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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share medium GTX Corp Third Quarter 2017 Summary Results

GTX Corp Signs Definitive Patent Agreement with Inventergy and Receives First Payment

Los Angeles, Calif. – July 6, 2016– GTX Corp (OTCBB: GTXO), an IoT platform in the personal location wearable and wandering assistive technology business, announced today signing a definitive agreement with Inventergy Innovations, LLC  (“Inventergy”), a subsidiary of Inventergy Global, Inc. (NASDAQ: INVT) a Silicon Valley-based intellectual property company, led by IP industry veteran and former Hewlett-Packard  executive, Joe Beyers, to spearhead their monetization efforts for its personal wireless location-based services IP assets. Both companies previously announced their letter of intent on May 10, 2016 and as part of the final agreement, Inventergy will have exclusive rights to license or sell three GTX patents – US 8,154,401, US 8,760,286, and US 9,219,978, commonly referred to as the “Comm. Protocol” or “286” Family. In exchange for the exclusive rights to sell or license these 3 patents, Inventergy will pay GTX Corp an advance against future income, in cash and INVT stock with a first payment on June 30th and then scheduled payments throughout the rest of 2016 and 2017.

Patrick Bertagna, GTX Corp Chairman and CEO stated, “We have been filing patents for over a decade including these Comm Protocols which were filed back in 2007 and 2008 before Apple and Samsung began selling GPS enabled Smartphones. This is a major turning point and significant milestone for GTX Corp. It validates our IP strategy and our ability to quickly execute on a monetization path to fuel our growth by leveraging our largest asset. We expect this IP deal to be the first of more to come in the future as we start exploring other monetization strategies with some of the other patents in our portfolio. The Inventergy team has been exceptional to work with and we look forward to a long lasting and prosperous relationship with them.”


Joe Beyers, CEO of Inventergy said, “GTX patents are applicable to remotely configurable tracking and location devices including smartphones and other GPS based products that are in use today and collectively represents a very sizable addressable market. We believe this partnership will allow us to build a successful monetization program around these assets.”

The agreement will still allow GTX to fully utilize these patents in its core business while providing Inventergy the ability to go license or sell the 3 patents and do a 45%/55% revenue share on all future income after the initial advance.

About Inventergy Global, Inc.

Inventergy Global, Inc. (“Inventergy”) is a Silicon Valley-based intellectual property company dedicated to identifying, acquiring and licensing patented technologies of market-significant technology leaders. Led by IP industry pioneer and veteran Joe Beyers, the Company leverages decades of corporate experience, market and technology expertise, and industry connections to assist Fortune 500 companies in leveraging the value of their innovations to achieve greater returns. For more information about Inventergy, visit www.inventergy.com.

Contact:

Robert Haag

IRTH Communications

INVT@irthcommunications.com

866-976-4784

About GTX Corp

GTX Corp (GTXO) is a pioneer in Smart, Mobile and Wearable GPS, cellular and BLE tracking and recovery technology. Headquartered in Los Angeles, California, with distributors in over 14 countries, GTX is known for its game-changing and award-winning patented GPS Smart Shoe, blockbuster Smartphone GPS Tracking App, and innovative GPS and BLE SmartSole. GTX provides solutions that answer the where question: where is my mother, child, employee, vehicle, drone and high value assets. Through a proprietary global enterprise IoT monitoring platform and licensing subscription business model, the Company offers a complete end to end solution of 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 featured in a 38 page research piece which outlines the value proposition of the Company’s IP portfolio and more recently in the SeeThruEquity research report.

The patented GTX Corp wearable technology products and tracking devices, enable wearers to be monitored remotely, thereby helping to ensure their safety in case they wander or become lost due to cognitive disorders such as Alzheimer’s, dementia, autism and TBI. For more information on the Company’s flagship product the GPS SmartSole visit us:

Online: www.gtxcorp.com www.gpssmartsole.com

Social media #withyou #smartsole

www.facebook.com/gtxcorpcom

www.twitter.com/gtxcorp

www.pinterest.com/gtxcorp

www.instagram.com/gtxcorp

www.linkedin.com/in/gtxcorp


General information, licensing or investor relations email:

info@gtxcorp.com

ir@gtxcorp.com

213.489.3019

GTX Corp United Kingdom

In the UK, GTX Corp operates from offices in London and its Dublin-based European distribution center.  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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share medium GTX Corp Signs Definitive Patent Agreement with Inventergy and Receives First Payment

GTX Corp Signs Patent Licensing Agreement with Inventergy And adds new IP expert Advisor

Los Angeles, Calif. – May 10, 2016– GTX Corp (OTCBB: GTXO), an IoT platform in the personal location wearable and wandering assistive technology business, announced today signing a Letter of Intent with a binding lock-up with Inventergy Innovations, LLC  (“Inventergy”), a subsidiary of Inventergy Global, Inc. (NASDAQ: INVT) a Silicon Valley-based intellectual property company, led by IP industry veteran and former Hewlett-Packard  executive, Joe Beyers. INVT is dedicated to identifying, acquiring and licensing the patented technologies of market-significant technology leaders and leverages decades of corporate experience, market and technology expertise, and industry connections to assist Fortune 500 companies in leveraging the value of their innovations to achieve greater returns on their IP portfolios.

 

Joe Beyers, Founder, Chairman and CEO of INVT stated, “We are excited about teaming up with GTX to monetize this valuable intellectual property. We believe that the GTX patents are applicable to remotely configurable tracking and location devices including smartphones and other GPS based products that are in use today and will be even more heavily deployed in the future as the wearable market grows. Collectively this represents a very sizable addressable market.”

 

As part of a final agreement, Inventergy will be granted  exclusive rights to license or sell the three GTX patents – US 8,154,401, US 8,760,286, and US 9,219,978, commonly referred to as the “Comm. Protocol” or “286” Family. Inventergy will be spearheading the monetization campaign, with a proposed revenue share on all future licensing royalties or possible sale of the portfolio.  Inventergy will begin making initial payments to GTX upon closing and quarterly pre-payments starting in Q1 2017.  Inventergy will also be financing and managing the ongoing maintenance of the Comm Protocol patents in collaboration with GTX and will continue to file ongoing claims, exploiting the open continuation status of the portfolio.  GTX will provide assistance on the ongoing filings under a consulting agreement in which GTX in will be paid shares of INVT common stock.

 

Andrew Duncan, head of IP strategy and business development at GTX Corp said, “We believe that the Comm Protocol Family of patents are essential for any company actively involved in the U.S. with handheld devices and technologies that incorporate 2 way GPS tracking. In partnership with Inventergy, we are looking forward to building a successful licensing program around these patents and together continue to invest in and expand the reach of the portfolio.”

As part of an overall comprehensive monetization and licensing strategy, GTX has also brought on Darius Sankey, PhD as a new advisor to help manage the different ongoing campaigns. Dr. Sankey is a general partner at Accelerate-IT Ventures, was a managing director at Ocean Tomo, and a seasoned executive in the ventures capital and technology industries.

Dr. Sankey will be an integral part of the GTX team as the Company continues to explore other licensing and business opportunities by leveraging its broad patent portfolio.

 

Dr. Sankey commented, “GTX Corp has one of the most strategic Patent portfolios I have seen in the intersection of wearable technologies and personal wireless location based services.  Tremendous value can be generated from the partnership between INVT and GTX Corp and I’m excited to bring expertise to help unleash the full potential of the GTX portfolio.”

Patrick Bertagna, GTX Corp Chairman and CEO concluded, “Being at the forefront of this industry we have been filing patents since 2002, including these communication protocols which we filed back in 2008 when Apple hadn’t even launched its first iPhone yet. Today GPS is in millions of devices and has become ubiquitous. After months of due diligence in looking for the right strategic partner to help us maximize IP revenues and monetize this treasure trove of patents, we are very excited to have partnered with Inventergy and to have Dr. Sankey join our team. Our commitment to monetizing our IP and increasing our overall enterprise value is strong and we are making the pledge to our shareholders that we will properly manage and create value of our biggest asset, our intellectual property portfolio.”

About Inventergy Global, Inc.
Inventergy Global, Inc. (NASDAQ: INVT) is a Silicon Valley-based intellectual property company dedicated to identifying, acquiring and licensing the patented technologies of market-significant technology leaders. Led by IP industry pioneer and veteran Joe Beyers, the Company leverages decades of corporate experience, market and technology expertise, and industry connections to assist Fortune 500 companies in leveraging the value of their innovations to achieve greater returns. For more information about Inventergy Global, visit www.inventergy.com.

 

About GTX Corp

GTX Corp (GTXO) is a pioneer in Smart, Mobile and Wearable GPS, cellular and BLE tracking and recovery technology. Empowering the global community and keeping you connected to who and what matters most with monitoring location based services. Headquartered in Los Angeles, California, with distributors in over 14 countries, GTX is known for its game-changing and award-winning patented GPS Smart Shoe, blockbuster Smartphone GPS Tracking App, and innovative GPS and BLE SmartSole. GTX provides solutions that answer the where question: where is my mother, child, employee, vehicle, drone and high value assets. Through a proprietary global enterprise IoT monitoring platform and licensing subscription business model, the Company offers a complete end to end solution of 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 featured in a 38 page research piece which outlines the value proposition of the Company’s IP portfolio and more recently in the SeeThruEquity research report.

 

The patented GTX Corp wearable technology products and tracking devices, enable wearers to be monitored remotely, thereby helping to ensure their safety in case they wander or become lost due to cognitive disorders such as Alzheimer’s, dementia, autism and TBI. For more information on the Company’s flagship product the GPS SmartSole visit us:

Online: www.gtxcorp.com www.gpssmartsole.com

 

Social media #withyou #smartsole

www.facebook.com/gtxcorpcom

www.twitter.com/gtxcorp

www.pinterest.com/gtxcorp

www.instagram.com/gtxcorp

 

General information, licensing or investor relations email:

info@gtxcorp.com

213.489.3019

ir@gtxcorp.com

 

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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