LOS ANGELES, Aug. 19, 2015 (GLOBE NEWSWIRE) -- GTX Corp. (OTCQB:GTXO), an IoT platform and leading provider of personal location GPS wearable technology and wandering assistive technology, announced the results of its financial performance for the second quarter ended June 30, 2015.
Second Quarter Highlights
- Revenue increased 275% over 2014 comparable period
- Subscribers increased 72% quarter over quarter
- Subscriber revenues increased 136% quarter over quarter
- Opened a distribution center in Ireland servicing Europe demand
- Active units in the field and subscribers in over 20 countries
- Added 3 professional athletes as brand ambassadors
- Became a member of the United Nations Global Compact
- Began development of next generation SmartSole
- Raised $200,000 from fixed price convertible notes
- Launched new corporate website
"Q2 2015 has been about building distribution and infrastructure for future growth," commented Patrick Bertagna, CEO of GTX Corp. "As we continue our transition from an R&D company to an early revenue stage company our focus remains on building out and growing our channels of distribution through a global network of resellers, affiliates, distributors, nonprofit organizations, government agencies, manufacturer's reps and retailers. As with all new product launches we are ramping up distribution and sales channels and pleased to report we have live units in the field and / or paying subscribers in over 20 countries. We have hired 10 regional sales reps in the US, four professional athlete brand ambassadors, signed up over 150 online affiliates, selling SmartSoles in two retail stores, have 13 international distributors and we entered into a joint venture distribution agreement in Ireland to support rapid delivery to Europe. We were also issued a vendor number for reimbursement in two US states, and have applied for other state and federal reimbursement codes, grants and private insurance reimbursement in the US and several other countries."
During Q2 the Company also began development of its next generation monitoring platform and GPS SmartSole® hardware which is scheduled for release by the end of 2015. The GPS SmartSole® is a non-visible GPS tracking device designed to monitor the location of people afflicted with cognitive memory disorders, such as Alzheimer's, dementia, autism and TBI, who have a tendency to wander and for people at risk of kidnapping, such as government employee's and high level executives. The next Gen SmartSole will be smaller, have more features such as a motion sensor, a longer battery life, 2G, 3G and LTE compatible and an expected 20% reduction in cost. The next Gen SmartSole will provide for wider deployments in markets such as children's shoes, security for government employees and high level executives along with other IoT markets were tracking solutions are required.
Bertagna continued, "Seven months post our SmartSole launch we are starting to see some measurable metrics improvements, such as a 72% increase in subscribers, a 136% increase in recurring revenue per subscriber, which highlights our razor / razorblade model and a 33% increase in International distributors, but there is another metric we measure ourselves by that is also worth noting, and that is the number of phone calls, emails and testimonials we receive from our customers, whether a mother with an autistic child who wandered off three times in one week and was safely recovered all three times, or the wife whose husband diagnosed with Alzheimer's purchased a pair of SmartSoles and found some solace and peace of mind in knowing she is ready when the day comes that he wanders off. As we move through the second half of 2015, our focus remains on building brand and product awareness, building out our infrastructure to support 2016 growth, increase our sales in all 3 of our product categories, growing and servicing our partners and channels of distribution, scaling and streamlining our manufacturing processes, reaching out to broader market segments such as adults with autism and the security market, continuing our Pilot programs with local Sheriffs and Police departments, applying for additional reimbursement codes, increasing our global subscriber base and building a best in class solution for the millions of people all over the world which need a simple, affordable and effective tracking and monitoring solution."
GTX makes and sells products and services that help find people and things through a comprehensive tracking platform which is protected by an extensive IP portfolio including the '286' patent issued last year, which is not just restricted to footwear but has far broader implications. The '286' patent effects ANY tracking device, from embedded devices as in the case of the GPS SmartSole®, to other products like a GPS watch, and further to the ubiquitous stand alone, hand held wireless GPS trackers.
GTX Corp (GTXO) is a pioneer in IoT wearable technology and a thought leader in enterprise 2 way GPS real-time personal location based services. Founded in 2002, headquartered in Los Angeles, California, with distributors in over 13 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.