LOS ANGELES CALIFORNIA, Jan. 03, 2019 (GLOBE NEWSWIRE) -- GTX Corp (GTXO) (“the Company”), a pioneer in the field of wearable GPS human and asset tracking systems and wandering assistive technology, today announced securing a revolving line of credit for production financing, and onboarding two new distributors, one in Canada and the other in the U.S.
A private institutional partner will provide inventory and production financing in the form of an interest and royalty based credit line, whereby the Company can draw down on an as needed basis upon product demand and receipt of purchase orders. The initial credit line is for $500,000 and based on payment history and product demand the lender may increase the line to three million dollars. This credit line will provide the Company growth capital without taking on more convertible debt.
The Company also signed up two new distributors which officially launched SmartSole sales over the Holidays. Senior.com, located in Orange County, CA, is the foremost internet resource exclusively focused on empowering the senior community and offers a one-stop-shop for seniors and their families. They service over 1.7 million users, offer over 500 top brands and sell over 150,000 products aimed at giving seniors a better quality of life in their own homes. Red Dot Alerts, a subsidiary of FCi, an industry leader in security, telecom and wireless, based in Ottawa, Canada, also placed an initial order and has begun selling.
Patrick Bertagna, GTX Corp CEO, stated, we are excited to add Senior.com and Red Dot Alert to our growing list of distributors and now that we have secured non-dilutive product financing we expect to see continued growth with our Flagship GPS SmartSoles, along from the military, our track my workforce app, other GPS, BLE and NFC products, including our RT15 weapons tracker, Rover Tracker for pets and our line of supply chain management NFC asset tracking solutions.
GTX Corp is a For-Profit with Purpose Company that owns and licenses more than 85 patents, is a U.S. military contractor, manufactures many of its products in the USA, and has multiple consumer products in the marketplace that are all available on the Company’s online store, on Amazon, and through authorized resellers and distributors across the globe.
About GTX Corp
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 Corp develops 2 way GPS tracking technologies which seamlessly integrate with consumer products and enterprise applications. GTX Corp 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 Corp’s business model is built around technology innovation and holds over 85 patents with many issued patents in the area of GPS tracking. The company has international distributors servicing customers in over 35 countries and is a US Military Government contractor. Other customers include public health authorities and municipalities, emergency and police authorities, private companies, public and private senior care homes, and consumers.
GTX Corp is an equal opportunity employer with a history of employing a diverse workforce and US 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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GTX Corp United Kingdom
In the UK, GTX Corp operates from its London office. For more information, please contact:
Nelson Skip Riddle
Tel: +44 7785 364100
Disclaimer: GTX Corp does not warrant or represent that the unauthorized use of materials drawn from the content of this document will not infringe rights of third parties who are not owned or affiliated by GTX Corp. Further GTX Corp cannot be held responsible or liable for the unauthorized use of this document’s content by third parties unknown to the company.
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.