, GTX Corp CEO.
“To understand the significance of where the Company is today, it’s worth noting our products and business model. In the simplest of terms, our products help find people and things and our business model involves selling those tracking products along with a monthly service plan. By offering three distinct product lines, through as many different channels, we can best monetize our tracking and monitoring platform and its associated monthly service plans. We measure our own performance by the number of tracking products deployed in the field, and subsequently the number of those products that have active subscribers providing monthly recurring revenues. It’s the razor/razor blade model.”
Mr. Bertagna continued, “In 2014, GTX will focus on clearly marketing our three commercial ready base product lines: Embedded, All purpose, and Digital in both B2B and B2C channels across the globe.
The ‘embedded’ category includes products where our technology is hidden within a consumer friendly form factor. The best example of this implementation was our GPS Smart Shoe which evolved into our flagship next generation SmartSole line of insoles, where we offer GPS and Bluetooth tracking solutions for the cognitive memory disorder markets (Alzheimer’s, Autism, Dementia, and TBI) all of which 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 technologies to this challenged growing population, which are subtle to the user and seamless to the caregiver, by being embedded in consumer friendly wearable’s like shoes, is the most effective way to make sure the product is ready and available when its needed most. It’s ‘sticky’ where no other product is. We are seeing validation of our approach across the board, from the most recent media attention the SmartSoles have garnered, to the interest from assisted living facilities, and the recommendation of our products by Alzheimer’s and Autism organizations along with law enforcement agencies that end up responsible for tracking down wanderers.
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 recently announced VL2000 (the Take Along Tracker) is our most advanced and flexible unit to date. Our all purpose products are used to track drones, shipping containers, medical cargo, vehicles, pets and people, among other uses. We continually evaluate new applications and markets for our products and provide customization as needed for our user’s requirements.
On the ‘digital’ side, we offer apps and web products that allow people or organizations to track their persons of interest by using hardware they already own – namely, Smartphone’s and tablets. Our Track My Workforce product is a prime example, which enables businesses to track employees in the field in real time and even monitor their mileage expenses without having to invest in hardware or high monthly service plans. The TMWF app comes with plans starting as little as $2 per month and because of this, we have seen significant traction in this division with new deployments across the world. We have increased our investment in this division to capitalize on multiple opportunities and are currently in development of a new e commerce engine which will fully automate the on boarding process of this app, making it very easy for new businesses all over the world to try the App and service and sign up. The potential in this market is very significant on three fronts: first the sheer size of the market is in the hundreds of millions (currently 3 billion smart phones and tablets on the market expected to grow to 5 billion) second because its digital, the app can be delivered anywhere in the world in an instant, eliminating the cost of manufacturing and logistics, third this makes for a low cost of goods with a high margin return.”
Whether GTX sells a SmartSole, VL2000 Take Along, or the TMWF App, the Company receives a monthly service fee for use of its patented tracking, monitoring and alerting platform portal, thereby increasing contractual monthly service revenues and cash flow.
It’s no secret that wearable technologies are the next big thing in the tech industry. Most everyone wants to know where someone or something of value is and as a pioneer in the space, we have positioned ourselves at the right time in the right place to capitalize on this trend. From our products to our alliances to our significant and strategic intellectual property library, we believe we have hit a major inflection point and are thrilled about the prospects for our business for 2014 and beyond.”
About GTX Corp
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 ward-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 assets.
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, Incwhich 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.