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Location Based Technologies, Inc. Receives $1.2M Purchase Order from Grupo Paramuen SA de C.V

^{Published on 2011-08-29 11:11:43 - Market Wire}
 

IRVINE, Calif.--([ BUSINESS WIRE ])--Location Based Technologies®, Inc. (OTCBB:[ LBAS ]), a leading-edge service provider of personal, pet and asset location devices, today announced it has received a $1.2M purchase order from Grupo Paramuen SA de C.V, a GPS solutions provider for the B2B mobile electronics market in Mexico.

"This purchase order establishes our initial push into the Latin American market. We are extremely excited about the opportunity that Mexico represents for us"

LBT will ship both the PocketFinder® Personal and Vehicle units to Grupo Paramuen before year end. The order will generate $1,200,000 of revenue for LBT.

aThis purchase order establishes our initial push into the Latin American market. We are extremely excited about the opportunity that Mexico represents for us,a said Dave Morse, CEO of Location Based Technologies®. aWe believe there is a tremendous need for our products and services in Mexico and South America, and partners like Grupo Paramuen will allow us to establish a significant presence abroad.a

"We are excited to integrate our current customer base into the Pocketfinder® family of products,a said Adan Guido, Vice President of Sales for Grupo Paramuen, athis is a very exciting transition for us!"

About Location Based Technologies®, Inc.

A publicly traded company (OTCBB:[ LBAS ]), Location Based Technologies®, Inc. headquartered in Irvine, CA, designs and develops leading-edge personal locator devices and services that incorporate patented, proprietary technologies designed to enhance and enrich the way businesses and families interact globally. For more information, visit [ www.pocketfinder.com ].

About GRUPO PARAMUEN SA de C.V

A Mexican company founded in 2004 with the aim to offer our customers and business partners, technological solutions focused on telecommunications and data transmission products and services via GPS/GSM /GPRS. Offering innovate growth to our partners with services tailored to the areas of logistics, management and control of vehicular routes, developing tools and incorporating cutting edge technology for consistently reliable information of mobile assets to increase their manageability, security and productivity.

This news release contains forward-looking statements that involve risks and uncertainties. Actual results and outcomes may differ materially from those discussed or anticipated. For a more detailed discussion of these and associated risks, see the company's most recent document filed with the Securities and Exchange Commission.