January 09, 2009 09:43 ET
New Patent, New Product, and New Acquisition: GTX Corp Starts Strong in 2009
LOS ANGELES, CA--(Marketwire - January 9, 2009) - GTX
Corp (OTCBB: GTXO), a leader in the 2-Way GPS/PLS marketplace, is
pleased to announce its state of the union as it commences the new year
with an increase in its IP portfolio, a consumer-ready mobile product, and
the acquisition of a new company dedicated to locating missing persons
across the country.
GTX Corp was awarded US Patent
No. 7,474,206 B2 entitled "Footwear with Embedded Tracking Device and
Method of Manufacture." The company continues to pursue licensing
opportunities with footwear brands for its embedded 2-Way GPS/PLS platform.
This significant patent addition adds to the increasing portfolio of
intellectual property specifically designed for use in the footwear
category. GTX Corp believes footwear is the best consumer product to house
its miniaturized GPS module to monitor children and seniors.
To capture market share for those not included in the children or senior
segments, GTX Corp plans to release consumer product LOCime, a mobile
tracking application that turns the latest iPhone into a tracking device
capable of using the GTX Corp platform. LOCime version 1.2 will be
distributed through the Apple App Store (pending the App Store
certification). Currently LOCime versions 1.0 and 1.1 are available through
the company. Version 1.2 will be the first national commercial release of
LOCime followed by versions 2.0, 2.1, and 2.2 in Q1 and Q2.
In an ongoing effort to locate missing persons, GTX Corp entered into an
Asset Purchase Agreement with BigHits.Com, Inc. on Dec. 24, 2008. GTX Corp
purchased certain assets of BigHits to operate the business of Code Amber
News Service (CANS), the predominant online news publisher of local, state
and national missing person's alerts. CANS' websites include
www.codeamber.com, www.codeamber.org, and
www.codeamber.net. In addition, GTX Corp retained the services of Code
Amber's management team, Bryant Harper (President) and Linda Spagnoli (Director of Communications), pursuant
to consulting agreements.
Many companies have been impacted by the current economic climate and face
significant near-term challenges. The company's cash position gives us the
ability to help weather this storm. Management is making adjustments to
preserve its cash position while the economy works to overcome the
temporary setbacks caused by the collapse of the global financial markets,
such as reducing management's cash compensation.
True to its seven year history, GTX Corp is committed to providing
innovative technology platforms that locate people in real-time and
continues to invest in its future for the benefit of its shareholders,
employees, customers and the communities it serves.
About GTX Corp
GTX Corp develops miniaturized Global Positioning Satellite (GPS) tracking
and location-transmitting technology solutions for integration into branded
licensee consumer products. The company's Personal Location Services (PLS)
platform consists of a matchbook-sized, location-reporting module that
utilizes GTX Corp's "always-on" Assisted-GPS tracking capabilities. At the
convergence of technology, media and telecommunications -- the TMT sector
of the telecom industry -- GTX Corp continues its efforts to advance 2-Way
GPS technology as it defines the PLS space. The gpVector™ system uses
cellular transmission provided by our wireless carrier partner, AT&T, to
deliver real-time geographic coordinates, rendered on Google Maps, to
subscribers via secure internet connections. GTX Corp melds technology and
form factor seamlessly to deliver the right solution to specific markets.
The company is headquartered in Los Angeles, California, with an R&D
facility in Palo Alto California. www.gtxcorp.com