LOS ANGELES, May 18, 2015 (GLOBE NEWSWIRE) -- GTX Corp. (OTCQB: GTXO), an M2M IoT platform and leading provider of personal location GPS wearable technology and wandering assistive technology, announced the results of its financial performance for the first quarter ended March 31, 2015.
First Quarter Results
- Revenue increased 593% over 2014 comparable period
- Q1 revenues exceeded all of 2014 revenues
- Q1 backlog orders being shipped Q2 2015
- Net loss reduced 82% versus Q1 2014
- Raised $225,000 from fixed price convertible notes
- Eliminated all derivative liabilities
- Issued a vendor number for medical reimbursement in 2 States
- High ranking SEO resulting in page 1 on Google search for "GPS Wearable Technology"
"Q1 2015 represented a turning point in the history of the Company," commented Patrick Bertagna, CEO of GTX Corp. "We successfully launched our flagship GPS SmartSoles in domestic and international markets, both through B2B and B2C channels. The demand for our products is strong and growing, with initial sales going to specific pilot programs, international distributors and retail customers. A significant amount of our initial inventory was allocated to pilot programs and evaluation units to government and private enterprises that have a defined need for tracking people who have a tendency to wander due to Alzheimer's, dementia or autism. Many of those pilots and evaluation units have and will continue to convert to commercial deployments and begin contributing to our subscriber base of recurring monitoring revenues which we are starting to see grow month over month."
Revenue increased from $20,814 in Q1 2014 to $144,212 in Q1 2015, primarily due to the launch and initial sales of the Company's flagship GPS SmartSoles. Gross margin increased from $10,914 in Q1 2014 to $41,863 in Q1 2015 representing the higher level of sales activity and primarily initial hardware sales in Q1 2015. Net loss decreased by 82% from Q1 2014 to Q1 2015, primarily resulting from the shift in business strategy which we announced in 2014 and elimination of derivative liabilities associated with floating convertible debentures, all of which have been retired.
Bertagna continued, "As we move through the second quarter, our focus remains on building brand and product awareness, growing our channels of distribution and affiliate partners, and increasing our subscriber base. We have grown our distribution and affiliate partners to close to 100 so far this year, spanning 13 countries worldwide. As we continue penetrating our target markets, we are refining our end user services and pricing models to achieve the broadest adoption and eliminate as many barriers to purchase as possible. On the product development side, we expect to roll out the BLE product line later this summer, and we have initiated the development of our next generation (Gen 2 SmartSole) which will be smaller, lower in price, and a longer battery life. Outside of our flagship SmartSoles, we continue to see steady sales growth for drone applications and digital smart phone tracking Apps, each of which contribute to the increase of our recurring subscriber base revenues."
Mr. Bertagna concluded, "In closing, I want to thank our employees, advisors, directors, consultants, channel partners and vendors, who worked tirelessly to bring us to this juncture. I also want to thank and acknowledge our shareholders who have patiently and faithfully supported us."
GTX Corp (GTXO) an M2M IoT platform 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, with distributors in over 9 countries. The Company is known for its innovative, game-changing and award-winning GPS SmartSole and its blockbuster Smartphone GPS Tracking App. GTX provides solutions that answer the "where" question: where is my mother, child, employee, vehicle, drone and high value assets.
Through a robust global enterprise monitoring platform and licensing subscription business model, the Company offers a complete end to end solution of location based hardware, middleware, apps, global cell 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 recently featured in a 38 page research piece which outlines the value proposition of the Company's IP portfolio.
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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.