- Core Footwear Tracking Business and IP Protection Retained by GTX
- Proceeds to Advance GTX Wearable Tech Development Pipeline
LOS ANGELES, CALIFORNIA, July 08, 2019 (GLOBE NEWSWIRE) -- GTX Corp. (OTCQB: GTXO) (“the Company”), a pioneer in the field of wearable GPS, people and asset tracking Location-Based Services and Real-Time Location Systems, today announced that it has sold two patents and certain other assets and also provided two separate patent licenses to Inpixon (NASDAQ: INPX) in exchange for a combination of cash and shares of Inpixon common stock. More information regarding the transaction is available in the Form 8-K filed by GTX with the U.S. Securities and Exchange Commission.
Inpixon, a leading indoor positioning and data analytics company based in Palo Alto, CA, entered into this transaction with GTX to acquire certain outdoor GPS-tracking technology and license intellectual property to expand the breadth of available systems it can offer to enterprise and government customers.
“We are pleased to announce the completion of this transaction with Inpixon,” said Patrick Bertagna, CEO of GTX Corp. “After innovating and filing numerous patent applications in the fast-growing, GPS and digital wearables sector for more than fifteen years, this transaction validates the value behind our patents and certain proprietary technologies which we have created and commercialized. As discussed in our First Quarter Summary, GTX is focusing on high-margin, recurring revenue business and intellectual property licensing opportunities; following this transaction we will now be able to deliver results in excess of our earlier expectations and concentrate more on the higher revenue generating people and asset tracking business with our GPS SmartSoles® and line of NFC tags.”
“During the balance of 2019 we are expecting to see an increase in IP licensing given the current number of IP licensing negotiations and discussions we are having, NFC pilots we are conducting and SmartSole® sales given the United Kingdom’s National Health Services’ expansion of their pilot programs, the government-funded municipality business throughout the Scandinavian countries and with our Flint Rehab collaboration for development of our next-generation SmartSoles®, which will include Gait and Machine Learning analytics,” added Mr. Bertagna. “This transaction will allow us to improve our balance sheet and provide cash for marketing, inventory financing and new technology development, while increasing our cash on hand as we advance our business; in addition we have not taken on any new debt this year and we do not anticipate the need to raise working capital at this time given our current visibility on our business.”
GTX Corp. (GTXO) is a pioneer in smart, mobile and wearable GPS tracking and recovery location-based products, supported through a proprietary IoT enterprise monitoring platform. GTX offers a global end-to-end solution of hardware, software and connectivity. GTX develops 2-way GPS tracking technologies, which seamlessly integrate with consumer products and enterprise applications. GTX utilizes the latest in miniaturized, low power consumption GPS, Cellular, RF and BLE technology enabling subscribers to track in real-time the whereabouts of people or high-value assets through a complete end-to-end customizable transceiver module, wireless connectivity gateway, smart phone Apps, middleware, and IoT portal. Headquartered in Los Angeles, California, GTX is known for its award-winning patented GPS SmartSole® - Think Dr. Scholl’s meets LoJack, the world’s first invisible wearable technology tracking device created for those at risk of wandering due to Alzheimer’s, dementia, autism and traumatic brain injury. GTX’s business model is built around technology innovation and robust intellectual property. The Company has international distributors servicing customers in over 35 countries and is a U.S. Military contractor. Other customers include public health agencies and municipalities, emergency and police authorities, private companies, public and private senior care homes, and consumers.
GTX is an equal opportunity employer with a history of employing a diverse workforce and U.S. veterans; makes many of its products in the USA, is a member of the United Nations Global Compact and Trust 2 Protect partnership. The Company doesn’t just make and sell the best GPS tracking products, they deliver innovative, miniaturized, low power consumption wearable tech that provides safety, security and peace of mind at the touch of a button. GTX puts the "Where" in Wearable Tech.
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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 on the SEC Website). 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.