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 products 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
firstprototypes of The SmartSole 2.0 with children sizes, 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 2.0 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 CorpGTX 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, andaward 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
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GTX Corp United KingdomIn the UK, GTX Corp
operates from its London office. For more information, please
contact: Nelson Skip Riddle Email: nsriddle@gtxcorp.comTel: +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 StatementsThis
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.
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
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