Science & Technology
Science and Technology
Science and Technology
Mon, November 17, 2008
GTX Corp Reports Company Increasing Revenue and Sales from BusinessModel
LOS ANGELES--([ BUSINESS WIRE ])--GTX Corp (OTCBB:GTXO),a leader in the 2-Way GPS/PLS marketplace, continues to develop and integrate their miniaturized cellular tracking technology, and in their commitment to keep their shareholders informed has provided the following corporate update.
License Revenue
As disclosed in the quarterly report for the period ending [ September 30, 2008, issued November 5 ], the Company delivered additional shipments of GTX gpVector™ to its licensee, My Athlete, pushing revenue growth up almost 400% as compared to the previous quarter. GTX had shipped the gpVector™ module units into their first vertical market in Q2 2008 realizing revenue and sales from its out licensing business model. The My Athlete license agreement is valued at $25 million over five years.
This follow-up order is significant because it validates the product's effectiveness, shows that the technology is in demand and exhibits the Company's ability to execute its business model. The repeat orders, the PLS market trending upward, most recently estimated at $13 billion by 2013 (as mentioned in the recent Vista Report) combined with GTX's execution and delivery of products may be an indicator that GTX will increase its delivery of 2-Way GPS technology in 2009.
Patents
GTX currently employs an ongoing intellectual property strategy which to date has delivered three patents issued by the USPTO and 15 patents pending for the manufacture and use of a variety of 2-Way GPS tracking devices and GPS monitoring applications. Included in the GTX IP portfolio is a patent for "[ Footwear with GPS ]," giving the Company the ability to negotiate and license to footwear companies a GPS enabled shoe. This is a key entry point for GTX into the large and lucrative child and elderly monitoring markets. Additional deployments in progress include maritime applications, pet tracking, cellular handsets, and many others.
Summary
Despite the recent economic downturn, GTX continues to increase revenues, maintain fiscal responsibility with a healthy balance sheet with no long-term debt and forge ahead with its strategic initiatives. GTX continues to negotiate with numerous potential licensees across several sectors and looks forward to a strong 2009.
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All statements included or incorporated by reference in this release, other than statements or characterizations of historical fact, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry and business, management's beliefs and certain assumptions made by us, all of which are subject to change.
Forward-looking statements can often be identified by words such as "anticipates," "expects," "intends," "plans," "predicts," "believes," "seeks," "estimates," "may," "will," "should," "would," "could," "potential," "continue," "ongoing," similar expressions and variations or negatives of these words. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement.
The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include the continued growth in demand for our products, the continued, increased demand for industry standards-based technology, our ability to react to trends and challenges in our business and the markets in which we operate; our ability to anticipate market needs or develop new or enhanced products to meet those needs; the adoption rate of our products; our ability to establish and maintain successful relationships with our OEM partners; our ability to compete in our industry; fluctuations in demand, sales cycles and prices for our products and services; our ability to protect our intellectual property rights; general political, economic and market conditions and events; and other risks and uncertainties described more fully in our documents filed with or furnished to the Securities and Exchange Commission.
